Search results
- 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 higher. The price of a barrel of Brent crude oil, the international benchmark, has risen more than 20 percent since mid-December.
www.nytimes.com/2024/04/09/business/oil-price-rise.htmlWhy Oil Prices Have Been Rising Recently - The New York Times
People also ask
Why are oil prices rising?
Why did oil prices bounce back in August?
Will oil prices retreat after a rapid rise in 2022?
What's going on with Brent crude oil and gas prices?
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...
- 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
Jul 28, 2023 · The price of Brent crude, the global benchmark, ticked down 0.1% to $84 a barrel in Friday, but is still up 3.9% this week. The winning streak is the longest since an eight-week rally ended in ...
Jun 8, 2022 · The benchmark North American oil price, a crude blend known as West Texas Intermediate or WTI, was changing hands for $119 US a barrel on Tuesday — within striking distance of the multi-year...
Aug 31, 2023 · Prices have bounced back from the August lows. WTI crude had settled as low as $78.89 on Aug. 23, a four-week low, while Brent posted a settlement as low as $83.21 on Aug. 23, its lowest in...
Sep 28, 2021 · Brent crude has already gained about 55% for the year to date. Oil prices climbed above $80 (£59) a barrel on Tuesday, hitting their highest level in three years as the pound slumped. Brent...
Nov 23, 2021 · Oil futures rose sharply Tuesday after the Biden administration announced a coordinated, U.S.-led effort by energy consuming countries to release strategic crude reserves. What gives? First off,...
