Oil prices rose slightly on Tuesday after rebounding by nearly 5% the day before. The news came after as the concerns about the Omicron variant’s influence on fuel demand eased. Also, Iran’s nuclear negotiations encountered obstacles that delayed the restoration of Iran’s crude oil supply. Brent crude oil futures increased by 60 cents, or 0.8%, …
Oil prices increase slightly as Omicron worries ease Read More »
Oil prices rose by more than US$1 per barrel on Monday to more than US$71. The hope that the Omicron coronavirus variant may cause the mildest symptoms has boosted higher-risk assets. The prospect of an imminent increase in Iranian oil exports looks unlikely. To alleviate Omicron’s concerns, South Africa reported that the cases there had …
Oil price exceeds $71 as Omicron panic slightly eases Read More »
Oil prices rose on Thursday, with investors adjusting ahead of an OPEC+ decision on supply policy. Still, gains were capped by fears that the Omicron coronavirus variant could hit fuel demand. Brent crude futures added $1.56 or 2.3% to $70.43 a barrel 10:40 GMT. One day earlier, Brent crude futures dropped 0.5%. U.S. West Texas …
Major producers debated how to respond to the likelihood of a hit to fuel demand from the Omicron strain of the coronavirus. Hence, oil prices rebounded more than 3% on Wednesday, recouping a big amount of the previous session’s steep losses. Brent oil futures were up $2.46, or 3.6 percent, at $71.69 a barrel at …
Oil on the rise ahead of OPEC meeting amid Omicron concerns Read More »
On Tuesday morning, gold was higher in Asia as investors remained apprehensive about the implications of the Omicron COVID-19 variation on the global economic recovery. By 10:24 p.m. ET, gold futures were up 0.29 percent to $1,790.30. (3:24 AM GMT). Omicron has already caused several nations to block their borders, putting the economic recovery in …
In November, China’s factory activity quickly picked up, rising for the first time in three months as raw material prices dropped and power rationing reduced, taking some pressure off a manufacturing sector fighting with weak demand. The official manufacturing Purchasing Manager’s Index (PMI) was at 50.1 in November. It was higher from 49.2 in October, …
Oil prices were higher in Asia on Monday morning, recouping some of Friday’s losses. Investors began bargain shopping despite finding the new Omicron COVID-19 type and the restart of the Iran nuclear agreement negotiations. By 10:23 p.m. ET (3:23 a.m. GMT), Brent oil futures had risen 4.62% to $74.90, while WTI futures had gained 5.24 …
President Biden’s pledge to pressure oil producers to lower prices has already backfired. The US administration’s attempt to coordinate a strategic petroleum reserve release from key importers to enhance supply did not impress oil markets. Some experts believe an SPR release will lower oil prices. However, most analysts feel it will only be a transitory …
Biden’s Strategy Backfires, Oil in the Hand of Bulls Read More »
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