U.S. crude oil futures on Tuesday fell more than 1%, shedding gains from the previous session as OPEC lowered its demand forecast for the second time in two months. OPEC now expects demand to grow by about 2 million barrels per day in 2024, some 80,000 bpd slower than its previous forecast. The group of … Read more
U.S. crude oil futures rebounded nearly 1% on Monday after posting the worst week since October 2023. The U.S. benchmark has fallen 15.8% so far in the third quarter while the Brent global benchmark has fallen more than 16.6%. “We have lost 400 million barrels of financial demand since early July,” Daan Struyven, oil research … Read more
Crude oil futures were on pace for a deep weekly loss, as the OPEC+ decision to postpone a production hike failed to ease worries that supply would outstrip demand. The Brent global benchmark has fallen 7.2% and is on pace for its worst week since October 2023. The U.S. benchmark is down 5.4% for its … Read more
U.S. crude oil rallied 2% on Thursday to trade above $70 per barrel, as OPEC+ delays plans to boost production after prices tumbled this week. OPEC+ members have delayed a production hike of 180,000 barrels per day by two months, two sources told CNBC. The production increase was originally scheduled for October. “There’s a number … Read more
A view of the pipelines at Zueitina oil terminal, in west of Benghazi, Libya February 3, 2020. Picture taken February 3, 2020. Esam Omran Al-fetori | Reuters U.S. crude oil gained more than 0.5% on Wednesday, rising from a nine-month low amid speculation that OPEC+ could delay a planned production increase slated for October. The … Read more
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. Wall Street started the troublesome trading month of September with sharp declines. The S & P 500 , which closed its strong August on the upswing Friday, was down nearly … Read more
A general drone view shows the Nafoora oil field in Jakharrah, Libya, August 27, 2024. Jawhar Deehoum | Reuters U.S. crude oil futures fell more than 1% on Tuesday, largely returning to where they were at the end of last year, as OPEC+ is poised to increase production in coming weeks and China’s economy remains … Read more
U.S. crude oil futures rose Thursday to trade near $75 per barrel, after a two-day losing streak as traders weigh supply disruptions in Libya against slowing demand in China. Here are Thursday’s energy prices: West Texas Intermediate October contract: $74.92 per barrel, up 40 cents, or 0.54%. Year to date, U.S. crude oil has gained 4.6%. … Read more
U.S. crude oil fell nearly 2% Wednesday to trade around $74 per barrel, as the market continues to shed gains made earlier in the week on the threat of supply disruptions in Libya. “Oil prices remain range-bound, despite the potential of a large disruption in Libyan supplies and elevated tensions in the Middle East,” Amarpreet … Read more
U.S. crude oil futures slipped below $77 per barrel on Tuesday, after surging in the previous session on OPEC member Libya halting production and exports. Libya produces about 1.2 million barrels per day with the overwhelming majority of its crude exported to the global market, with European nations serving as the main buyers. U.S. oil … Read more
