Browsing: Oil Prices

Brent futures for June were down 51 cents, or 0.6%, to $89.51 a barrel at 1210 GMT, while U.S. crude futures for May were down 41 cents, or 0.5%, to $84.95 a barrel

Kiev’s top diplomat has suggested the US and other donors need to give more military aid to stop attacks on Russian refineries

SINGAPORE: Oil prices ticked up during trade on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries.

HOUSTON/BEIJING: Oil prices rose on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in US crude inventories, according to Reuters.

BENGALURU: Global road oil demand will rise 5 percent to a peak of 50 million barrels per day by 2032, Goldman Sachs forecasts, with oil use per vehicle likely to fall sharply because electric vehicles are expected to account for more than half of auto sales by 2040, according to Reuters.

The price of the oil benchmark Brent peaked at $89 per barrel on Tuesday, nearing levels last seen in June 2022, according to Intercontinental Exchange (ICE) data. Industry experts have attributed the surge to an Israeli airstrike on the Iranian consulate in Damascus and Tehran’s threat of retaliation. 

Oil prices stayed near five-month highs on Monday as markets expected tighter supply due to OPEC+ cuts and after attacks on Russian refineries, while Chinese manufacturing data supported a stronger demand outlook.

NEW YORK: Oil prices jumped more than $1 a barrel on Thursday, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia’s energy infrastructure and a falling US rig count tightening crude supplies, according to Reuters. 

TOKYO: Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure, according to Reuters.

LONDON: Oil prices were little changed on Friday, with global benchmark Brent hovering above $85 per barrel, as the possibility of a ceasefire in Gaza gained traction.