U.S. oil erases nearly all gains for 2024 as China manufacturing contracts, OPEC output hike looms
A weak economy in China and the prospect of increased oil output from OPEC and are overshadowing major production disruptions in Libya.
August 2024
U.S. crude oil rises after selloff as traders weigh Libya disruption against China demand
The U.S. benchmark has traded between $71 and $80 per barrel in August.
Utilities are facing a power supply crunch as electricity demand from AI surges
Utilities and grid operators are warning that the reliability of the power system could suffer as demand from data data centers climbs.
Libya’s power divisions could once more fracture its oil output – as markets question for how long
A tussle over the Libyan central bank’s leadership has led the country’s eastern administration to declare the shutdown of key oilfields.
U.S. crude oil falls nearly 2%, selloff gains speed as market dismisses Libya disruption
Worries about demand in China and an economic slowdown are preventing oil prices from breaking out.
U.S. crude oil slips below $77 per barrel after surging on Libya production halt
Goldman Sachs sees the disruptions in Libya as short lived with 600,000 barrels per day falling off the market in September and 200,000 bpd in October.
Exxon still expects fossil fuels to make up the majority of energy market in 25 years
Stubborn oil and gas demand jeopardizes the goal of achieving net-zero carbon dioxide emissions by 2050 to keep global warming in check.
Oil prices jump nearly 3% on Libya production halt, Israel-Hezbollah attacks
Crude futures jumped amid tensions in the Middle East
Oil prices set to remain elevated as Middle East tensions threaten a wider conflict, CBA analyst warns
Brent forecast to trade at $75 to $85 per barrel in September due to diminishing prospects of a truce in Gaza and an expected Iranian retaliation against Israel.
U.S. crude oil rises above $74 per barrel but is on pace for weekly loss
The market is focused on demand in China as geopolitical risk in Middle East fades.