Oil surged as much as 5% after the broadest and bloodiest attack on Israel in decades threatened to inflame tensions in the Middle East, the source of around a third of the world’s crude.
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 headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.
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.
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.
Oil is heading for a weekly loss as lingering concerns over an economic slowdown overshadowed signs of improving US demand.
Oil dipped at the end of the week - trimming a seventh weekly gain - as investors weighed China’s bumpy return from virus curbs.
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 headed for its third weekly loss in four as lockdowns in virus-hit China dragged on and the Federal Reserve signaled that monetary policy will be tightened aggressively to contain decades-high inflation.
Oil headed for a back-to-back weekly retreat on plans for massive stockpile releases, a demand-sapping virus outbreak in top importer China and a hawkish turn from the US Federal Reserve.
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.
Oil extended gains in Asia after the biggest daily surge in 16 months pushed prices back above $100 a barrel as the Kremlin cast doubt on the progress of peace talks with Ukraine.
Oil rose after a three-day slide as investors weighed the fallout from Russia’s invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.
Oil is heading for the biggest weekly decline since November, taking a breather after a period of wild trading and a surge in prices that followed Russia’s invasion of Ukraine.
Oil edged higher after the biggest drop since November as the fallout from Russia’s invasion of Ukraine continues to rattle markets.
Oil headed for the biggest weekly surge in almost two years after Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch, driving prices to their highest since 2008.
Analysis by Rystad Energy suggests a prolonging of current prices could unlock up to 2.2 million barrels per day (bpd) of US tight oil by next year.
An Aberdeen economist sees high oil prices sustained in the medium term, as Brent crude prices this week rose above the $90 per barrel mark for the first time since 2014.
Oil markets rallied alongside a broader market rebound while rising tensions in the Russia-Ukraine conflict caused jitters in the market about potential supply disruptions.
A recent swell in oil prices has driven the valuation of oil and gas giants Shell and BP to levels not seen since before the pandemic.
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.