Oil demand in China is expected to pick up as the world’s largest crude importer pivots away from its strict Covid Zero policy, although analysts caution that it may take time for gains to kick in.
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
With just days remaining until the European Union imposes a price cap on Russian oil, much uncertainty remains.
Oil dropped to the lowest level since December as unrest in China hurt risk appetite and the outlook for demand, adding to stresses in an already-fragile global crude market.
The UK is facing opposition from several European nations for its support of Fairfield Energy's plan to leave the huge legs of the Dunlin oilfield in the North Sea.
Oil fell after Federal Reserve Chair Jerome Powell said interest rates will go higher than earlier projected, overshadowing tightening supply.
Fresh questions have risen on whether Shell will be allowed to leave the huge legs of the Brent field in the North Sea.
Oil fell as an industry report showed a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.
In a deep-recession scenario, the price of Brent crude oil may sink into the low $60s/bbl by mid-2023, according to RBC Capital Markets, outlining a trio of outlooks while noting that forecasting is challenging at present.
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.