Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data. Brent crude remained at more than $85 per barrel while West Texas Intermediate (WTI) was near $81 per barrel. A report by the American Petroleum Institute (API) showed crude stockpiles climbed about 900,000 barrels last week, and holdings in the Cushing storage hub fell. 
&nbsp; 
The Energy Information Administration will release its official weekly data on inventories, refining activity, and fuel demand later on Wednesday. This official data will give a better picture of the oil market. 
&nbsp; 
Oil is still assured of notching a monthly gain despite the current volatile trading. Several economists have grown positive about the outlook for the market in the next quarter, saying supply conditions are getting tighter. Geopolitical tensions, originating from Yemen and Russia, further may contribute to the risk of higher prices. 
&nbsp; 
Yeap Jun Rong, market strategist at IG Asia Pte in Singapore, commented on the market dynamics: "Tightening fundamentals through the third quarter of the year leave us supportive toward the market." He added that short-term caution will prevail before the release of inflation data later this week, which can further set directions on interest rates. 
&nbsp; 
The market structure has also shown tendencies of bullishness. Prompt time spreads for Brent and WTI have both widened, a backwardation pattern. This market structure, where near-term prices stand higher than future prices-is indicative of robust current demand relative to future supply. Moreover, money managers added positions on a host of products, including ICE gasoil, Europe's diesel benchmark. 
&nbsp; 
The oil market is again threading its way through a complex tapestry as traders digest the EIA's report and other major economic indicators. The relationship between rising stockpiles, refining activities on the rise, and geopolitical developments will define the fate of the market over the coming weeks.

Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data.

Oil prices were stable after yesterday's decline following an industry report that US crude inventories increased slightly, ahead of the release of official data. Brent crude remained at more than $85 per barrel while West Texas Intermediate (WTI) was near $81 per barrel. A report by the American Petroleum Institute (API) showed crude stockpiles climbed about 900,000 barrels last week, and holdings in the Cushing storage hub fell. The Energy Information Administration will release its official weekly data on inventories, refining activity, and fuel demand later on Wednesday. This official data will give a better picture of the oil market. Oil is still assured of notching a monthly gain despite the current volatile trading. Several economists have grown positive about the outlook for the market in the next quarter, saying supply conditions are getting tighter. Geopolitical tensions, originating from Yemen and Russia, further may contribute to the risk of higher prices. Yeap Jun Rong, market strategist at IG Asia Pte in Singapore, commented on the market dynamics: "Tightening fundamentals through the third quarter of the year leave us supportive toward the market." He added that short-term caution will prevail before the release of inflation data later this week, which can further set directions on interest rates. The market structure has also shown tendencies of bullishness. Prompt time spreads for Brent and WTI have both widened, a backwardation pattern. This market structure, where near-term prices stand higher than future prices-is indicative of robust current demand relative to future supply. Moreover, money managers added positions on a host of products, including ICE gasoil, Europe's diesel benchmark. The oil market is again threading its way through a complex tapestry as traders digest the EIA's report and other major economic indicators. The relationship between rising stockpiles, refining activities on the rise, and geopolitical developments will define the fate of the market over the coming weeks.

Oil prices steady as rising US stockpiles offset tightening market

Citi analysts assume oil prices will peak this summer before crashing next year.&nbsp;

"We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel.&nbsp;

"We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee.&nbsp;

Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share.&nbsp;

"In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price."&nbsp;

&nbsp; 
In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said.&nbsp;

Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year.&nbsp;

"Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note.&nbsp;

A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025.&nbsp;

These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.&nbsp;

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week.

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel. "We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee. Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share. "In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price." In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said. Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year. "Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note. A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025. These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.

Oil prices set to soar this summer, plunge in 2025: Citi analysts

Oil prices have seen an &nbsp;increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. <o:p></o:p>

This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman.<o:p></o:p>

As of early Monday, Brent crude rose by 32 cents, reaching $84.30 per barrel, marking its highest level since May 10. <o:p></o:p>

Similarly, US West Texas Intermediate (WTI) crude experienced a minor increase, adding 5 cents to hit $80.11 per barrel, with an earlier peak at $80.23, the highest since May 1.<o:p></o:p>

Uncertainty in Iran and Saudi Arabia<o:p></o:p>

The Iranian government confirmed that President Ebrahim Raisi's helicopter crashed in mountainous terrain amid icy weather conditions on Sunday. <o:p></o:p>

Despite the efforts of search teams who located the wreckage, officials are pessimistic about the survival of Raisi and Foreign Minister Hossein Amirabdollahian.<o:p></o:p>

In Saudi Arabia, Crown Prince Mohammed bin Salman has delayed his visit to Japan, initially planned for Monday, due to health concerns regarding his father, King Salman. <o:p></o:p>

According to Japan's Chief Cabinet Secretary Yoshimasa Hayashi, King Salman, aged 88, is undergoing treatment for lung inflammation.<o:p></o:p>

Market reactions and analyst insights<o:p></o:p>

Analysts have noted that these developments add more uncertainty to an already volatile energy market. <o:p></o:p>

Tony Sycamore of IG Markets highlighted that the political instability in two significant oil-producing countries is influencing prices. <o:p></o:p>

He suggested that WTI prices might further rise towards $83.50, citing recent economic measures in China aimed at boosting the property market as additional factors driving the price increase.<o:p></o:p>

Warren Patterson, head of commodities strategy at ING, pointed out that the oil market has remained relatively stable despite the geopolitical turbulence. <o:p></o:p>

He attributed this stability to the ample spare capacity maintained by OPEC. <o:p></o:p>

Patterson underlined that the market might need clarity on the OPEC+ output policy, scheduled for a meeting on June 1, to see significant price movement.<o:p></o:p>

Responses and economic indicators<o:p></o:p>

In the US, the government capitalised on recent lower oil prices, purchasing 3.3 million barrels at $79.38 per barrel to replenish the Strategic Petroleum Reserve. <o:p></o:p>

This move follows a significant sale from the reserve in 2022. <o:p></o:p>

Additionally, signs of easing inflation in the US have strengthened expectations of interest rate cuts, potentially lowering the dollar's value and making oil more affordable for holders of other currencies.<o:p></o:p>

Energy analyst Saul Kavonic of MST Marquee remarked that despite the health concerns surrounding King Salman, continuity in Saudi Arabia's energy strategy is anticipated under Crown Prince Mohammed Bin Salman's leadership. <o:p></o:p>

The market appears to be adjusting to its ongoing influence in the energy sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Oil prices have seen an increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman.

Oil prices have seen an increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman. As of early Monday, Brent crude rose by 32 cents, reaching $84.30 per barrel, marking its highest level since May 10. Similarly, US West Texas Intermediate (WTI) crude experienced a minor increase, adding 5 cents to hit $80.11 per barrel, with an earlier peak at $80.23, the highest since May 1. Uncertainty in Iran and Saudi Arabia The Iranian government confirmed that President Ebrahim Raisi's helicopter crashed in mountainous terrain amid icy weather conditions on Sunday. Despite the efforts of search teams who located the wreckage, officials are pessimistic about the survival of Raisi and Foreign Minister Hossein Amirabdollahian. In Saudi Arabia, Crown Prince Mohammed bin Salman has delayed his visit to Japan, initially planned for Monday, due to health concerns regarding his father, King Salman. According to Japan's Chief Cabinet Secretary Yoshimasa Hayashi, King Salman, aged 88, is undergoing treatment for lung inflammation. Market reactions and analyst insights Analysts have noted that these developments add more uncertainty to an already volatile energy market. Tony Sycamore of IG Markets highlighted that the political instability in two significant oil-producing countries is influencing prices. He suggested that WTI prices might further rise towards $83.50, citing recent economic measures in China aimed at boosting the property market as additional factors driving the price increase. Warren Patterson, head of commodities strategy at ING, pointed out that the oil market has remained relatively stable despite the geopolitical turbulence. He attributed this stability to the ample spare capacity maintained by OPEC. Patterson underlined that the market might need clarity on the OPEC+ output policy, scheduled for a meeting on June 1, to see significant price movement. Responses and economic indicators In the US, the government capitalised on recent lower oil prices, purchasing 3.3 million barrels at $79.38 per barrel to replenish the Strategic Petroleum Reserve. This move follows a significant sale from the reserve in 2022. Additionally, signs of easing inflation in the US have strengthened expectations of interest rate cuts, potentially lowering the dollar's value and making oil more affordable for holders of other currencies. Energy analyst Saul Kavonic of MST Marquee remarked that despite the health concerns surrounding King Salman, continuity in Saudi Arabia's energy strategy is anticipated under Crown Prince Mohammed Bin Salman's leadership. The market appears to be adjusting to its ongoing influence in the energy sector. (With inputs from Reuters)

Oil prices surge amid political turmoil in Iran and Saudi Arabia

Ukrainian drones attacked Russia's third largest oil refinery on Tuesday about 1,300 km (800 miles) from the front lines, hitting a core unit which processes about 155,000 barrels of crude refining per day.

Russia-Ukraine war: Oil prices jump after Ukraine strikes Russian oil refineries

Aramco raised its dividend despite falling output and oil prices. The $31 billion payout gives a financial boost to Saudi Arabia while its budget deficit continues to grow.

Aramco's $31 bn boon for Saudi budget

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. <o:p></o:p>

Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. <o:p></o:p>

WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. <o:p></o:p>

Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market.<o:p></o:p>

President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. <o:p></o:p>

Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. <o:p></o:p>

The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war.<o:p></o:p>

In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. <o:p></o:p>

This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. <o:p></o:p>

Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table.<o:p></o:p>

On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. <o:p></o:p>

Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market. President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war. In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table. On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions. (With inputs from Reuters)

Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia

The Red Sea crisis has unleashed a cascade of disruptions in global shipping. Container rates have skyrocketed for routes from India to the US and doubled or even tripled for certain European regions. Now, oil prices have surged as the US and its allies launched airstrikes against Houthi rebels in Yemen.

Oil prices surge: Red sea crisis hits global businesses

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members&nbsp; including Russia, Mexico, Sudan, South Sudan, Azerbaijan and&nbsp;Kazakhstan. The Non-OPEC countries which export&nbsp;crude oil along with 13 OPEC members are termed as OPEC+ countries.&nbsp;

Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities.&nbsp;

Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-capitals-bogotas-great-amazon-miracle-riyadhs-oil-games-in-vienna-and-more-603219">The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more</a>&nbsp;

After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year.

<h2>Why the Saudi-led&nbsp;OPEC+ is considering&nbsp;oil cuts?</h2>

The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions.&nbsp;

Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported.&nbsp;

"You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication.

Also watch |&nbsp;OPEC + leaders emphasise investment for stable energy transition

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While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West.

But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC."

(With inputs from agencies)

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war. As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members including Russia, Mexico, Sudan, South Sudan, Azerbaijan and Kazakhstan. The Non-OPEC countries which export crude oil along with 13 OPEC members are termed as OPEC+ countries. Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities. Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade. Also read | The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year. Why the Saudi-led OPEC+ is considering oil cuts? The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions. Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported. "You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication. Also watch | OPEC + leaders emphasise investment for stable energy transition × While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West. But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC." (With inputs from agencies)

Return to 1970s? Saudi-led OPEC+ deliberating further oil cuts amid Israel-Hamas war, says report

Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. The decline in prices was attributed to a combination of factors, including mixed Chinese economic data, an increase in OPEC exports, and the strengthening of the U.S. dollar.&nbsp;

According to a Reuters report, Brent crude futures closed below the $84 per barrel mark for the first time since the October 7 attack by Hamas Islamists on Israel. The global benchmark, Brent crude, settled at $81.61 per barrel, marking a decrease of $3.57, equivalent to 4.2 per cent.&nbsp;

Simultaneously, U.S. West Texas Intermediate (WTI) crude futures ended at $77.37 per barrel, down by $3.45 or 4.3 per cent. Analysts noted that while traders remain watchful for signs of potential supply disruptions due to geopolitical conflicts, such concerns appear to be diminishing.&nbsp;

A contributing factor to the downward pressure on oil prices was a noticeable recovery in oil exports from the Organisation of Petroleum Exporting Countries (OPEC). According to UBS analyst Giovanni Staunovo, OPEC's crude exports have risen by approximately 1 million barrels per day (bpd) since their August low. This increase in supply has raised questions about whether oil-consuming nations can absorb the excess.&nbsp;

Furthermore, the premium on front-month loading Brent contracts over those loading six months later reached a two-and-a-half-month low, suggesting reduced anxiety regarding potential supply shortages.&nbsp;

On the demand side, although China's crude oil imports in October displayed robust growth, the country's overall exports of goods and services contracted more rapidly than anticipated. This has led analysts to speculate that the Chinese economic outlook is being impacted by declining demand in Western markets, which are the country's primary export destinations.&nbsp;

The U.S. also contributed to the pressure on oil prices as it reported a substantial increase in crude oil stocks, rising by nearly 12 million barrels in the last week. This data contradicted&nbsp;the earlier forecast by the U.S. Energy Information Administration, which had predicted a 100,000-bpd increase in total petroleum consumption for the year. Instead, the latest report now expects a 300,000-bpd decrease in petroleum consumption.&nbsp;

Additionally, fading hopes for a peak in global interest rates boosted the U.S. dollar from recent lows. A stronger U.S. dollar has the effect of making oil more expensive for holders of other currencies. The U.S. central bank may take further actions to reduce inflation to its 2 per cent target, according to comments by Minneapolis Federal Reserve President Neel Kashkari. &nbsp;

Investors are also awaiting remarks from Federal Reserve Chair Jerome Powell, to be delivered on Wednesday and Thursday.&nbsp;

(With inputs from Reuters)&nbsp;

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Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. The decline in prices was attributed to a combination of factors, including mixed Chinese economic data, an increase in OPEC exports, and the strengthening of the U.

Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. The decline in prices was attributed to a combination of factors, including mixed Chinese economic data, an increase in OPEC exports, and the strengthening of the U.S. dollar. According to a Reuters report, Brent crude futures closed below the $84 per barrel mark for the first time since the October 7 attack by Hamas Islamists on Israel. The global benchmark, Brent crude, settled at $81.61 per barrel, marking a decrease of $3.57, equivalent to 4.2 per cent. Simultaneously, U.S. West Texas Intermediate (WTI) crude futures ended at $77.37 per barrel, down by $3.45 or 4.3 per cent. Analysts noted that while traders remain watchful for signs of potential supply disruptions due to geopolitical conflicts, such concerns appear to be diminishing. A contributing factor to the downward pressure on oil prices was a noticeable recovery in oil exports from the Organisation of Petroleum Exporting Countries (OPEC). According to UBS analyst Giovanni Staunovo, OPEC's crude exports have risen by approximately 1 million barrels per day (bpd) since their August low. This increase in supply has raised questions about whether oil-consuming nations can absorb the excess. Furthermore, the premium on front-month loading Brent contracts over those loading six months later reached a two-and-a-half-month low, suggesting reduced anxiety regarding potential supply shortages. On the demand side, although China's crude oil imports in October displayed robust growth, the country's overall exports of goods and services contracted more rapidly than anticipated. This has led analysts to speculate that the Chinese economic outlook is being impacted by declining demand in Western markets, which are the country's primary export destinations. The U.S. also contributed to the pressure on oil prices as it reported a substantial increase in crude oil stocks, rising by nearly 12 million barrels in the last week. This data contradicted the earlier forecast by the U.S. Energy Information Administration, which had predicted a 100,000-bpd increase in total petroleum consumption for the year. Instead, the latest report now expects a 300,000-bpd decrease in petroleum consumption. Additionally, fading hopes for a peak in global interest rates boosted the U.S. dollar from recent lows. A stronger U.S. dollar has the effect of making oil more expensive for holders of other currencies. The U.S. central bank may take further actions to reduce inflation to its 2 per cent target, according to comments by Minneapolis Federal Reserve President Neel Kashkari. Investors are also awaiting remarks from Federal Reserve Chair Jerome Powell, to be delivered on Wednesday and Thursday. (With inputs from Reuters) WATCH WION LIVE HERE

Oil prices tumble over 4pc to its lowest level since July. Here's why

As tensions escalate in the West Asia, investors around the globe are bracing themselves for potential market volatility, with a particular focus on the oil market and the risk of prices soaring even higher. The situation in the region remains fluid as Israel's troops engage in a fierce battle with Hamas gunmen who crossed into Israel from Gaza. This has sparked concerns of a broader conflict that could embroil other countries, including Iran, and lead to a sustained increase in oil prices.

The S&amp;P 500 has exhibited a mixed response, rebounding by 0.5 per cent, while Brent crude oil prices have surged approximately 4 per cent to reach $88.10 per barrel. Gold, a traditional safe-haven asset, saw an increase of 1.2 per cent to reach $1,854.10 per ounce.

Reuters quoted Mohit Kumar, Chief Europe Economist at Jefferies in London, as saying, "The coming days are likely to be driven by geopolitical risks, rather than fundamentals. For markets, the geopolitical risks add another uncertainty for investors when convictions are already low."

Geopolitical events have typically had short-lived effects on financial markets. However, this escalating conflict comes at a time when investors are already grappling with significant uncertainty due to a historic sell-off in U.S. Treasuries and stock market volatility. Market experts believe that the repercussions of this conflict could exacerbate several ongoing trends that have weighed on risk assets in recent months.

One of the key concerns is the potential for a rebound in oil prices, which could negatively impact U.S. economic growth and threaten the "soft landing narrative" that has buoyed stocks this year. After months of steady increases, Brent crude reached its highest level since late 2022 in September, although prices had been retreating somewhat this month.

Tina Fordham, a geopolitical strategist and founder of Fordham Global Foresight, cautioned, "The worst-case scenario from a geopolitical risk perspective would be a full-scale confrontation between Israel and Iran. A return to the risk of direct military tensions - especially the risk of Israeli attacks on Iran's nuclear facilities - would likely have systemic impact," Reuters quoted her. &nbsp;A widening conflict could keep oil prices elevated, potentially contributing to inflation, further complicating matters for central banks worldwide, including the Federal Reserve.

According to Reuters, Paul Nolte, Senior Wealth Advisor and Market Strategist at Murphy &amp; Sylvest Wealth Management, emphasised, "All of this is going to circle around oil. Energy is going to be the key here as to whether the impact on the economy is going to be temporary or longer-lasting."

While U.S. equities have been under pressure due to rising Treasury yields, with the S&amp;P 500 down roughly 6 per cent &nbsp;from its late July highs, yields on the benchmark 10-year U.S. Treasury bonds have reached their highest levels in over a decade and a half. The upcoming U.S. earnings season and inflation data scheduled for Thursday are adding to investor unease.

Reuters cited Emmanuel Cau, Barclays' Head of European Equity Strategy, who indicated that he believed the situation was an additional cause for concern. He noted that the timing was less than ideal, citing that the commodity market was already under strain, and the bond market was similarly stressed.

Amidst the turmoil, shares of Israeli companies on Wall Street have seen declines, with companies like Mobileye Global and Solaredge Technologies both experiencing approximately 4 per cent &nbsp;drops.

In the safe-haven government bond markets, concerns about renewed tensions in the West Asia have alleviated some of the selling pressure that had caused 10-year borrowing costs to rise across the U.S. and Germany. U.S. bond markets were closed on Monday, but U.S. Treasury futures showed an increase as investors sought safety.

Althea Spinozzi, Senior Fixed Income Strategist at Saxo Bank, noted that while heightened tensions in Israel might make U.S. Treasuries more attractive to investors seeking safety, the risk of rising commodity prices and impending Treasury auctions could limit any significant decline in yields. "Within this environment, we remain defensive and wary of duration," Reuters quoted her as saying.

(With inputs from Reuters)

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As tensions escalate in the West Asia, investors around the globe are bracing themselves for potential market volatility, with a particular focus on the oil market and the risk of prices soaring even higher.

As tensions escalate in the West Asia, investors around the globe are bracing themselves for potential market volatility, with a particular focus on the oil market and the risk of prices soaring even higher. The situation in the region remains fluid as Israel's troops engage in a fierce battle with Hamas gunmen who crossed into Israel from Gaza. This has sparked concerns of a broader conflict that could embroil other countries, including Iran, and lead to a sustained increase in oil prices. The S&P 500 has exhibited a mixed response, rebounding by 0.5 per cent, while Brent crude oil prices have surged approximately 4 per cent to reach $88.10 per barrel. Gold, a traditional safe-haven asset, saw an increase of 1.2 per cent to reach $1,854.10 per ounce. Reuters quoted Mohit Kumar, Chief Europe Economist at Jefferies in London, as saying, "The coming days are likely to be driven by geopolitical risks, rather than fundamentals. For markets, the geopolitical risks add another uncertainty for investors when convictions are already low." Geopolitical events have typically had short-lived effects on financial markets. However, this escalating conflict comes at a time when investors are already grappling with significant uncertainty due to a historic sell-off in U.S. Treasuries and stock market volatility. Market experts believe that the repercussions of this conflict could exacerbate several ongoing trends that have weighed on risk assets in recent months. One of the key concerns is the potential for a rebound in oil prices, which could negatively impact U.S. economic growth and threaten the "soft landing narrative" that has buoyed stocks this year. After months of steady increases, Brent crude reached its highest level since late 2022 in September, although prices had been retreating somewhat this month. Tina Fordham, a geopolitical strategist and founder of Fordham Global Foresight, cautioned, "The worst-case scenario from a geopolitical risk perspective would be a full-scale confrontation between Israel and Iran. A return to the risk of direct military tensions - especially the risk of Israeli attacks on Iran's nuclear facilities - would likely have systemic impact," Reuters quoted her. A widening conflict could keep oil prices elevated, potentially contributing to inflation, further complicating matters for central banks worldwide, including the Federal Reserve. According to Reuters, Paul Nolte, Senior Wealth Advisor and Market Strategist at Murphy & Sylvest Wealth Management, emphasised, "All of this is going to circle around oil. Energy is going to be the key here as to whether the impact on the economy is going to be temporary or longer-lasting." While U.S. equities have been under pressure due to rising Treasury yields, with the S&P 500 down roughly 6 per cent from its late July highs, yields on the benchmark 10-year U.S. Treasury bonds have reached their highest levels in over a decade and a half. The upcoming U.S. earnings season and inflation data scheduled for Thursday are adding to investor unease. Reuters cited Emmanuel Cau, Barclays' Head of European Equity Strategy, who indicated that he believed the situation was an additional cause for concern. He noted that the timing was less than ideal, citing that the commodity market was already under strain, and the bond market was similarly stressed. Amidst the turmoil, shares of Israeli companies on Wall Street have seen declines, with companies like Mobileye Global and Solaredge Technologies both experiencing approximately 4 per cent drops. In the safe-haven government bond markets, concerns about renewed tensions in the West Asia have alleviated some of the selling pressure that had caused 10-year borrowing costs to rise across the U.S. and Germany. U.S. bond markets were closed on Monday, but U.S. Treasury futures showed an increase as investors sought safety. Althea Spinozzi, Senior Fixed Income Strategist at Saxo Bank, noted that while heightened tensions in Israel might make U.S. Treasuries more attractive to investors seeking safety, the risk of rising commodity prices and impending Treasury auctions could limit any significant decline in yields. "Within this environment, we remain defensive and wary of duration," Reuters quoted her as saying. (With inputs from Reuters) WATCH WION LIVE HERE

West Asia turmoil sparks investor concerns over oil price surge

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey.

The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US.

The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions.

This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100.

There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high.

European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil.

Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East.

(With inputs from Bloomberg)

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State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg.

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey. The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US. The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions. This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100. There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high. European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil. Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia raises oil prices to Asia for fourth consecutive month: Report  

The International Energy Agency (IEA) said on Friday (August 11) it&nbsp;raised its projection for global oil demand growth in 2023 to "scaling record highs".&nbsp;

IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.&nbsp;

The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/country-garden-billionaire-bags-big-payouts-as-default-looms-bloomberg-624506">Country Garden billionaire bags big payouts as default looms: Report</a>&nbsp;

It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day."&nbsp;

The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy".&nbsp;

The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-slides-towards-deflation-with-breakfast-buffets-costing-just-40-cents-624488">China slides towards deflation, with breakfast buffets costing just 40 cents</a>&nbsp;

The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February.&nbsp;

The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d.&nbsp;

(With inputs from agencies)

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The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.

The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher. The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak". Also read: Country Garden billionaire bags big payouts as default looms: Report It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day." The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy". The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity." Also read: China slides towards deflation, with breakfast buffets costing just 40 cents The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February. The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

International Energy Agency says oil demand going up, prices could rise further this year

European refiners are being hit hard by a surge in prices for middle eastern crude, as the region faces limited supplies of 'medium sour' crude since imposing sanctions on Russian shipments late last year. With prices soaring to all-time highs, the pressure is on for Europe to find new sources of affordable crude to keep the wheels turning.

Barrel of woes: Europe's oil woes escalate as prices skyrocket

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry.&nbsp;

Iraq, a major oil producer, has set the official selling price of Basrah Medium crude at the highest level in over a year for June. The situation has intensified after&nbsp;Saudi Arabia's decision to raise the price of heavier oil for Europe. Surprisingly, for Asia, West Asian oil producers have either maintained stable costs or even slashed them for June, Bloomberg reported.

European refiners have&nbsp;faced difficulties in procuring crude oil&nbsp;ever since the West imposed sanctions on Russian shipments.

The flow of oil from Russia -- The eastern European nation has been European&nbsp;Union's&nbsp;top supplier -- has considerably declined since 2022, coinciding&nbsp;with a loss of barrels from the Mediterranean port of Ceyhan. This has exacerbated&nbsp;the strain on European refiners.&nbsp;

Adding to the turmoil, exports of Kurdish crude from northern Iraq have stopped since late March due to an ongoing payment dispute between Iraq and Turkey. The lack of resolution to this dispute prevents nearly half a million barrels a day of oil, comparable to Russia's, from being shipped through Turkey.

The absence of Kurdish crude in the market further tightens the supply and demand dynamics, forcing European refiners to explore other options and pay a premium for denser Middle Eastern barrels, according to Bloomberg.

It is&nbsp;worth noting that crude oils such as Russian Urals and Iraq's Basrah Medium typically yield more oil products such as diesel and fuel oil. However, these varieties are generally offered at discounted prices compared to other types due to their higher sulfur levels.

The competition for Basrah Medium crude has intensified in Europe over the past month. According to reports, approximately 23 million barrels of Iraqi crude are expected to be imported into the region this month, a significant increase from the 16 million barrels recorded in April. The growing demand for Basrah Medium crude and supply constraints have pushed prices to their highest levels.

European refiners are now faced with the challenge of balancing their energy needs while managing the escalating costs of crude oil. The industry is closely monitoring developments in the payment dispute between Iraq and Turkey, as a resolution could alleviate some of the supply pressure on the market.

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry.

European refiners find themselves grappling with soaring prices for denser barrels of crude oil from West Asia, according to a Bloomberg report. The surge in prices for cargo being shipped next month is causing significant challenges for the region's energy industry. Iraq, a major oil producer, has set the official selling price of Basrah Medium crude at the highest level in over a year for June. The situation has intensified after Saudi Arabia's decision to raise the price of heavier oil for Europe. Surprisingly, for Asia, West Asian oil producers have either maintained stable costs or even slashed them for June, Bloomberg reported. European refiners have faced difficulties in procuring crude oil ever since the West imposed sanctions on Russian shipments. The flow of oil from Russia -- The eastern European nation has been European Union's top supplier -- has considerably declined since 2022, coinciding with a loss of barrels from the Mediterranean port of Ceyhan. This has exacerbated the strain on European refiners. Adding to the turmoil, exports of Kurdish crude from northern Iraq have stopped since late March due to an ongoing payment dispute between Iraq and Turkey. The lack of resolution to this dispute prevents nearly half a million barrels a day of oil, comparable to Russia's, from being shipped through Turkey. The absence of Kurdish crude in the market further tightens the supply and demand dynamics, forcing European refiners to explore other options and pay a premium for denser Middle Eastern barrels, according to Bloomberg. It is worth noting that crude oils such as Russian Urals and Iraq's Basrah Medium typically yield more oil products such as diesel and fuel oil. However, these varieties are generally offered at discounted prices compared to other types due to their higher sulfur levels. The competition for Basrah Medium crude has intensified in Europe over the past month. According to reports, approximately 23 million barrels of Iraqi crude are expected to be imported into the region this month, a significant increase from the 16 million barrels recorded in April. The growing demand for Basrah Medium crude and supply constraints have pushed prices to their highest levels. European refiners are now faced with the challenge of balancing their energy needs while managing the escalating costs of crude oil. The industry is closely monitoring developments in the payment dispute between Iraq and Turkey, as a resolution could alleviate some of the supply pressure on the market.

Sour and expensive: Europe's crude oil woes reach a boiling point

As business and leisure travel has resumed, the worst of the pandemic has passed, countries are once again accessible, and airlines anticipate strong revenue. So why is air fare still so high?

There aren't enough planes, to start with, according to a Bloomberg report.&nbsp;Due to the pandemic's low travel demand, airlines shut down a significant portion of their fleets. The biggest jets have to be prepared for service after being parked away for 100 working hours, so they can't bring them back quickly enough at the moment.

Another factor is that after being denied the chance to travel, in some cases for up to three years, people are willing to pay more for tickets, the Bloomberg report said. More than 25,000 adults who planned to travel in the next 12 to 24 months participated in a Booking.com study, and many said they wished to be "more indulgent" with their travel plans in order to make up for missed opportunities.

“Even if some trips might be a bit more expensive than they were previously, many people still see value in spending on travel,” said Marcos Guerrero, senior director of flights at the online travel company, who spoke to Bloomberg.&nbsp;

<h2>Staff Shortage</h2>

Airlines suffered losses of almost $200 billion due to Covid, which resulted in the loss of tens of millions of aviation jobs. The travel industry is struggling to re-hire enough people, now that a recovery is well underway.

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Delays at airport check-in counters, immigration counters, and baggage carousels have gotten worse as a result of the shortages. They've also made airlines work harder to recruit and keep personnel, which has required paying higher wages. As a result, airlines charge more because they need to cover the extra expenses.

<h2>Rising oil prices</h2>

Although the cost of oil has decreased over the previous year, it is still more expensive than it was in January 2019, which is problematic for airlines because it is their single-highest expense. Numerous carriers, especially low-cost ones, don't hedge their fuel costs, making them susceptible to price increases brought on by situations like Russia's invasion of Ukraine, the Bloomberg report said.

A little over two per cent&nbsp;of the carbon emissions in the world come from airlines, but they lag well behind all other industries in their commitment to a greener future. That's in part because the sole practical option available right now, sustainable aviation fuel, costs up to five times as much as traditional jet fuel.&nbsp;

<h2>Aircraft shortage</h2>

At the height of the pandemic, up to 16,000 aircraft—or almost two-thirds of the commercial fleet worldwide—were grounded. It takes a lot of work to get them back in the air, and every component must be carefully inspected for safety. Many were maintained in the US and Australia's deserts, where they are less prone to deterioration, but they can still experience problems including harmed interiors and engines.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/china-broadening-counter-espionage-law-spooks-foreign-businesses-586656">China broadening counter-espionage law spooks foreign businesses</a>

Obtaining new engines is another hassle. Due to a lack of parts and the difficulty in producing new turbines, airlines including Spirit Airlines Inc. and India's IndiGo have been forced to idle new aircraft. Some newer technology also requires more frequent maintenance because components made of composites, coatings, and peculiar metal alloys wear out more quickly.

“Capacity is a challenge,” Ryanair’s O’Leary said at a Bloomberg conference this month.

“Over the medium term, the inability of Airbus and Boeing to deliver any meaningful increase in production means capacity is going to continue to be challenging for the next two, three, five years,” he said.

&nbsp;

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As business and leisure travel has resumed, the worst of the pandemic has passed, countries are once again accessible, and airlines anticipate strong revenue. So why is air fare still so high?

As business and leisure travel has resumed, the worst of the pandemic has passed, countries are once again accessible, and airlines anticipate strong revenue. So why is air fare still so high? There aren't enough planes, to start with, according to a Bloomberg report. Due to the pandemic's low travel demand, airlines shut down a significant portion of their fleets. The biggest jets have to be prepared for service after being parked away for 100 working hours, so they can't bring them back quickly enough at the moment. Another factor is that after being denied the chance to travel, in some cases for up to three years, people are willing to pay more for tickets, the Bloomberg report said. More than 25,000 adults who planned to travel in the next 12 to 24 months participated in a Booking.com study, and many said they wished to be "more indulgent" with their travel plans in order to make up for missed opportunities. “Even if some trips might be a bit more expensive than they were previously, many people still see value in spending on travel,” said Marcos Guerrero, senior director of flights at the online travel company, who spoke to Bloomberg. Staff Shortage Airlines suffered losses of almost $200 billion due to Covid, which resulted in the loss of tens of millions of aviation jobs. The travel industry is struggling to re-hire enough people, now that a recovery is well underway. ALSO READ | Facebook-owner Meta's shares jump after earnings, lifting US stocks Delays at airport check-in counters, immigration counters, and baggage carousels have gotten worse as a result of the shortages. They've also made airlines work harder to recruit and keep personnel, which has required paying higher wages. As a result, airlines charge more because they need to cover the extra expenses. Rising oil prices Although the cost of oil has decreased over the previous year, it is still more expensive than it was in January 2019, which is problematic for airlines because it is their single-highest expense. Numerous carriers, especially low-cost ones, don't hedge their fuel costs, making them susceptible to price increases brought on by situations like Russia's invasion of Ukraine, the Bloomberg report said. A little over two per cent of the carbon emissions in the world come from airlines, but they lag well behind all other industries in their commitment to a greener future. That's in part because the sole practical option available right now, sustainable aviation fuel, costs up to five times as much as traditional jet fuel. Aircraft shortage At the height of the pandemic, up to 16,000 aircraft—or almost two-thirds of the commercial fleet worldwide—were grounded. It takes a lot of work to get them back in the air, and every component must be carefully inspected for safety. Many were maintained in the US and Australia's deserts, where they are less prone to deterioration, but they can still experience problems including harmed interiors and engines. ALSO READ | China broadening counter-espionage law spooks foreign businesses Obtaining new engines is another hassle. Due to a lack of parts and the difficulty in producing new turbines, airlines including Spirit Airlines Inc. and India's IndiGo have been forced to idle new aircraft. Some newer technology also requires more frequent maintenance because components made of composites, coatings, and peculiar metal alloys wear out more quickly. “Capacity is a challenge,” Ryanair’s O’Leary said at a Bloomberg conference this month. “Over the medium term, the inability of Airbus and Boeing to deliver any meaningful increase in production means capacity is going to continue to be challenging for the next two, three, five years,” he said. WATCH WION LIVE HERE:

What's driving up air fares despite rising demand? Experts have the answer

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil&nbsp;prices jumped more than 2 per cent&nbsp;on Friday, heading for weekly gains.

Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US&nbsp;West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07.&nbsp;Both contracts were on course for weekly gains above 8 per cent. 
 
The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine.

<a href="https://www.wionews.com/india-news/us-no-sanctions-on-india-for-russian-energy-imports-560101">Also read |&nbsp;US: No sanctions on India for Russian energy imports</a>

Deputy PM Novak said on Friday that Russia plans to reduce its crude&nbsp;oil&nbsp;production&nbsp;in March by 500,000 barrels per day (bpd), or about 5 per cent&nbsp;of the output. 
 
“As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies.

"The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said.&nbsp;The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added.

The EU also banned purchases of Russian&nbsp;oil&nbsp;products and set price caps from Feb. 5. 
 
<a href="https://www.wionews.com/business-economy/demand-for-oil-storage-tanks-in-singapore-is-rising-heres-the-reason-554720">Also read |&nbsp;Demand for oil storage tanks in Singapore is rising. Here's the reason</a>

The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China.

Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl.

China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent&nbsp;set by the government last year.

The latest U.S.&nbsp;oil&nbsp;inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021.

This was followed by a rise in weekly US&nbsp;jobless claims.

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Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products.

Russia’s Deputy Prime Minister Alexander Novak on Friday announced that Moscow plans to cut oil output by 500,000 barrels per day in March in response to price caps imposed by the West on Moscow’s crude and oil products. The announcement triggered a quick market response and oil prices jumped more than 2 per cent on Friday, heading for weekly gains. Brent crude futures rose $2.17, or 2.57 per cent, to $86.67 a barrel by 0900 GMT. US West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57 per cent, at $80.07. Both contracts were on course for weekly gains above 8 per cent. The Group of Seven major democracies, the European Union and Australia have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine. Also read | US: No sanctions on India for Russian energy imports Deputy PM Novak said on Friday that Russia plans to reduce its crude oil production in March by 500,000 barrels per day (bpd), or about 5 per cent of the output. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling and hence will voluntarily cut production by 500,000 barrels a day,” Novak said in remarks carried by Russian news agencies. "The Russian economy is fraying in the face of Western sanctions," PVM analyst Stephen Brennock said. The measures will crimp the Kremlin’s fossil fuel earnings and exacerbate its fiscal woes by the end of the year, he added. The EU also banned purchases of Russian oil products and set price caps from Feb. 5. Also read | Demand for oil storage tanks in Singapore is rising. Here's the reason The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China. Goldman Sachs lowered its Brent 2023 price forecast to $92 a barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl. China's consumer price index (CPI) in January increased from December, with inflation approaching the target of about 3 per cent set by the government last year. The latest U.S. oil inventory data this week also raised fears of a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021. This was followed by a rise in weekly US jobless claims. WATCH WION LIVE HERE

Oil prices jump over 2% as Russia announces plan to slash production by 500,000 barrels a day

Global oil major ExxonMobil Corp on Tuesday informed it reaped a record net profit of $56 billion last year as oil prices touched record highs due to the ongoing Russia-Ukraine war.&nbsp;

Exxon beat its own record of $45.2 billion in profits set way back in 2008 when oil prices hit $142 a barrel. Moreover, the figure was more than double the profit it managed in 2021&nbsp;($23 billion).&nbsp;

"Overall earnings and cash flow were up pretty significantly year on year. So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control," Kathryn Mikells, Exxon CFO was quoted as saying by Reuters.&nbsp;

<a href="https://www.wionews.com/world/energy-giant-exxonmobil-sues-european-union-in-a-bid-to-block-new-windfall-tax-547579">WATCH |&nbsp;WION Climate Trcaker: ExxonMobil sowed doubt about climate change?</a>

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After Exxon released its earning report, the White House responded and said it was 'outrageous' that a western oil company recorded such profits while ordinary Americans suffered.&nbsp;

"It’s outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amid Putin’s invasion," said Abdullah Hassan, White House assistant press secretary.

Much of the criticism for oil companies such as Exxon stems from the fact that they use the profits to repurchase the shares, distribute dividends, instead of increasing the production capacity which could bring down the prices.&nbsp;

"The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability," added&nbsp;Hassan.&nbsp;

With Exxon managing record profits, the debate regarding levying a windfall tax on the company has once again gained pace as critics demand more scrutiny of oil companies.&nbsp;

While the US is yet to take a call, the European Union imposed a windfall tax on the company in Q4 which reduced its earnings by $1.3 billion.&nbsp;

The Texas-based American company is currently suing European Union in a bid to block paying the tax.&nbsp;

<a href="https://www.wionews.com/world/energy-giant-exxonmobil-sues-european-union-in-a-bid-to-block-new-windfall-tax-547579">Read more:&nbsp;Energy giant ExxonMobil sues European Union in a bid to block new windfall tax</a>

Notably, windfall tax is designed to tax the profits a company makes from an unprecedented event. In this case, the&nbsp;Russian invasion of Ukraine has led to an increase in energy prices which has driven up Exxon's profit numbers.&nbsp;&nbsp;

(With inputs from agencies)

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Global oil major ExxonMobil Corp on Tuesday informed it reaped a record net profit of $56 billion last year as oil prices touched record highs due to the ongoing Russia-Ukraine war.

Global oil major ExxonMobil Corp on Tuesday informed it reaped a record net profit of $56 billion last year as oil prices touched record highs due to the ongoing Russia-Ukraine war. Exxon beat its own record of $45.2 billion in profits set way back in 2008 when oil prices hit $142 a barrel. Moreover, the figure was more than double the profit it managed in 2021 ($23 billion). "Overall earnings and cash flow were up pretty significantly year on year. So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control," Kathryn Mikells, Exxon CFO was quoted as saying by Reuters. WATCH | WION Climate Trcaker: ExxonMobil sowed doubt about climate change? × After Exxon released its earning report, the White House responded and said it was 'outrageous' that a western oil company recorded such profits while ordinary Americans suffered. "It’s outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amid Putin’s invasion," said Abdullah Hassan, White House assistant press secretary. Much of the criticism for oil companies such as Exxon stems from the fact that they use the profits to repurchase the shares, distribute dividends, instead of increasing the production capacity which could bring down the prices. "The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability," added Hassan. With Exxon managing record profits, the debate regarding levying a windfall tax on the company has once again gained pace as critics demand more scrutiny of oil companies. While the US is yet to take a call, the European Union imposed a windfall tax on the company in Q4 which reduced its earnings by $1.3 billion. The Texas-based American company is currently suing European Union in a bid to block paying the tax. Read more: Energy giant ExxonMobil sues European Union in a bid to block new windfall tax Notably, windfall tax is designed to tax the profits a company makes from an unprecedented event. In this case, the Russian invasion of Ukraine has led to an increase in energy prices which has driven up Exxon's profit numbers. (With inputs from agencies) WATCH WION LIVE HERE:

After Exxon posts record profits, White House calls it 'outrageous'

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.&nbsp;

Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session.

US&nbsp;crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel.

Watch |&nbsp;Gravitas: OPEC thwarting the West's plans?

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Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year.

Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy.

China's national health authority said on Wednesday that asymptomatic <a href="https://www.wionews.com/topics/coronavirus">COVID-19</a> cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease.

"China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note.

Also read |&nbsp;<a href="https://www.wionews.com/world/moscow-says-will-not-accept-western-price-cap-on-its-crude-claims-russian-oil-will-continue-to-be-in-demand-540030">Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'</a>

The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note.

Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the&nbsp;highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up.

A potential drawdown in US&nbsp;crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front.

However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday.

"There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier.

Also read |&nbsp;<a href="https://www.wionews.com/world/oil-price-cap-will-not-affect-russian-military-operation-in-ukraine-540193">Oil price cap 'will not affect' Russian military operation in Ukraine</a>

Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets.

Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession.&nbsp;Those fears were sparked by strong economic data or hawkish signals from other policymakers.

Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year.

Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices.

"Energy traders are not confidently buying dips, but they will if the current selloff sends (US&nbsp;crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US&nbsp;Strategic Petroleum Reserve.

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Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session. Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. US crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel. Watch | Gravitas: OPEC thwarting the West's plans? Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year. Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy. China's national health authority said on Wednesday that asymptomatic COVID-19 cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. Also read | Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand' The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note. Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up. A potential drawdown in US crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front. However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday. "There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier. Also read | Oil price cap 'will not affect' Russian military operation in Ukraine Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets. Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession. Those fears were sparked by strong economic data or hawkish signals from other policymakers. Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year. Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices. "Energy traders are not confidently buying dips, but they will if the current selloff sends (US crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US Strategic Petroleum Reserve. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil steadies after fall as China demand revival hopes offset Russia price cap uncertainty

Oil&nbsp;prices&nbsp;dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US&nbsp;dollar strength weighed on&nbsp;prices.

Brent crude futures for January had slipped 74 cents, or 0.8 per cent, to $86.88 a barrel by 0715 GMT.

US&nbsp;West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9 per cent, ahead of the contract's expiry later on Monday. The more active January contract last fell 59 cents or 0.7 per cent&nbsp;to $79.52 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 per cent&nbsp;and WTI 10 per cent&nbsp;lower.

<a href="http://13.235.153.162/world/global-economy-live-ftx-owes-nearly-31-billion-to-top-50-creditors-535920">Also read |&nbsp;Global Economy LIVE | India's growth to slow down in 2023: Goldman Sachs</a>

"Apart from the weakened demand outlook due to China's Covid&nbsp;curbs, a rebound in the U.S. dollar today is also a bearish factor for&nbsp;oil&nbsp;prices," said Tina Teng, a CMC Markets analyst.

"Risk sentiment becomes fragile as all the recent major countries' economic data point to a recessionary scenario, especially in the UK&nbsp;and euro zone," she said, adding that hawkish comments from the US&nbsp;Federal Reserve last week also sparked concerns over the U.S. economic outlook.

New Covid&nbsp;case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities. Schools across some districts in the capital Beijing buckled down for online classes on Monday after officials asked residents to stay home, while the southern city of Guangzhou ordered a five-day lockdown for its most populous district.

The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into a contango, reflecting dwindling supply concerns.

Meanwhile, tight crude supplies in Europe have eased as refiners have piled up stocks ahead of the Dec. 5 European Union embargo on Russian crude, putting pressure on physical crude markets across Europe, Africa and the United States.

The EU's energy policy chief told Reuters the EU expected to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude on Dec. 5.

<a href="http://13.235.153.162/business-economy/britain-is-no-longer-europes-biggest-stock-market-paris-takes-the-crown-534386">Also read |&nbsp;Britain is no longer Europe's biggest stock market; Paris takes the crown</a>

RBC Capital analyst Mike Tran said the weak December WTI contract expiration indicated paper market selling rather than true physical market softness.

"Tight global inventories do not support the traditional surplus of barrels rationale for contango," he said in a note.

While the North Sea and West African spot market indicators are far from strong, they are also not suggesting signs of distress, he added.

Diesel markets remained tight, with Europe and the United States competing for barrels. While China nearly doubled its diesel exports in October from a year earlier to 1.06 million tonnes, the volume was well below September's 1.73 million tonnes.

Demand in China, the world's top crude importer, remains bogged down by Covid restrictions while expectations of further interest rate rises elsewhere have elevated the greenback, making dollar-denominated commodities more expensive for investors.

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Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices.

Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices. Brent crude futures for January had slipped 74 cents, or 0.8 per cent, to $86.88 a barrel by 0715 GMT. US West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9 per cent, ahead of the contract's expiry later on Monday. The more active January contract last fell 59 cents or 0.7 per cent to $79.52 a barrel. Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 per cent and WTI 10 per cent lower. Also read | Global Economy LIVE | India's growth to slow down in 2023: Goldman Sachs "Apart from the weakened demand outlook due to China's Covid curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices," said Tina Teng, a CMC Markets analyst. "Risk sentiment becomes fragile as all the recent major countries' economic data point to a recessionary scenario, especially in the UK and euro zone," she said, adding that hawkish comments from the US Federal Reserve last week also sparked concerns over the U.S. economic outlook. New Covid case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities. Schools across some districts in the capital Beijing buckled down for online classes on Monday after officials asked residents to stay home, while the southern city of Guangzhou ordered a five-day lockdown for its most populous district. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into a contango, reflecting dwindling supply concerns. Meanwhile, tight crude supplies in Europe have eased as refiners have piled up stocks ahead of the Dec. 5 European Union embargo on Russian crude, putting pressure on physical crude markets across Europe, Africa and the United States. The EU's energy policy chief told Reuters the EU expected to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude on Dec. 5. Also read | Britain is no longer Europe's biggest stock market; Paris takes the crown RBC Capital analyst Mike Tran said the weak December WTI contract expiration indicated paper market selling rather than true physical market softness. "Tight global inventories do not support the traditional surplus of barrels rationale for contango," he said in a note. While the North Sea and West African spot market indicators are far from strong, they are also not suggesting signs of distress, he added. Diesel markets remained tight, with Europe and the United States competing for barrels. While China nearly doubled its diesel exports in October from a year earlier to 1.06 million tonnes, the volume was well below September's 1.73 million tonnes. Demand in China, the world's top crude importer, remains bogged down by Covid restrictions while expectations of further interest rate rises elsewhere have elevated the greenback, making dollar-denominated commodities more expensive for investors. WATCH WION LIVE HERE

Oil prices ease to trade near two-month lows on China demand fears, dollar strength

Oil&nbsp;prices plunged about five per cent&nbsp;to an eight-month low on Friday as the US&nbsp;dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for&nbsp;oil.

Brent futures fell $4.31, or 4.8 per cent, to settle at $86.15 a barrel, down about six&nbsp;per cent for the week. U.S. West Texas Intermediate (WTI) crude fell $4.75, or 5.7 per cent, to settle at $78.74, down about seven&nbsp;per cent&nbsp;for the week.

It was the fourth straight week of declines for both benchmarks, the first time this has happened since December. Both were in technically oversold territory, with WTI on track for its lowest settlement since January&nbsp;10 and Brent for its lowest since January&nbsp;14.

US&nbsp;gasoline and diesel futures were also down more than five&nbsp;per cent.

The US&nbsp;Federal Reserve raised interest rates by a hefty 75 basis points on Wednesday. Central banks around the world followed suit with their own hikes, raising the risk of economic slowdowns.

"Oil&nbsp;tanks as global growth concerns hit panic mode given a chorus of central bank commitments to fight inflation. It seems central banks are poised to remain aggressive with rate hikes and that will weaken both economic activity and the short-term crude demand outlook," aid Edward Moya, senior market analyst at data and analytics firm OANDA.

The US&nbsp;dollar was on track for its highest close against a basket of other currencies since May 2002. A strong dollar reduces demand for&nbsp;oil&nbsp;by making the fuel more expensive for buyers using other currencies.

"We had the dollar exploding higher and pushing down dollar-denominated commodities like&nbsp;oil&nbsp;and growing fears over the looming global recession that is coming as the central banks raise interest rates," said John Kilduff, partner at Again Capital LLC in New York.

The euro zone's downturn in business activity deepened in September, a survey showed, suggesting a recession looms as consumers rein in spending and as governments urge energy conservation following Russia's moves to cut off European supply.

Wall Street's main indexes slid more than two&nbsp;per cent&nbsp;on Friday as investors feared the US Federal Reserve's hawkish policy actions to quell inflation could trigger a recession and dent corporate earnings. The dollar &lt;.DXY&gt; index reached its highest in over two decades, pressuring&nbsp;oil&nbsp;prices.

Russia launched referendums aimed at annexing four occupied regions of Ukraine, raising stakes of the war in what Kyiv called a sham.

On the supply side, efforts to revive the 2015 Iran nuclear deal have stalled as Tehran insists on closure of the UN&nbsp;nuclear watchdog's investigations, a senior US&nbsp;State Department official said, easing expectations of a resurgence of Iranian crude&nbsp;oil&nbsp;exports.

&nbsp;

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Oil prices plunged about five per cent to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil.

Oil prices plunged about five per cent to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil. Brent futures fell $4.31, or 4.8 per cent, to settle at $86.15 a barrel, down about six per cent for the week. U.S. West Texas Intermediate (WTI) crude fell $4.75, or 5.7 per cent, to settle at $78.74, down about seven per cent for the week. It was the fourth straight week of declines for both benchmarks, the first time this has happened since December. Both were in technically oversold territory, with WTI on track for its lowest settlement since January 10 and Brent for its lowest since January 14. US gasoline and diesel futures were also down more than five per cent. The US Federal Reserve raised interest rates by a hefty 75 basis points on Wednesday. Central banks around the world followed suit with their own hikes, raising the risk of economic slowdowns. "Oil tanks as global growth concerns hit panic mode given a chorus of central bank commitments to fight inflation. It seems central banks are poised to remain aggressive with rate hikes and that will weaken both economic activity and the short-term crude demand outlook," aid Edward Moya, senior market analyst at data and analytics firm OANDA. The US dollar was on track for its highest close against a basket of other currencies since May 2002. A strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "We had the dollar exploding higher and pushing down dollar-denominated commodities like oil and growing fears over the looming global recession that is coming as the central banks raise interest rates," said John Kilduff, partner at Again Capital LLC in New York. The euro zone's downturn in business activity deepened in September, a survey showed, suggesting a recession looms as consumers rein in spending and as governments urge energy conservation following Russia's moves to cut off European supply. Wall Street's main indexes slid more than two per cent on Friday as investors feared the US Federal Reserve's hawkish policy actions to quell inflation could trigger a recession and dent corporate earnings. The dollar <.DXY> index reached its highest in over two decades, pressuring oil prices. Russia launched referendums aimed at annexing four occupied regions of Ukraine, raising stakes of the war in what Kyiv called a sham. On the supply side, efforts to revive the 2015 Iran nuclear deal have stalled as Tehran insists on closure of the UN nuclear watchdog's investigations, a senior US State Department official said, easing expectations of a resurgence of Iranian crude oil exports.

Oil plunges to eight-month low on strong dollar, fear of recession-induced dip in demand

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production. Brent Crude Futures rose 1.5% to $94.45 a barrel.

Oil prices climb more than $1 per barrel ahead of OPEC+ meeting today

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.&nbsp;

According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-admits-accidental-killing-of-al-jazeera-journalist-shireen-abu-akleh-513183" hreflang="en">Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh</a>

"OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. &nbsp;

In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/liz-truss-trumps-rishi-sunak-to-become-next-uk-pm-513117" hreflang="en">Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race</a>

The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed.&nbsp;

(With inputs from agencies)

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The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure. According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation. Also read | Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh "OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move. Also read | Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed. (With inputs from agencies) WATCH WION LIVE HERE -

OPEC to cut production by 100,000 barrels per day after oil price slump

Saudi Arabia, the world's top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins.

Saudi Arabia raises oil prices for Asia

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

Oil sinks about 4% after weak factory data sparks demand concerns

British oil giant&nbsp;BP&nbsp;rebounded to second-quarter profit on soaring energy prices, it said Tuesday, after a big loss linked to its Russia exit following Moscow’s invasion of Ukraine.

Net profit hit $9.3 billion in the three months to June — a threefold increase from the same period last year, the company said in a results statement.

And it contrasted sharply with a $20.4-billion loss after tax in the first quarter, when it took a vast writedown after its decision to leave Russia.

Also read |&nbsp;<a href="https://www.wionews.com/trending/beer-for-sunflower-oil-german-bar-comes-up-with-unique-solution-for-fuel-crisis-498268">Beer for sunflower oil: German bar comes up with unique solution for fuel crisis</a>

BP&nbsp;is the latest energy major to post bumper second-quarter earnings as oil and gas prices have surged in the wake of key producer Russia's invasion of Ukraine.

Prices also spiked after countries lifted Covid pandemic lockdowns, spurring global energy demand.

British rival Shell revealed last week a five-fold surge in net profit to $18 billion while France's TotalEnergies raked in nearly $6 billion.

US majors ExxonMobil and Chevron last week logged record profits for the same period.

Turning to the third-quarter outlook,&nbsp;BP&nbsp;forecast Tuesday that oil prices will “remain elevated ... due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five-year average”.

It warned gas prices will also remain “elevated and volatile” as Russia also squeezes European supplies in retaliation for Western sanctions over the assault on Ukraine.

“The gas outlook was heavily dependent on Russian pipeline flows or other supply disruptions,” BP&nbsp;added.

The group’s share price jumped about four percent in London trade, as investors welcomed news of a dividend hike and a $3.5-billion stock buyback.

Revenues catapulted 86 per cent to almost $68 billion from a year earlier.

Watch |&nbsp;WION Fineprint: Oil &amp; gas price surge amid Ukraine war

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Windfall tax pleas&nbsp;

At the same time,&nbsp;BP&nbsp;posted a net loss of $11.1 billion for the first half of 2022.

That was sparked by a colossal first-quarter charge of $24.4 billion, linked to a decision to exit its 19.75 percent stake in Russian energy group Rosneft as well as its other activities in the country.

That wiped out the overall benefit of high energy prices in the first half.

Gas prices, which skyrocketed in March after Russia launched its invasion of neighbouring Ukraine, surged last week after Moscow curbed crucial deliveries to Europe.

The market remains at its highest level since March after state-run Gazprom suspended gas deliveries to Latvia on Saturday.

Back in Britain, the government in May proposed a temporary windfall tax on&nbsp;BP&nbsp;and its UK rivals including Shell to help ease a cost-of-living crisis.

The proceeds will help to fund a multi-billion-pound support package for consumers hit by surging domestic electricity and gas bills.

UK annual inflation hit a new 40-year high of 9.4 percent in June.

<a href="https://www.wionews.com/world/uk-inflation-hits-91-as-prices-continue-to-rise-at-their-fastest-rate-for-40-years-490633">Also read |&nbsp;UK inflation hits 9.1% as prices continue to rise at their fastest rate for 40 years</a>

Rocketing Chevron and ExxonMobil earnings also prompted calls for a windfall profits tax on the sector in the United States, which faces the highest inflation in four decades as well.

A similar plea was made by left-wing politicians in France after TotalEnergies published its second-quarter earnings, but President Emmanuel Macron’s government has opposed such a move.

Britain-based campaigners slammed&nbsp;BP&nbsp;on Tuesday over its latest results.

“While households are being plunged into poverty with knock-on-impacts&nbsp; for the whole economy, fossil fuel companies are laughing all the way to the bank,” said Doug Parr, chief scientist at green campaign group Greenpeace UK.

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British oil giant BP rebounded to second-quarter profit on soaring energy prices, it said Tuesday, after a big loss linked to its Russia exit following Moscow’s invasion of Ukraine.

British oil giant BP rebounded to second-quarter profit on soaring energy prices, it said Tuesday, after a big loss linked to its Russia exit following Moscow’s invasion of Ukraine. Net profit hit $9.3 billion in the three months to June — a threefold increase from the same period last year, the company said in a results statement. And it contrasted sharply with a $20.4-billion loss after tax in the first quarter, when it took a vast writedown after its decision to leave Russia. Also read | Beer for sunflower oil: German bar comes up with unique solution for fuel crisis BP is the latest energy major to post bumper second-quarter earnings as oil and gas prices have surged in the wake of key producer Russia's invasion of Ukraine. Prices also spiked after countries lifted Covid pandemic lockdowns, spurring global energy demand. British rival Shell revealed last week a five-fold surge in net profit to $18 billion while France's TotalEnergies raked in nearly $6 billion. US majors ExxonMobil and Chevron last week logged record profits for the same period. Turning to the third-quarter outlook, BP forecast Tuesday that oil prices will “remain elevated ... due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five-year average”. It warned gas prices will also remain “elevated and volatile” as Russia also squeezes European supplies in retaliation for Western sanctions over the assault on Ukraine. “The gas outlook was heavily dependent on Russian pipeline flows or other supply disruptions,” BP added. The group’s share price jumped about four percent in London trade, as investors welcomed news of a dividend hike and a $3.5-billion stock buyback. Revenues catapulted 86 per cent to almost $68 billion from a year earlier. Watch | WION Fineprint: Oil & gas price surge amid Ukraine war Windfall tax pleas At the same time, BP posted a net loss of $11.1 billion for the first half of 2022. That was sparked by a colossal first-quarter charge of $24.4 billion, linked to a decision to exit its 19.75 percent stake in Russian energy group Rosneft as well as its other activities in the country. That wiped out the overall benefit of high energy prices in the first half. Gas prices, which skyrocketed in March after Russia launched its invasion of neighbouring Ukraine, surged last week after Moscow curbed crucial deliveries to Europe. The market remains at its highest level since March after state-run Gazprom suspended gas deliveries to Latvia on Saturday. Back in Britain, the government in May proposed a temporary windfall tax on BP and its UK rivals including Shell to help ease a cost-of-living crisis. The proceeds will help to fund a multi-billion-pound support package for consumers hit by surging domestic electricity and gas bills. UK annual inflation hit a new 40-year high of 9.4 percent in June. Also read | UK inflation hits 9.1% as prices continue to rise at their fastest rate for 40 years Rocketing Chevron and ExxonMobil earnings also prompted calls for a windfall profits tax on the sector in the United States, which faces the highest inflation in four decades as well. A similar plea was made by left-wing politicians in France after TotalEnergies published its second-quarter earnings, but President Emmanuel Macron’s government has opposed such a move. Britain-based campaigners slammed BP on Tuesday over its latest results. “While households are being plunged into poverty with knock-on-impacts for the whole economy, fossil fuel companies are laughing all the way to the bank,” said Doug Parr, chief scientist at green campaign group Greenpeace UK. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

BP profit triples to $9.3 bn on soaring energy prices

Oil prices ran out of steam after gaining more than $5 a barrel in the previous session with concerns that surging crude will feed into a demand-killing recession.

After gaining more than $5 a barrel, oil prices ease

U.S. President Joe Biden failed to secure commitments to a regional security axis in Middle East that would include Israel or an immediate oil output rise. Biden has returned to Washington from his four-day visit to West Asia.

Biden West Asia Tour: US President Joe Biden leaves West Asia empty-handed

The United States President Joe Biden has returned to Washington from his four-day visit to West Asia. Biden addressed a lot of issues ranging from energy prices to human rights and even normalisation but the gains were small and hardly noticeable.

Biden West Asia Tour: US President Joe Biden fails to secure any oil commitments from Saudi

JPMorgan analysts warned that the global oil prices could reach to "stratospheric" $380 a barrel in response to the Western sanctions. The JPMorgan report has criticized the G7 sanctions strategy against Putin.

WION Fineprint | JPMorgan warns against Russian oil cuts

South Korean won fell below the psychological threshold of 1,300 per US dollar for the first time in 13 years amid global economic recession worries.

South Korean won falls the most for first time in 13 years

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