Tag: “Commodity”

Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been rescheduled from Nov. 25-26 to Nov. 30, sending prices down by over $3 per barrel in Thursday intraday trade.

Oil futures rose Monday morning, finding support as investors weighed the potential for an extension of production cuts by the Organization of the Petroleum Exporting Countries and its allies after crude prices fell last week to four-month lows.

Oil futures rose early Tuesday, on track for a fourth straight rise after the International Energy Agency raised its outlook for 2024 growth in oil demand.

The iron ore market is looking at a shortfall for the rest of the year due to low inventories and falling production, said Goldman Sachs.

Nov 7 (Reuters) – U.S. crude oil production this year will rise by slightly less than previously expected while demand will fall, the U.S. Energy Information Administration (EIA) said on Tuesday.

(Reuters) – The United States is seeking to buy up to three million barrels of oil for delivery in January 2024 to replenish the country’s strategic petroleum reserve, the Department of Energy said on Monday.

Saudi Arabia on Sunday confirmed it would extend a production cut of 1 million barrels a day, which first took effect in July, through the end of December.

Eurozone economic sentiment worsened again in October, marking six months of continual decline, as confidence slid among industry and consumers alike.

Oil futures rose Friday, on track for a second straight weekly gain after the Oct. 7 attack on Israel by Hamas that sparked a war that threatens to spillover across the region, potentially endangering the supply of crude.

Gold and oil prices were falling early Thursday as tensions in the Middle East showed some tentative signs of calming.

Oil prices surged on Wednesday, following a deadly blast at a hospital in Gaza City that left hundreds dead, and ratcheted up regional tensions, with Iran reportedly calling for an embargo on selling oil to Israel.

LONDON, Oct 16 (Reuters) – Brent oil futures steadied above $90 a barrel on Monday after topping that level on Friday, as investors waited to see if the Israel-Hamas conflict escalates further.

Oil prices on Friday rose more than 4% after the U.S. tightened sanctions against Russian crude exports.

The International Energy Agency said in its latest monthly oil market report that while the Israel-Hamas war had not yet had a direct impact on physical supply, oil markets would “remain on tenterhooks” as the crisis unfolds.

OPEC on Monday raised its medium- and long-term forecasts for global oil demand.

Oil prices were climbing sharply on Monday in reaction to the attack on Israel by Hamas. Energy stocks rose as traders watched how the conflict is set to affect oil production and transportation in the Middle East. 

LONDON, Oct 5 (Reuters) – Oil prices fell by more than $1 on Thursday, extending the previous session’s sharp losses as an uncertain demand outlook overshadowed any boost from an OPEC+ panel maintaining oil output cuts to keep supply tight.

An OPEC+ ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Oil prices fell on Wednesday as the Organization of the Petroleum Exporting Countries prepared to meet to discuss output.

LONDON, Sept 25 (Reuters) – Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand.