Oil held gains after the US and UK made a fresh round of strikes against Iran-backed Houthi rebels in Yemen, fanning tensions in the Middle East and offsetting concerns global supplies remain ample.
As headline oil prices edge ever closer to $90 a barrel, there’s little sign of a let up in the day-to-day demand that’s underpinned the rally.
There’s concern that the move by OPEC+ will inject fresh vigor into inflationary pressures.
Oil eased after a turbulent session even as a calmer tone returned to financial markets rattled by a global banking crisis, with investors on alert for any signs of fresh trouble that may hurt risk appetite.
Oil in London fell below $80 a barrel for the first time since early February as the collapse of Silicon Valley Bank added further turbulence to energy markets.
Oil prices edged higher after tumbling around 9% over the previous two sessions, with demand concerns continuing to hang over the market.
Oil’s miserable start to the year deepened as a deteriorating demand outlook came to the fore, buttressed by predictions for a US recession, China’s near-term struggle with Covid-19, and milder winter weather.
International oil price benchmark Brent Crude climbed in the year’s first session as traders digested mixed signals on demand from China, the world’s largest crude importer.
Oil is set to end a volatile year modestly higher as investors look ahead to a potential rebound in Chinese demand next year and brace for the possibility that less Russian crude will make it to buyers.
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
A “bazooka” of oil from the US reserve, lockdowns in China and a “surprising durability” of production in Russia are preventing Brent Crude oil from hitting $200 a barrel.
With gas prices now more than five times the cost of a barrel of North Sea benchmark Brent Blend, the outlook for energy across Europe including the UK, is shocking.
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months as key time spreads contract.
Oil extended its drop below $100 a barrel as fears of a global slowdown outweighed continued supply disruptions and market tightness.
Oil climbed at the start of the week’s trading as investors weighed tight product markets including gasoline, and a weaker dollar.
Oil extended its biggest drop in more than five weeks after the European Union softened its proposed sanctions on Russian crude exports and as economic growth concerns weighed on sentiment.
Oil fluctuated as China vowed to repair the economic damage caused by a spate of lockdowns, and crude supplies from Libya were disrupted.
Oil climbed as supplies from Libya were interrupted and Russia warned of the potential for record prices if more nations ban its energy.
Oil rebounded after a steep slump that was triggered by prospects for further crude releases from strategic reserves, the outlook for tighter U.S. monetary policy and weaker demand in virus-hit China.
Boris Johnson wants a “climate change pass” for the gas industry to wean western countries off supplies from Russia.
Oil soared to the highest price level since 2008 as buyers continued to shun crude from Russia following its invasion of Ukraine, while OPEC+ is doing its best to ignore the war started by one of its key members.
$100 oil prices are possible in the next few months as geopolitical risks and “struggling” supply hit global crude markets, said the chief executive of Chevron.
The world’s physical oil market is running hot, offering a boost to bulls.
Oil fluctuated before an OPEC+ meeting that’s expected to see the alliance agree to another output boost next month.
Oil held near a one-month high after industry data pointed to another drop in US crude inventories and traders bet the fast-spreading omicron virus variant would prove to be less severe than earlier waves.