Tag: Oil

Oil futures fell 4% Tuesday after Hezbollah reportedly endorsed efforts by Lebanon to broker a cease-fire between the Iran-backed militant group and Israel. Crude has seen sharp gains this month on fears of a more direct conflict between Israel and Iran that could threaten crude flows from the region.

Oil futures added to gains Friday, on track for a sharp weekly rise as traders awaited Israel’s response to a missile attack by Iran earlier this week.

Israel’s government has vowed a severe response to Iran’s unprecedented missile barrage into Tel Aviv, leaving the Middle East on edge as fears rise over a possible all-out war between the two long-time foes.

U.S. crude oil traded above $70 per barrel on Tuesday, as production in the Gulf of Mexico is still in recovery mode after Hurricane Francine.

Oil futures extended a rebound off their lowest levels since December 2021 on Thursday as investors assessed the potential hit to output in the wake of Hurricane Francine, but gains were capped by continued worries over the outlook for crude demand.

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.

Prices are languishing at around $73 a barrel–their lowest level in nine-months–due to weak demand and a lack of major geopolitical disruptions.

Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight.

Oil prices rose nearly 3% on Monday on reports of a near total production stoppage in Libya, adding to earlier gains on concerns that escalating conflict in the Middle East could disrupt regional oil supplies.

The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption.

U.S. crude oil futures jumped more than 3% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran, renewing fears that Middle East is teetering on the brink of a regional war.

Top oil exporter Saudi Arabia cut prices for all crude grades it sells to Asian customers for a second month in a row in August amid robust supply from countries outside OPEC and uncertainties over the demand outlook.

Oil futures edged higher early Monday, holding their ground after an initial dip following data that showed a fall in China crude demand in May.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel’s retaliatory strike launched Friday.

Oil prices turned lower on Friday, following a brief spike on reports of explosions near the Iranian city of Isfahan.

In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by roughly 100,000 barrels per day (bpd) to 1.2 million bpd.

Oil futures pulled back modestly early Monday after Israel said it withdrew more soldiers from southern Gaza and news reports said both Israel and Hamas had sent delegations to Cairo for cease-fire talks.

Oil futures were slightly higher early Friday, on track for strong weekly gains after a rally that sent the global crude benchmark above $90 a barrel for the first time since October.

The benchmark U.S. oil futures contract traded above $85 a barrel for the first time since October on Tuesday, receiving a lift after a strike a day earlier by Israel on Iran’s embassy in Syria stoked fears of a widening conflict in the Middle East.

Oil prices were largely steady on Tuesday near four-month highs after breaking above range-bound trading last week, but the prospect of rising exports from Russia weighed amid Ukrainian attacks on refineries.