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- The rise came after winter storms slammed U.S. oil production and new data showed the country’s economy has remained resilient, suggesting robust demand for fuel ahead.
www.wsj.com/finance/commodities-futures/oil-prices-increase-charts-red-sea-crisis-297fdd01
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Sep 28, 2023 · U.S. crude oil futures extended their three-month-long rally, bringing them to their highest level of the year. Futures for November delivery settled at $93.68 a barrel, up 3.6%...
- OPEC Production Cuts
- Demand Trends Strong
- U.S. Rig Counts Falling
- Looking Ahead For Oil
Perhaps the single biggest driver of rising oil prices has been supply cuts by Russia and the Organization of Petroleum Exporting Countries (OPEC). On September 5, Saudi Arabia announced it will be extending its 1 million barrel per day production cuts through at least the end of the year. Russia has announced it will be cutting production by 300,0...
Historically, U.S. oil demand and economic growth are highly correlated, and the U.S. economy has performed much better than most economists had anticipated so far in 2023. Crude oil prices pulled back from their recent highs after the Federal Open Market Committee (FOMC) took a hawkish tone at its September meeting, emphasizing investors should be...
In the past, U.S. oil companies reacted to rising oil prices and tight supplies by aggressively investing in ramping up oil production. This time, they seem to be taking a much more cautious approach. The number of operating U.S. oil rigs dropped by eight to 507 rigs for the week ending September 22, its lowest level since February 2022. Total U.S....
Looking ahead, U.S. oil refiners expect to have about 1.7 million bpd of refining capacity offline for the week ending September 29, and that offline capacity is expected to expand to 1.9 million bpd for the week ending October 6, according to research company IIR Energy. Given falling rig counts and offline refiners, U.S. drivers may not get much ...
- Wayne Duggan
Sep 14, 2023 · Oil prices climbed on Thursday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising U.S. crude inventories.
Apr 9, 2024 · Oil prices have climbed in recent weeks, spurred by concerns over supplies and geopolitical risks, including wars in Ukraine and the Middle East. Analysts say the momentum could carry prices...
Jul 28, 2023 · Global oil prices have gained more than 16% since late June and are heading for their fifth-straight week of gains, the longest rally since before Russia’s full-scale invasion of Ukraine...
Nov 23, 2021 · Oil futures rise sharply after President Joe Biden taps the Strategic Petroleum Reserve in a move joined by five other countries. Here's what's happening.
Sep 28, 2021 · Coal, carbon and European gas prices have all hit record highs as crude oil pushed above $80 a barrel in the clearest signs yet that the world is heading into an energy crunch likely to weigh on...
