U.S. crude oil rebounds more than 2%, trades above $67 a barrel after steep selloff
Bearish sentiment has overtaken the market as OPEC cuts its demand outlook and traders worry about the amount of oil China needs if its economy remains weak.
U.S. crude oil sheds gains, falls more than 1% to trade below $68 per barrel as OPEC cuts forecast
OPEC now expects demand to grow by about 2 million barrels per day in 2024, some 80,000 bpd slower than its previous forecast.
U.S. crude oil rebounds after worst week since 2023
Goldman Sachs expects OPEC+ to start increasing production in December, and forecasts that Brent will trade in a range of $70 to $85 per barrel.
Many ‘doubted the vision’: Saudi investment minister touts ‘green shoring’ on path to diversification
Saudi Minister of Investment Khalid al-Falih pushed back on skepticism of Riyadh’s economic diversification.
Oil prices set for worst week since October 2023 as OPEC+ fails to reassure market
The OPEC+ output hike will bring about 2.2 million barrels per day back onto the market through the end of next year.
OPEC+ members delay plans to hike production by two months after oil price slump
The increases were part of a plan to gradually return a broader 2.2 million barrels per day of supply to the market over the following months.
U.S. crude oil trades above $69 per barrel after two straight days of losses
The market is worried more supply is coming to market as demand slows.
Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?
Saudi Arabia’s fiscal deficit is growing as the kingdom embarks on huge spending projects as part of Vision 2030.
U.S. crude oil falls below $70 per barrel, extends sell-off to trade near nine-month low
U.S. crude and global benchmark Brent have erased all gains for 2024.
Oil prices extend slump on likely restoration of Libyan production, OPEC+ plans to raise output
Oil prices extended their previous session’s losses on the back of Libya’s oil production coming back online and a persistent weak demand in China.