Weak demand so far has kept oil prices stable amid the Red Sea crisis, but it could change
Oil prices rose in Asian trade on Monday, rising nearly 1% in early trade, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption.
Asian shares were mixed on Wednesday, while oil prices slid to six-month lows as traders waited for the year's final policy decision from the Federal Reserve and clues on whether the central bank will cut rates next year.
Oil prices ticked up on Tuesday as investors played cautious ahead of key interest rate decisions and inflation data releases, but concerns over supply surplus and slower demand growth kept a lid on gains.
Oil prices reclaimed some ground on Thursday after tumbling to a six-month low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the US and China.
Oil was little changed on Thursday as investors remained cautious ahead of expected production cuts by the OPEC+ group.
Oil prices fell nearly 1 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on production cuts.
Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict.
Oil prices fell on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China.
Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.
Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the United States spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.
Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer.
Oil prices rebounded on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023 with demand set to stay robust through to next year.
Oil prices eased on Monday as a stronger dollar and economic concerns in China weighed on fuel demand outlook although Brent held above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts.
Oil prices gained almost 1 percent to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week.
Oil prices reversed course on Wednesday after rising over 1 percent in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.
In a highly competitive market like the egg market, one would expect prices to remain stable. They can rise, but over time.
Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the US economy.
Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies.
