Oil

Oil Prices Rise after US Leaders Reach Tentative Debt Deal

Oil prices rose on Monday after US leaders reached a tentative agreement to raise the nation’s debt ceiling following a month-long stalemate. The deal potentially averts a financial crisis in the world’s largest economy and biggest crude oil consumer. Brent, the benchmark for two thirds of the world’s oil, was …

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Oil Prices Rise as US Closes in on Debt Deal

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9%, higher at $76.95 a barrel. U.S. …

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Goldman Sachs Predicts an Oil Price Rally

Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway. Should major economies, including the U.S., avoid deep recessions, the foundations for a rally across the commodity complex remain intact, Goldman Sachs analysts wrote …

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Signs of Strong U.S. Fuel Demand should Boost Oil Prices

U.S. gasoline and diesel inventories are drawing down and sitting below the five-year average for this time of the year, pointing to resilient fuel demand and supporting both crude oil prices and U.S. refining margins. Although global refining margins have halved since February as Russian oil supply remains elevated despite …

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IEA: China’s Economic Recovery Boosts Global Oil Demand

Amidst an ongoing global shift towards greener forms of energy, the International Energy Agency (IEA) has predicted that global oil demand will rise more than previously anticipated, partly due to China’s economic rebound. World fuel consumption will increase by 2.2 million barrels a day in 2023 — about 200,000 a …

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Oil Prices Rise amid Expectations of a Tightening Market

Oil prices reversed losses and edged higher early on Wednesday as analysts expect an increasingly tighter market balance later this year. As of 7:20 a.m. EDT on Wednesday, ahead of the EIA’s weekly petroleum status report on inventories in the United States, the U.S. benchmark, WTI Crude, was up by …

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