Oil prices recovered on Tuesday, but took a hit on Monday along with broader global markets. On Monday crude prices dropped 3 percent to their lowest in four years, as trade tensions between the US and China spark recession fears. Copper prices fell sharply, while gold saw a volatile session. Investors are concerned about global demand and its impact on commodity markets.

Oil prices recover from 4-year low

Oil prices dropped over $3 a barrel on Monday, following Israel's strikes on Iran that left oil facilities unharmed. With a muted response from Tehran, traders are optimistic about reduced tensions. Citi bank has also lowered its Brent price target to $70 for the next three months. Watch in for more details!

Brent Crude Drops Over 4% To Lowest Since October

Saudi Arabia raised its main oil prices for buyers in Asia amid heightened volatility in the crude market as traders watch developments in the West Asia conflict.

Saudi Arabia Raises Asia Oil Price as Volatility Grips Market

Oil rose for a fourth day as traders assessed supply risks in West Asia. The reason: Israel is expected to make a retaliatory strike against Iran following Tehran's missile barrage earlier this week. The volume of so-called Brent call options trades hit a record high today, with the majority of those bets being placed on the price of crude hitting $100 a barrel.

Oil Rises For a Fourth Day Towards $75/Barrel

Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll.

Brent futures, which traded 12 cents, or 0.2 per cent, lower at $73.76 a barrel at 0658 GMT on Friday, rose 4.3 per cent this week. U.S. WTI crude futures, which dropped 15 cents, or 0.2 per cent at $71.80 a barrel, rose 4.8 per cent weekly.

The benchmarks have been rebounding after they sank to near three year-lows on Sept. 10 and have advanced in five of the seven sessions since then.

Prices pared some gains on Friday after surging more than 1 per cent on Thursday after the US central bank cut interest rates by a half percentage point Wednesday. Cuts in interest rates generally stimulate economic activity and energy consumption, but some view it as a sign of a soft US labour market.

"Prices had been under pressure in recent months amid concerns demand would weaken, as tight monetary policies stifled economic activity," analysts at ANZ Research said in a note.

"Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn," ANZ said.

A further factor that helped support prices was a decline in US crude inventories, which fell to a one-year low last week.&nbsp;

That kind of oil market deficit, coming at counter-season of about 400,000 barrels per day, should support Brent crude prices in the $70 to $75 per barrel range through the next quarter, analysts with Citi said Thursday, but added prices could plummet in 2025.

The crude prices were supported further by tense developments in the Middle East. Walkie-talkies used by the Lebanese armed group Hezbollah exploded on Wednesday, a day after similar explosions of pagers.

Security sources said Mossad, the Israeli spy agency, was responsible, but Israeli officials had no comment on the attacks.

Weak demand from an ailing Chinese economy weighed on prices, as well. Refinery output in China decelerated for the fifth month running in August. China's industrial output growth also eased to a five-month low last month while retail sales and new home prices weakened further.

Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll.

Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll. Brent futures, which traded 12 cents, or 0.2 per cent, lower at $73.76 a barrel at 0658 GMT on Friday, rose 4.3 per cent this week. U.S. WTI crude futures, which dropped 15 cents, or 0.2 per cent at $71.80 a barrel, rose 4.8 per cent weekly. The benchmarks have been rebounding after they sank to near three year-lows on Sept. 10 and have advanced in five of the seven sessions since then. Prices pared some gains on Friday after surging more than 1 per cent on Thursday after the US central bank cut interest rates by a half percentage point Wednesday. Cuts in interest rates generally stimulate economic activity and energy consumption, but some view it as a sign of a soft US labour market. "Prices had been under pressure in recent months amid concerns demand would weaken, as tight monetary policies stifled economic activity," analysts at ANZ Research said in a note. "Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn," ANZ said. A further factor that helped support prices was a decline in US crude inventories, which fell to a one-year low last week. That kind of oil market deficit, coming at counter-season of about 400,000 barrels per day, should support Brent crude prices in the $70 to $75 per barrel range through the next quarter, analysts with Citi said Thursday, but added prices could plummet in 2025. The crude prices were supported further by tense developments in the Middle East. Walkie-talkies used by the Lebanese armed group Hezbollah exploded on Wednesday, a day after similar explosions of pagers. Security sources said Mossad, the Israeli spy agency, was responsible, but Israeli officials had no comment on the attacks. Weak demand from an ailing Chinese economy weighed on prices, as well. Refinery output in China decelerated for the fifth month running in August. China's industrial output growth also eased to a five-month low last month while retail sales and new home prices weakened further.

Oil prices close week on a high following US rate cut

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid.

West Texas Intermediate fell 2.1 per cent to settle at $67.67 a barrel, wrapping up the biggest weekly decline since October 2023. While the US jobs data released Friday increased wagers that the Fed will approve a super-sized interest rate cut, it also perpetuated the view of slowing oil demand that has weighed on crude for weeks.

“The market is still on tenterhooks evaluating the strength of the global economy and what the Fed will do,” said Rebecca Babin, senior energy trader at CIBC Private Wealth.

Recent efforts to choke supplies haven't stemmed crude's slide. While the OPEC+ alliance this week abandoned a proposal to increase production by 180,000 barrels a day in October and November, a longer-term plan to revive 2.2 million barrels a day over the course of a year remained in place, with the completion date pushed back two months to December 2025.

Brent futures have been in a downtrend since early July, with weakness in the economies of top oil consumers China and the US fuelling fears about demand, while crude production in the world's largest economy has also steadily risen in recent years, adding supply pressure to global balances.

That means that even the OPEC+ delay and an almost 7 million-barrel weekly drop in US crude inventories have managed to do very little in terms of pushing up oil prices. The monthly market outlooks of OPEC, the Energy Information Administration, and the International Energy Agency will be closely watched next week.

“We see the OPEC+ unwind delay, ongoing geopolitics and financial positioning providing price support at $70 to $72 Brent,” Citigroup Inc. analysts including Eric Lee said in a note. The bank said it sees “moves down to the $60 range in 2025 as a sizable market surplus emerges.”

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid.

Crude oil had the biggest drop in 11 months as a weak US jobs report accelerated speculation that demand in the world's biggest crude oil consumer would be timid. West Texas Intermediate fell 2.1 per cent to settle at $67.67 a barrel, wrapping up the biggest weekly decline since October 2023. While the US jobs data released Friday increased wagers that the Fed will approve a super-sized interest rate cut, it also perpetuated the view of slowing oil demand that has weighed on crude for weeks. “The market is still on tenterhooks evaluating the strength of the global economy and what the Fed will do,” said Rebecca Babin, senior energy trader at CIBC Private Wealth. Recent efforts to choke supplies haven't stemmed crude's slide. While the OPEC+ alliance this week abandoned a proposal to increase production by 180,000 barrels a day in October and November, a longer-term plan to revive 2.2 million barrels a day over the course of a year remained in place, with the completion date pushed back two months to December 2025. Brent futures have been in a downtrend since early July, with weakness in the economies of top oil consumers China and the US fuelling fears about demand, while crude production in the world's largest economy has also steadily risen in recent years, adding supply pressure to global balances. That means that even the OPEC+ delay and an almost 7 million-barrel weekly drop in US crude inventories have managed to do very little in terms of pushing up oil prices. The monthly market outlooks of OPEC, the Energy Information Administration, and the International Energy Agency will be closely watched next week. “We see the OPEC+ unwind delay, ongoing geopolitics and financial positioning providing price support at $70 to $72 Brent,” Citigroup Inc. analysts including Eric Lee said in a note. The bank said it sees “moves down to the $60 range in 2025 as a sizable market surplus emerges.”

Oil tumbles amid weak US jobs data and demand concerns

Oil prices surged on Wednesday from a multi-day losing streak, driven by the largest slide of US crude in the inventory. Further price increases were capped by expectations for a nearing ceasefire deal in West Asia.

Brent crude futures for September gained 46 cents to $81.47 per barrel as of 0020 GMT, while US West Texas Intermediate crude for September rose 42 cents to $77.38 per barrel.

Market sources, drawing from American Petroleum Institute (API) statistics, indicate that US crude oil inventories dropped in the past week, along with those of gasoline and distillates. Such reductions helped stop the downtrend. Specifically, US crude stocks dropped 3.9 million barrels for the week ended July 19, while gasoline inventories declined by 2.8 million barrels and distillates fell by 1.5 million barrels. This marks the first time that US crude stocks have fallen for four consecutive weeks since September 2023.

WTI had lost 7 per cent in the last four sessions, while Brent crude was down nearly 5 per cent in three.

Government data on oil inventories will be released on Wednesday, adding more detail to the supply situation.

Oil prices dropped to six-week lows on Tuesday, with Brent closing at its lowest since June 9. The declines were acted upon further by ongoing ceasefire negotiations between Israel and Hamas, facilitated by US President Joe Biden and mediated by Egypt and Qatar.

Prices also suffered on continued concern that economic softening in China, which is the world's biggest crude importer, would weaken global oil demand.

The bottom line is that inventories of US crude are dropping, providing some support for prices, though prospects related to West Asia ceasefire and poor China outlook have applied downward pressures. It is the play of these factors against one another that shall drive oil prices in the future.

Oil prices surged on Wednesday from a multi-day losing streak, driven by the largest slide of US crude in the inventory. Further price increases were capped by expectations for a nearing ceasefire deal in West Asia.

Oil prices surged on Wednesday from a multi-day losing streak, driven by the largest slide of US crude in the inventory. Further price increases were capped by expectations for a nearing ceasefire deal in West Asia. Brent crude futures for September gained 46 cents to $81.47 per barrel as of 0020 GMT, while US West Texas Intermediate crude for September rose 42 cents to $77.38 per barrel. Market sources, drawing from American Petroleum Institute (API) statistics, indicate that US crude oil inventories dropped in the past week, along with those of gasoline and distillates. Such reductions helped stop the downtrend. Specifically, US crude stocks dropped 3.9 million barrels for the week ended July 19, while gasoline inventories declined by 2.8 million barrels and distillates fell by 1.5 million barrels. This marks the first time that US crude stocks have fallen for four consecutive weeks since September 2023. WTI had lost 7 per cent in the last four sessions, while Brent crude was down nearly 5 per cent in three. Government data on oil inventories will be released on Wednesday, adding more detail to the supply situation. Oil prices dropped to six-week lows on Tuesday, with Brent closing at its lowest since June 9. The declines were acted upon further by ongoing ceasefire negotiations between Israel and Hamas, facilitated by US President Joe Biden and mediated by Egypt and Qatar. Prices also suffered on continued concern that economic softening in China, which is the world's biggest crude importer, would weaken global oil demand. The bottom line is that inventories of US crude are dropping, providing some support for prices, though prospects related to West Asia ceasefire and poor China outlook have applied downward pressures. It is the play of these factors against one another that shall drive oil prices in the future.

Oil market rebounds: Surging prices amid crude inventory declines and geopolitical dynamics

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday.

The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries.

However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled.

Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear.

Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite.

“Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.”

In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday. The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries. However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled. Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear. Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite. “Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.” In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Can a drop in US stockpiles hold price amid mixed market signals?

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market.

Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise.

As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders.

While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets.

"The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy. By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market. Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise. As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders. While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Oil spill amid signs of US economic slowdown

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel.

The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided.

According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected.

"Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities.

The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics.

Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA).

On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance.

Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics.

While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel. The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided. According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected. "Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities. The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics. Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA). On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance. Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics. While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices volatile amid mixed crude inventory data

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs.

Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output.

OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025.

Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output. &nbsp;

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs.

Brazil has been missing in the oil 'action' this year. The country's daily output started at 3.73 million barrels and then plummeted nearly 25 per cent due to long-scale repairs. This also helped the Organisation of Petroleum Exporting Countries, or OPEC, to decide on the supply numbers and the subsequent cuts. OPEC's output cuts strategy aims to stabilise prices and balance falling demand with supply curbs. Now Brazil has risen, with more than one-third of the deficit already covered. Brazilian oil fields are expected to overshoot the pre-collapse figure by roughly 200,000 barrels a day this year. This can potentially hurt OPEC's strategy, which now has to deal with excess Oil from Brazil. Brazil's president, Luiz Inacio Lula da Silva, has pushed to strengthen ties with OPEC and its allies but has refrained from any commitments to constrain output. OPEC had recently extended output cuts well into 2025. This comes as slow demand growth in top oil importer China continues to weigh on prices amid rising volatility. We are currently witnessing an energy shift, from oil to cleaner forms of energy. This shift is a major factor in the declining demand. Supply cuts are hurting the wallets, but keeping the prices in balance is essential. Prices have risen above $80 per barrel. Goldman Sachs anticipates oil to touch $86 this summer. But the outlook remains grim. Citi forecasts oil prices will drop to $60 by 2025. Brazil still has challenges to counter. Petrobras and other oil drillers face environmental protests and standoff over wages. The strikes have already squeezed 80,000 barrels of daily output so far. Another issue is the fading crude production in Brazil's once 'crown jewel', Tupi. Petrobras is currently in negotiations to revive the falling output.

OPEC braces for more oil: Brazil's oil market rebound threatens output cuts strategy

Oil prices rose in early Asian trading on Monday, adding to last week's gains as rescuers searched for Iran's President Ebrahim Raisi after a helicopter crash in the oil-producing nation. Watch in for more details!

Oil prices rise amid uncertainity over Iran President Ebrahim Raisi's fate

The Group of Seven nations aimed to cripple Russia's oil revenue by imposing a price cap of $60 per barrel. However, the effectiveness of this strategy is under growing scrutiny.

G7 oil price cap on Russia crumbling?

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran.&nbsp;

Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09.&nbsp;

A possible expansion of the Gaza conflict beyond Israel's border could be a disaster&nbsp;for the global oil supply.

Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz.

The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade.&nbsp;

Oil prices have risen by about 25 per cent since the October 7 Hamas attack on&nbsp;Israeli civilians.&nbsp;

The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy.&nbsp;

The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing&nbsp;oil needs.&nbsp;

The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure.

In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half&nbsp;the budget is financed by oil money. But in the long run, the U.S, which was&nbsp;the&nbsp;biggest oil producer in 2023,&nbsp;could release excess capacity and push prices down.&nbsp;

Ultimately, higher oil prices would&nbsp;boost commodity prices&nbsp;across the world and prolong the interest rate tightening cycle. &nbsp;

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09. A possible expansion of the Gaza conflict beyond Israel's border could be a disaster for the global oil supply. Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz. The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade. Oil prices have risen by about 25 per cent since the October 7 Hamas attack on Israeli civilians. The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy. The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing oil needs. The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure. In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half the budget is financed by oil money. But in the long run, the U.S, which was the biggest oil producer in 2023, could release excess capacity and push prices down. Ultimately, higher oil prices would boost commodity prices across the world and prolong the interest rate tightening cycle.

Oil prices rise by over 4 per cent after reports of Israeli strikes on Iran

Saudi Arabia's decision to reverse plans to increase its oil production capacity highlights a long-term risk to the kingdom's oil revenue: competing suppliers. That is also raising concerns about the future of demand.

Saudi needs an oil price of $108 a barrel to balance its budget

The non-oil sector in Saudi Arabia had its greatest employment growth in nine years in October as the world's largest crude exporter looks to diversify.

Saudi Arabia's non-oil economy shows resilience in October | World Business Watch

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium.

West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran.

As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict.

While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected."

The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia.

The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape.

The events in West Asia &nbsp;unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day.

Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying.

While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop.

As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices."

(With inputs from Bloomberg)

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Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades.

Oil prices witnessed a significant 5 per cent surge following Hamas' surprise attacks on Israel over the weekend, marking one of the most miserable conflicts in decades. According to a report by Bloomberg, the escalation of tensions in West Asia has stirred concerns in global markets and revived a war-risk premium. West Texas Intermediate (WTI) crude oil traded near $87 a barrel, reflecting the rising anxiety in the energy sector. While immediate oil supply disruption remains low, there are fears that the conflict could evolve into a more extensive proxy war, potentially involving the U.S. and Iran. As conflict in the region entered its third day, the combined death toll exceeded 1,100, intensifying concerns about the situation's severity. The United States announced its decision to deploy warships to the region, underscoring the escalating nature of the conflict. While the immediate threat to oil supply remains limited, the conflict carries the risk of spiralling into a more devastating regional crisis, potentially involving Saudi Arabia. Bloomberg cited ANZ Group Holdings Ltd. analysts Brian Martin and Daniel Hynes, who noted, "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia. Initially, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." The turmoil in the West Asia comes at a time when oil markets had already faced challenges. Both WTI and global benchmark Brent futures had witnessed significant declines earlier in the month due to concerns about high interest rates and slowing economic growth, which had cast a shadow on demand prospects. These concerns had overshadowed the bullish sentiment that had driven a sharp rally in the third quarter, driven in part by prolonged crude output cuts led by Saudi Arabia. The conflict further reduces expectations that Saudi Arabia will cut or eliminate its 1 million-barrels-a-day output curbs, according to Citigroup Inc. analysts Ed Morse and Eric Lee. Additionally, the risk of Israel launching an attack on Iran is growing, further complicating the geopolitical landscape. The events in West Asia unfold after months of easing tensions between Washington and Tehran, with Iran's crude shipments rebounding to a five-year high with the tacit approval of the United States. In an extreme scenario, Iran could retaliate by targeting the Strait of Hormuz, a critical waterway for the movement of nearly 17 million barrels of crude and condensate each day. Helima Croft, an analyst at RBC Capital Markets, highlighted the potential implications for U.S. sanctions on Iran, "If Israel comes out and directly implicates Iran, we believe it will likely be difficult for the Biden administration to continue to adopt such a permissive sanctions regime. We anticipate that critics in Congress and elsewhere will contend that the White House is providing Iran with the financial wherewithal to sponsor such malign actors," Bloomberg quoted her as saying. While the impact on oil's futures curve has been relatively moderate, with WTI's prompt timespread moving into backwardation, signalling supply concerns, there remains uncertainty over how the situation will develop. As per Bloomberg, Warren Patterson, Head of Commodities Strategy at ING Groep NV, noted, "The lack of movement in WTI timespreads suggests there's little change in supply-demand fundamentals at the moment. Although uncertainty over how the situation evolves is likely to support prices." (With inputs from Bloomberg) WATCH WION LIVE HERE

Oil prices surge as West Asia tensions escalate amidst Israel-Hamas conflict

Saudi Arabia and Russia extended production curbs. The price of Crude Oil regarded as a global benchmark rose to around 95% barrel on Monday as investors fretted about a worsening supply gap in the fourth quarter.

Oil price surge to $95, inflation fears rise amid oil price rally | World DNA

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday.

According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence.

“This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying.

As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high.

The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay&nbsp;more for imported goods and services.

Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee.

On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows.&nbsp;

The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market.

The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that&nbsp;China’s slower economic performance has put pressure on the Asian currency markets.

Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee.

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Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence. “This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying. As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high. The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay more for imported goods and services. Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee. On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows. The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market. The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that China’s slower economic performance has put pressure on the Asian currency markets. Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee. WATCH WION LIVE HERE

Rupee experiences its highest monthly depreciation as US dollar strengthens, oil prices rise

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.&nbsp;The US West Texas Intermediate crude (WTI)&nbsp;fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24.&nbsp;

The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy.

The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth.

However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation.

Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices.&nbsp;&nbsp;“The big question is whether or not we’re going to have more shoes drop in the banking sector," he added.&nbsp;

As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices.&nbsp;

In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market.&nbsp;

Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end.&nbsp;"Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions.

As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks.&nbsp;

The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue.&nbsp;

As the situation remains uncertain, the oil market may experience further volatility in the coming weeks.

(With agency inputs)&nbsp;

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021.

Oil prices continued to plummet on Wednesday, with Brent futures dropping by 4 percent to $72.33 a barrel, marking the global benchmark's lowest close since December 2021. The US West Texas Intermediate crude (WTI) fell 4.3 percent to $68.60 a barrel, hitting its lowest level since March 24. The drop in oil prices was instigated by the US Federal Reserve's choice to increase interest rates while investors were anxious about the state of the economy. The US Federal Reserve's decision to increase interest rates by 0.25 percent raised concerns among traders about the potential negative impact on energy demand due to slower economic growth. However, the Fed hinted that it might halt further rate increases, giving officials time to evaluate the effects of recent bank failures, the political deadlock over the US debt ceiling, and inflation. Phil Flynn, an analyst at Price Futures Group, told Reuters that the Fed's rate pause could be beneficial for oil prices. “The big question is whether or not we’re going to have more shoes drop in the banking sector," he added. As the European Central Bank is set to hold its policy meeting on Thursday, it is widely expected that they will raise rates, further compounding the downward pressure on oil prices. In China, the world's largest energy consumer and top crude oil buyer, manufacturing activity unexpectedly fell in April, adding to the bearish sentiment in the oil market. Meanwhile, Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by year-end. "Downside risk to Russia's supply and upside risk to China's demand have largely played out and prospects for 2H tightness have weakened," the bank said in a note, referring to buoyant exports from Russia despite Western sanctions. As the oil market continues to be plagued by various macroeconomic factors, traders are closely monitoring the situation in the banking sector and the ongoing policy decisions made by central banks. The recent decline in oil prices has caused concerns for oil-producing countries as they struggle to balance their budgets and generate revenue. As the situation remains uncertain, the oil market may experience further volatility in the coming weeks. (With agency inputs)

Pain at the pump: Oil prices plummet 4% after Fed rate hike

Oil prices experienced a 2% drop as concerns over the US debt ceiling standoff and rising jobless claims weighed on market sentiment. The stronger US Dollar further added pressure to crude prices, reaching its highest level in a week against major currencies. Brent crude fell to around $75 per barrel from $78 earlier in the week, sparking recession fears amidst global economic concerns and political tensions. While this may imply cheaper fuel prices, a stronger dollar can strain countries that import oil.

Recession fears ignite oil market turbulence

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.&nbsp;

However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period.

As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84.

According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn.

From Slump to Spike

Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency&nbsp;that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover.

Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month.

Reuters reported&nbsp;that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies. However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period. As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84. According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn. From Slump to Spike Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover. Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month. Reuters reported that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Oil prices rally on strong US jobs report, easing recession fears

Oil prices rebounded at the end of the week gone by, but still experienced their third consecutive weekly decline. This was following concerns of the US banking crisis causing an economic slowdown and a decline in fuel demand.

Crude prices to remain elevated

At a time when countries were already grappling with high oil prices, the OPEC+ announced fresh cuts in its oil production. The U.S. says the world needs lower prices to support economic growth. We ask, the world needs it? Or the west does?

Surprise new cuts in oil production by OPEC+ | The West Asia Post

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