Tag Archives: Business Recorder

US oil may fall into a range of $70.72-$72.04 per barrel, as pointed to by a falling trendline. The contract is riding on a wave e, the fifth wave of a five-wave cycle from the Nov. 7 high of $93.74. This wave is expected to travel to $70.72. The pattern …

US oil may test a resistance at $86.76 per barrel, a break above could open the way towards $87.66-$88.07 range. The roller-coaster move of the price on Monday suggests the development of a wave C, the third wave of a three-wave cycle from $81.20. This wave could either end around …

Kuwait Petroleum Corporation’s (KPC) chief executive said on Sunday the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota. Sheikh Nawaf Saud al-Sabah also said Kuwait has plans to increase crude oil production whenever the market needs it, but currently …

Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude was down 80 cents, or 0.9%, to $93.20 a barrel at 1254 GMT, while WTI crude …

The forecast for global crude oil demand was raised by the International Energy Agency (IEA) and lowered by OPEC in reports last week, but the apparent differing views actually masked an increasing convergence between the consumer and producer groups. The market take on last week’s separate reports was largely that …

Hungary said Saturday that Russia has started delivering additional gas to the EU member following a July visit to Moscow by its foreign minister. Hungary’s Foreign Ministry said trade negotiations with Moscow “led to an agreement”, resulting in Russia’s Gazprom starting to deliver “above the already contracted quantities” on Friday. …

Oil prices fell over $2 a barrel on Wednesday before recouping some losses, under pressure from global central bank efforts to limit inflation and ahead of an expected buildup in U.S. crude inventories as fuel demand weakens. Brent crude prices for September were down $1.81, or 1.69%, at $105.54 a …

Oil prices rose about 2% in volatile trade on Friday but were still heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies. Central banks around the world are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle …

The United States said Monday that the G7 is closing in on a plan to force a lower price for Russian oil in what would be a major escalation of the campaign to punish the Kremlin for its invasion of Ukraine. “There is also consensus emerging… that the price cap …

ExxonMobil CEO Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets. Speaking at a panel at the Bloomberg Qatar Economic Forum in Doha, Woods added that the company had asked the …