Crude oil prices are down 26% from their 52-week highs of $98 per bbl and the downtrend will support OMCs in India in terms of improving their refining margins while reducing the cost for paint and tyre companies. Already riding on significant gains, state-run oil companies are staring at another leg of the rally. Paint … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
Dr Fereidun Fesharaki, Founder & Chairman, FGE, says the long-term oil price will be about $70 a barrel in real terms and this view holds for the next 20 years. Increasing carbon costs are supporting crude prices. But we do not see the prices going below $70, we do not see a $40, $50, $30 … Read more
(NewsNation) — By the end of the decade, the world will have more oil than it knows what to do with, according to a new report. Global oil demand will peak by 2029 and then contract while supply is expected to grow, the International Energy Agency (IEA) said in its new oil market outlook. If … Read more
An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. Brandon Bell | Getty Images News | Getty Images The International Energy Agency said on Wednesday that a U.S.-led surge in global oil production is expected to outstrip demand growth between now and the end of the decade, … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on Feb. 23, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. Crude oil rose for a fourth day to reach a four-week high amid speculation OPEC+ will maintain production cuts … Read more
Oil prices dropped to a near two-month low on receding tensions in the Middle East, a complex interplay of escalating supply levels, demand worries, and challenging economic indicators. The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar … Read more
Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The consumer price index accelerated at a faster-than-expected pace in March, according to data published on Wednesday by the Labor Department’s … Read more
