Goldman Sachs Warns Of An Imminent Oil Supply Shortage
Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply.Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, that the industry is not spending […]
Oil prices rise as US recession fears over rate hikes ease, dollar weakens
Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world’s largest oil user may face a recession because of further interest rate hikes. Brent crude futures gained 20 cents, or 0.2%, to $85.66 a barrel […]
Oil prices firm for a second session on upbeat US economic data
By Shadia Nasralla LONDON (Reuters) -Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.15, or 1.3%, to $88.62 a barrel by […]
IEA Sees Global Oil Demand Hitting A Record High In 2023
China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December. […]
Oil sinks over 8% in 2 days to below $79, biggest one-day loss in 3 months
Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising Covid cases. Brent futures fell $3.70 to $78.40 a barrel, a 2.9 per cent loss. US crude dropped 3.5 […]
Oil falls but poised for biggest weekly gain since early Oct on China hopes
Oil fell on Friday as the market assessed the aftermath of interest rates hikes at central banks, but was poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and hopes for a recovery of demand in China. Brent crude futures fell $1.80, or 2.2%, […]