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Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds Read More »
Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …
Oil Market Torpor Sends Investors to Other Commodities – John Kemp Read More »
Summary Euro zone inflation rose in May U.S. inflation data expected 1230 GMT OPEC+ working on complex deal to extend production cuts (Reuters) – Oil prices held steady on Friday as investors awaited U.S. inflation data for clues on the demand outlook before turning attention to Sunday’s OPEC+ meeting to determine the state of supply …
Oil Stabilises ahead of U.S. Inflation Data and OPEC+ Meeting Read More »
Summary EIA stocks data due later Thursday US, eurozone inflation due Friday OPEC+ meets June 2 to discuss supply cuts (Reuters) – Oil prices were broadly steady as pressure from U.S. data pointing to higher-for-longer rates was offset by inventory numbers showing strong demand for crude in the United States. Ahead of U.S. crude oil …
Oil Prices Steady as Solid U.S. Crude Demand Offsets Rate Concerns Read More »
(Reuters) – ConocoPhillips on Wednesday agreed to buy Marathon Oil in a $22.5 billion deal, the latest in a series of mega-mergers in the oil and gas industry as companies look to bolster reserves. The U.S. oil and gas industry has been riding a consolidation wave over the last two years. Last year was one of …
ConocoPhillips to Buy Marathon Oil for $22.5 Bln in Latest Energy Merger Read More »
(Reuters) – OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. Members of OPEC+ – comprising OPEC and allies such as Russia – tend to push for …
NOW YOU KNOW: Why Does OPEC+ Often Clash Over Oil Production Capacity? Read More »
(Reuters) – Oil prices rose on Wednesday on expectations that major producers will extend output cuts at a meeting on Sunday and that fuel consumption will start rising with the start of the peak summer demand season. Brent crude futures for July delivery added 74 cents, or 0.9%, to $84.96 a barrel by 0917 GMT. …
Oil Prices Gain on Expectations of OPEC+ Extension to Output Cuts Read More »
Hess Corp shareholders will vote on Tuesday on Chevron’s proposed $53 billion acquisition of the company, after many investors have called for a delay in hopes of obtaining a better offer for their shares. The vote has huge implications for both companies. The deal has been stalled in part by a regulatory review and clouded …
Hess Investors to Vote on Chevron Deal Amid Growing Postponement Calls Read More »
Summary Summer fuel demand hopes support prices Higher-for-longer US interest rates seen limiting gains OPEC+ meets on June 2 to set output policy (Reuters) – Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern …
Oil Steadies as OPEC+ Restraint Balances Interest Rate Concerns Read More »
(Reuters) – Oil prices were little changed on Monday, making marginal advances in muted trade owing to public holidays in Britain and United States after a downbeat week characterised by the outlook for U.S. interest rates in the face of sticky inflation. The Brent crude July contract was up 21 cents at $82.33 a barrel …
Oil Steadies After Weekly Decline on U.S. Interest Rate Prospects Read More »
