LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Oil Steadies After Spiking on US Inventory Fall
LONDON—Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in U.S. inventories, as attention shifted back to rising interest rates denting global economic growth. Brent crude futures was up 10 cents, or 0.1 percent, to $74.13 a barrel by 1032 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 11…
Oil Prices Gain 2 Percent on Big Decline in US Crude Storage
June 28, 2023
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NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas…
Oil Markets Shrug Off Russian Political Turmoil
LONDON—Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world’s largest producers. Brent crude futures were down 8 cents, or 0.1 percent, at $73.77 a barrel by 0900 GMT. U.S. West…
Oil Resumes Slide on Demand Worries After Latest Rate Hikes
June 23, 2023
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LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest…
Oil Dips With Interest Rates and Inventories in Focus
June 22, 2023
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LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were…
Oil Holds Steady Ahead of Powell’s Congressional Testimony
LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Oil Mixed on China Rates Cut, Growth Outlook
LONDON—Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer. Brent crude was up 47 cents or 0.6 percent at $76.56 a barrel at 0850 GMT. U.S. West Texas Intermediate (WTI) crude for July…
Oil Falls on China Growth Uncertainties
LONDON—Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2 percent, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost…
Oil Falls as Demand Concerns Offset Supply Cuts
LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of a percentage…
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