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 crude futures leap higher, traders and analysts are increasingly talking about when — not if — prices return to $100 a barrel.
Oil prices are likely to fall below $80 a barrel even with OPEC’s recent apparent efforts to support that level with unexpected cuts, according to Ed Morse, global head of commodities research at CitiGroup.
Oil steadied at the week’s open as traders assessed challenges to supply in the wake of the unexpected output cut by OPEC+.
There’s concern that the move by OPEC+ will inject fresh vigor into inflationary pressures.
Oil fell as investors weighed the Federal Reserve policy outlook after another hike and digested a mixed snapshot of US supply and demand.
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 fell as the fallout from the collapse of Silicon Valley Bank — the worst since the 2008 financial crisis — rippled across markets.
Oil jumped as sanctions against Russia complicate purchases for what few buyers of the crude remained.
Oil fell on a US plan to sell more crude from its reserves, offsetting a lift from Russian output cuts and rising Chinese demand.
Oil prices may rise to $100 a barrel in the second half of the year as China’s economy emerges from anti-virus lockdowns, Iran’s liaison to OPEC said.
Oil prices may exceed $140 a barrel this year if Asian economies fully re-open after Covid-related lockdowns, according to hedge fund manager Pierre Andurand.
The value of several North Sea operators could soar this year, according to ambitious predictions made by US investment bank Jefferies.
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 fluctuated as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a Group of Seven price cap.
Oil rose as China took more steps to unwind its Covid Zero policy and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.
Oil steadied after a three-day gain as concerns that near-term Chinese demand may decline amid a surge in Covid cases offset support from lower US inventories and a weaker dollar.
Oil sank again following the biggest weekly decline since August as China tightened anti-Covid curbs, hurting the outlook for demand.
In a deep-recession scenario, the price of Brent crude oil may sink into the low $60s/bbl by mid-2023, according to RBC Capital Markets, outlining a trio of outlooks while noting that forecasting is challenging at present.
Oil held a two-day surge before an OPEC+ meeting at which the alliance is considering the biggest supply cut since 2020 to revive prices.
Oil headed for its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed the prospects for tightening supply.
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.