TAG: opec output cut
Crude oil prices to trade with upside bias over geopolitical tensions; Brent may hit $90-$95/bbl in near-term
Global crude oil prices rose sharply by 5.9 per cent over the past month crossing the $86 per barrel mark for the first time since November 2023 --responding to seasonal tightening in physical markets, supply cut extensions, and a pick-up in geopolitical...
6 months ago
Oil settles flat on the week over Gaza ceasefire possibility, stronger US dollar; Brent sticks to $85/bbl
Crude oil prices declined in the previous session and settled flat on the week over the possibility of a ceasefire in Gaza and a stronger US dollar. US Secretary of State Antony Blinken said that he believed talks in Qatar could reach a Gaza ceasefire ag...
6 months ago
Morgan Stanley sees brent crude prices hitting $90/barrel this summer
Global brokerage house Morgan Stanley sees brent crude oil prices hitting $90 per barrel this summer. The brokerage has revised its Brent oil price projections upward by $10 per barrel to $90 for the third quarter of 2024. This adjustment is attributed t...
6 months ago
Oil prices steady on US crude inventories rise lesser than expected ahead of OPEC meeting; Brent at $86/bbl
Oil prices were broadly stable on Wednesday, March 27, after US crude stockpile rose lesser than expected. Prices were dragged by indications that the Organization of Petroleum Exporting Countries (OPEC) is unlikely to change its output policy at its tec...
6 months ago
Oil prices report second straight weekly gain, hit 6-month high on Middle-East crisis; Brent at $91/bbl
Global crude oil prices reported a second straight weekly gain and hit six-month high levels as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies. This sudden uptick in crude oil prices has reign...
6 months ago
Oil prices ease for second day over Gaza ceasefire talks, Brent dips to $89: Analysts peg near-term range at $85-95/bbl
Oil prices dipped for a second straight day on Tuesday, April 9, dragged by talks for a ceasefire in Gaza, however losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the...
6 months ago
Oil prices drop after high US crude stock offsets impact of Middle-East conflict; Brent at $89/bbl
Oil prices fell on Wednesday, April 10, after US government data showed earlier today that crude oil and fuel inventories rose by much more than expected on weak demand and lower oil exports. US crude stocks climbed by 5.8 million barrels in the week end...
6 months ago
Oil traders stay bullish as Brent hovers at $90: ‘Crude to stay elevated even if Middle-East tensions cool down’
The world’s top commodity traders and analysts are increasingly confident of a bullish oil market into the second half of the year after Brent crude prices pierced $90 per barrel for the first time in months. The elevation in crude prices comes after the...
6 months ago
Morgan Stanley hikes Q3 outlook to $94 on geopolitical tensions as Brent hovers over $90/bbl
Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. "That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and...
6 months ago
Oil settles 1% higher on Middle East crisis yet posts weekly loss on bearish demand outlook; Brent at $90/bbl
Oil prices rose around one per cent in the previous session on geopolitical tensions in the Middle East but posted a weekly loss over a bearish world oil demand growth forecast from the International Energy Agency (IEA) and worries about delayed US inter...
5 months ago
Iran's crude oil output up 20% in 2 years at 3.3% of global supply: What does this mean for the Iran-Israel proxy war?
Iran's crude production has risen by more than 20 per cent over the past two years to 3.4 million barrels per day (bpd), which is 3.3 per cent of the total global oil supply. With the ongoing proxy conflict with Israel, analysts say that if the market we...
5 months ago
Brent may hit $95/bbl in near-term, Q2FY25 target price raised by $5/bbl on geopolitical risk premium: ICICI Bank
Global crude oil prices continued to rise by two per cent over the last month responding an increase in geo-political tensions, even as physical markets turned less tight. Brent crude prices had breached the $90/barrel mark during the period in a respons...
5 months ago
Oil falls 1% on higher US crude output, Israel-Hamas ceasefire talks; Brent dips to $87/bbl
Oil prices extended losses and fell one per cent on Tuesday, April 30, on the back of rising US crude production, as well as discussions of an Israel-Hamas ceasefire. However, Israeli Prime Minister Benjamin Netanyahu today vowed to go ahead with a long-...
5 months ago