OPEC and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
Oil pared gains before an OPEC+ meeting on supply strategy, after earlier stretching an advance that followed the European Union’s announcement Wednesday of a phased ban on Russian imports.
The International Energy Agency cut its forecast for global oil demand this year after China reimposed lockdowns to contain the spread of a resurgent coronavirus.
OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
OPEC and its allies once again stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.
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 extended gains in Asia after the biggest daily surge in 16 months pushed prices back above $100 a barrel as the Kremlin cast doubt on the progress of peace talks with Ukraine.
Oil rose after a three-day slide as investors weighed the fallout from Russia’s invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.
Oil is heading for the biggest weekly decline since November, taking a breather after a period of wild trading and a surge in prices that followed Russia’s invasion of Ukraine.
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
Oil soared to the highest price level since 2008 as buyers continued to shun crude from Russia following its invasion of Ukraine, while OPEC+ is doing its best to ignore the war started by one of its key members.
Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency (IEA) warned that global energy security is under threat following Russia’s invasion of Ukraine.
Oil soared at the open as energy and commodity markets were thrown into a state of disarray after Western nations unleashed more sanctions to isolate Russia following its invasion of Ukraine.
Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group.
Oil eased from a seven-year high as traders waited to see whether OPEC+ can deliver on its latest promised increase in supply.
OPEC and its allies agreed to revive more halted oil production, yet the group’s increasingly obvious struggles to fulfill its supply pledges left markets fearful of a potential shortfall.
Oil climbed ahead of an OPEC+ meeting that may endorse another modest lift in output, with traders speculating that the actual increase delivered by members could again fall short of the headline figure.
Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and US driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies -- potentially setting up crude prices for a sizzling summer.
Brent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the omicron virus variant eased.
A hedge fund run by commodities trader Doug King posted a record return last year, thanks to soaring energy, food, power and freight prices.
Oil was steady in Asian trading after OPEC and its allies agreed to a scheduled increase in production for next month, and an industry report pointed to another decline in US crude inventories.
Oil fluctuated before an OPEC+ meeting that’s expected to see the alliance agree to another output boost next month.
OPEC and its allies are expected to revive more oil supplies when they meet on Tuesday, underscoring the group’s optimism in the outlook for global demand.