Tag: Oil

Oil prices edged up on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers.

Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world’s biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.

US president-elect Donald Trump has warned the EU that it must commit to buying “large scale” amounts of US oil and gas or face tariffs, in his first trade salvo against Brussels since his election victory.

Oil prices fell on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth, reduce fuel demand and strengthen the dollar.

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump to the White House.

OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer group’s fifth consecutive downward revision.

Oil prices were little changed on Thursday as OPEC+ members will delay plans to increase production.

Oil futures rose on Monday, bouncing after losing ground in a choppy November in response to a cease-fire between Israel and Iran-backed Hezbollah.

The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.

Oil rose on signs that the Russia-Ukraine conflict is escalating further.

Oil futures were finding some buying interest Monday morning after a weekend decision by President Joe Biden to allow Ukraine to use U.S.-supplied long-range missiles to strike deeper inside Russia.

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group’s fourth consecutive downward revision in the 2024 outlook.

Oil futures picked up Monday where they left off at the end of last week, under pressure following disappointment out of news from China, the world’s largest crude importer.

The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S. crude is consumed within the country, which is also the world’s largest oil consumer.

Oil prices lost around 6% on Monday after Iranian energy facilities were not damaged during an Israeli attack over the weekend, with Citi analysts now discounting chances of an escalation that disrupts oil supplies.

Oil futures rose Thursday, taking back losses suffered the previous session following an unexpected increase in U.S. crude inventories, as investors continued to weigh the threat of disruptions to Middle East supply versus concerns over the outlook for demand.

Oil prices fell sharply Wednesday after industry data signaled an increase in U.S. oil inventories, while focus remained on diplomacy efforts by the U.S. to quell tensions in the Middle East.

Oil gained — after losing almost 8% last week — as traders tracked the risk to supplies from tensions in the Middle East and China again moved to bolster its the economy.

Oil futures tumbled Tuesday after a report that Israel will not attack key oil facilities in Iran.

OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group expects demand to grow by 1.6 million bpd in 2025, compared with 1.7 million bpd previously.