Oil Prices

Crude Oil Prices Rebound After Aggressive Selloffs
29 Oct

Crude Oil Prices Rebound After Aggressive Selloffs

wontumionlineBusiness
The oil market rebounded on Tuesday following a strong bearish trend that plunged crude prices lower on Monday following Israel’s retaliatory attack on Iran at the weekend. While it is still not clear if and how Iran will retaliate, the market is clearly of the view that supply risks have eased for now, ING said in a note. Brent crude increased $71.32 per barrel. The US benchmark West Texas Intermediate also rose by 0.45% to $67.68 per barrel, compared to $67.38 at the prior session’s close. Over the last month, both benchmarks had increased with concern that any Israeli attack…
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Oil Prices To Stabilise Around $84 Per Barrel In 2023 – Fitch Solutions
28 Aug

Oil Prices To Stabilise Around $84 Per Barrel In 2023 – Fitch Solutions

wontumionlineBusiness, ,
Oil prices are expected to stabilise at around $84 per barrel for the rest of the year. According to Global Economist, Emerging Markets at Fitch Solutions, John Ashbourne, this is influenced by developments in the global economy such as the Russian invasion of Ukraine. Speaking on “Emerging Market Monetary Policy, Understanding the Pivot”, John Ashbourne, said the prices of crude oil will, however, rise slightly in 2024. “Oil prices in dollars per barrel was a huge kick in 2022 with the Russian invasion of Ukraine. Since then, oil prices has gone down a bit, so oil prices will stabilise around…
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Oil Prices To Drop By 24.1% To Sell At $73.1 Per Barrel In 2023 – IMF Report
12 Apr

Oil Prices To Drop By 24.1% To Sell At $73.1 Per Barrel In 2023 – IMF Report

wontumionlineBusiness,
Prices of crude oil on the international markets is expected to fall by 24.1 percent to sell at an average of $73.1 per barrel in 2023, this is according to the IMF’s April 2023 World Economic Outlook Report. The development will be a significant reduction from the $96.4 per barrel sold in 2022. The International Monetary Fund said price of crude oil will however continue to drop in the coming years to an average of $65.4 per barrel in 2026. In its April 2023 World Economic Outlook Report, the Fund explained that “uncertainty around this price outlook is elevated in part due…
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Oil Prices Increase By 8% After OPEC’s Surprise Output Cut
03 Apr

Oil Prices Increase By 8% After OPEC’s Surprise Output Cut

wontumionlineBusiness,
Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. Brent crude futures last jumped 5.07% to $83.95 a barrel on that news, and U.S. West Texas Intermediate crude futures soared 5.17% to $79.59 a barrel. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market. The move comes on the back of Russia’s decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the…
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