Search results
Mar 14, 2024 · Oil prices rose to a four-month high on Thursday after the west’s energy watchdog forecast demand would exceed market supply, reversing its previous prediction of a surplus. Brent crude, the ...
- Lukanyo Mnyanda
1 day ago · Oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the U.S. presidential election.
Apr 9, 2024 · The price of a barrel of Brent crude oil, the international benchmark, has risen more than 20 percent since mid-December. It has jumped more than 10 percent over the past month alone, to around ...
- 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
As of Thursday, gas prices are most expensive in California—a typically pricy state for gas due in part to state gas taxes and transportation costs—where drivers see an average of $4.87 per ...
Mar 28, 2024 · Oil prices jumped more than $1 a barrel on Thursday, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia's energy infrastructure ...
People also ask
Why did oil prices rise 4 months on Thursday?
Why did oil prices jump more than $1 a barrel?
Why are oil prices rising?
How much has oil risen this year?
Why did crude oil prices pull back from highs?
Why have gasoline prices risen this year?
May 16, 2024 · Market concerns over lackluster US gasoline demand. NEW YORK, May 16 (Reuters) - Crude prices edged up on Thursday after data showed a stabilizing U.S. job market, fueling expectations that the ...
