The Kingdom's previously announced 1MM-b/d production cut was scheduled to begin on July 1, pushing sentiment to the bullish side.
July 09, 2023
Signs of tightening oil supplies helped to push futures prices higher for ICE Brent, NYMEX WTI, and DME Oman crudes but persistent concerns over interest-rate hikes prevented stronger week-on-week gains.
July 02, 2023
After market watchers had been feeling more positive about China's demand recovery in the previous period, data on the country's factory and retail sectors that was released during the week ending June 23 painted a less-rosy picture.
June 25, 2023
Even though China's central bank reduced a short-term interest rate and the US Federal Reserve did not raise its target interest rate (for the first time in over a year) when they met during the week ending June 16, the European Central Bank did increase its interest rate.
June 18, 2023
Despite early-week news of Saudi Arabia's intention to further cut its output, concerns over the global economic recovery dragged futures prices down for ICE Brent, NYMEX WTI, and DME Oman crudes over the week ending June 9.
June 13, 2023
A slow start on Monday due to a US holiday was followed by two days of sharp price drops in oil futures amid concerns about economic troubles.
June 04, 2023
A huge, unexpected drawdown of US crude inventories and mixed messages from OPEC+ leaders pushed prices higher over the week ending May 26 for benchmark crudes ICE Brent, NYMEX WTI, and DME Oman.
May 31, 2023
Day-on-day gains on Monday and Wednesday were large enough to make up for losses on the other three days of the week ending May 19.
May 23, 2023
Despite day-on-day increases on Monday and Tuesday, futures prices for benchmark crudes ICE Brent, NYMEX WTI, and DME Oman posted their fourth consecutive weekly drops though they were still higher than the multi-month lows hit during the previous week on May 3-4.
May 20, 2023
The bears were in charge throughout most of the week ending May 5 as poor economic data from the US and China and more interest-rate increases by the central banks of the US and Europe continued to drag down futures prices for ICE Brent, NYMEX WTI, and DME Oman.
May 19, 2023
