Oil prices edged higher on Monday as supply disruptions in Kazakhstan and Libya offset concerns over a rapid rise in Omicron infections worldwide. Brent crude was up 24 cents, or 0.3%, at $81.99 a barrel by 0730 GMT, while U.S. West Texas Intermediate (WTI) crude gained 22 cents, or 0.3%, to $79.12. Oil prices rose 5% last …
Oil Prices Rise in Kazakhstan, Causing Supply Concerns Read More »
Gold prices fell on Wednesday, wiping out earlier gains. This came after U.S. bond yields jumped after the minutes of the Fed’s last meeting. The meeting showed that the Fed might need to raise interest rates earlier than expected to curb inflation. As of 15:21 EST, spot gold prices have fallen by 0.2% to $1,810.56 …
Gold Prices Slipped on Wednesday, Erasing Earlier Gains Read More »
Due to falling demand and a surge in US fuel inventories, oil prices fell on Thursday. Oil fell from its highest level in more than a month. As of 0727 GMT, the global benchmark Brent crude oil futures fell 63 cents, or 0.8%, to $80.17 per barrel. US West Texas Intermediate (WTI) crude oil futures …
Oil Fell from One-Month High as US Fuel Inventories Surge Read More »
OPEC+ have decided to increase their production target by 400,000 barrels per day starting next month. Given the pressure from the United States to increase supply and the absence of new major COVID-19 restrictions, economists were expecting this move. Led by the major OPEC+ country Saudi Arabia and non-OPEC+ leader Russia, the Energy Union is lifting a …
OPEC+ Will Raise Its Output Target from February Read More »
As Libya tightened supplies before the OPEC+ meeting, Monday, oil prices rose in early Asian trading. Meanwhile, COVID-19 continues to spread, and concerns about declining fuel demand have also limited the growth of black liquid. As of 8:59 pm Eastern Time, Brent crude oil futures rose 0.40% to US$78.17, and WTI futures rose 0.55% to US$75.62. Less …
Libya Tightens Oil Supplies, Causing Oil Prices to Go Up Read More »
Gold futures closed lower on Wednesday, but the precious metals closed above the psychological price level. The last decline was even greater, dragging it below $1,800, which has been difficult to maintain above this price since November. The price of gold fell due to a weaker U.S. dollar and rising yields on longer-term Treasury bonds. …
Gold Drops but Market’s Intraday Rebound Pushes Above $1,800 Read More »
The U.S. crude oil and fuel inventories fell last week, while on Thursday, oil prices continued to rise in early Asian trading. This alleviates investors’ concerns about the increasing number of COVID-19 cases that curb fuel demand. Brent crude oil futures rose 0.47% to $79.60, and WTI futures rose 0.51% to $76.95. As the world’s …
U.S. oil rose for the sixth consecutive trading day on Wednesday. Meanwhile, Brent crude oil rose, and the global market broadly supported prices. As of 0101 GMT, the benchmark Brent crude oil rose 23 cents, or 0.3%, to $79.17 per barrel. U.S. West Texas Intermediate (WTI) crude oil rose 21 cents, or 0.3%, to $76.19 …
Oil Is Close to The Highest Since the End of November Read More »
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