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 rose by more than a dollar a barrel on Friday to record their second-straight week of gains, as supplies tightened in some parts of the world and US inflation data indicated price rises were slowing.
Oil prices fell on Thursday as the dollar strengthened, with investors keeping close tabs on developments related to the reduction of Iraqi Kurdistan oil exports.
Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China.
Oil prices dropped more than $2 a barrel on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
Oil edged higher in volatile trade on Friday, and was flat on the week, with prices supported by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity.
Energy prices dropped 6.2 per cent in December, led by crude oil, according to a World Bank report.
Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy.
Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns.
The theme of this week is rivalry. On one end we have, Brazil Argentina rivalry, and then there’s BNP and Awami League. Here’s a quick round-up of what’s happening around to get you all caught-up.
Oil trickled down on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven (G7) nations was considered higher than the current trading levels, alleviating concerns over tight supply.
