Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer.
Oil surged on the possibility that OPEC+ may decide to trim production, and as Europe’s energy crisis worsened after the Group-of-Seven nations endorsed a plan to try to cap the price of Russian crude.
Oil held the biggest gain in more than a month as traders weighed supply concerns, including the possibility of an OPEC+ output cut.
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months.
Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.
Oil is headed for a third weekly drop, the longest run of declines this year, on concerns over weaker US gasoline demand and a global slowdown.
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Oil is poised to end the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an economic slowdown.
Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning a US recession is possible.
Oil extended gains to the highest level in almost three months after Saudi Arabia signalled confidence in the demand outlook by increasing the price of its crude for Asia by more than expected.
Oil steadied after closing at the highest level in almost eight weeks as traders weighed strength in key products markets and data from China that signalled a possible easing of some anti-virus lockdowns.
Oil advanced for a third day, bookending another tumultuous week of trading as investors weigh the prospect of a European Union ban on Russian crude imports and uncertainty over China’s virus resurgence.
If you are the owner of an oil refinery, then crude is trading happily just a little above $110 a barrel — expensive, but not extortionate. If you aren’t an oil baron, I have bad news: it’s as if oil is trading somewhere between $150 and $275 a barrel.
Oil fluctuated as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and the impact of China’s energy-sapping lockdowns.
Oil held gains above $105 a barrel as investors weighed higher demand for refined products against a slew of lockdowns in major cities in China.
Oil is poised to eke out a fifth monthly advance after another tumultuous period of trading that saw prices whipsawed by the fallout of Russia’s war in Ukraine and the resurgence of Covid-19 in China.
Oil pushed lower at the start of the week on concerns that a spreading Covid-19 outbreak in China will weigh on global demand.
Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply.
Oil resumed its decline as China’s virus resurgence worsened, raising concerns about demand from the world’s biggest crude importer.
Oil rebounded in Asian trading as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine, which has entered its second month and rattled markets worldwide.
Oil kept falling after capping the biggest loss in almost three weeks on concern that a virus flare-up in China will weigh on global demand.
Oil’s retreat took a breather after giving up most of the gains following Russia’s invasion of Ukraine, with attention turning to the prospect of reduced demand due to a Covid-19 resurgence in China.
The heat is coming out of the oil market, and fast.