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
Oil prices extended last week’s losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 48 cents, or 0.6%, to $81.60 a barrel at 0129 GMT, while U.S. West Texas Intermediate (WTI) dropped 50 cents, or 0.6%, to $77.51. … Read more
The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. About 97% of the oil produced today was discovered in the 20th century, she said. The world has replaced less than 50% of … Read more
Despite repeated OPEC plus output cuts and Israel-Hamas conflict, oil prices shed more than 13 percent in 2023 against its previous year’s average price. However, prices exhibited a varied move throughout the year driven by multiple factors that affected its fundamentals. US NYMEX oil started at nearly $80 a barrel in 2023 but pushed down … Read more
Mumbai: The chief economic advisor V Anantha Nageswaran does not see the likely jump in oil prices due to global factors, including global slowdown and geo-political conflicts, impacting the domestic economy in a major manner next fiscal. Addressing the SBI-organised economic conclave here on Thursday, he based his optimism on the assumption that cooling off … Read more
A Petroleos de Venezuela SA oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela, on Friday, Nov. 17, 2023. Gaby Oraa | Bloomberg | Getty Images The International Energy Agency on Thursday said evidence of softening global oil demand is mounting and a slowdown is expected to continue into 2024, reaffirming a starkly different … Read more
The world’s oil cartel agreed to slash production of crude by nearly 2 million barrels per day starting in January, a move likely to ratchet up geopolitical tensions with the United States and spike energy costs. At its Thursday meeting, the 13-member Organization of the Petroleum Exporting Countries and its 10 Russia-led allies, which together … Read more
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