Oil prices

But while Saudi Arabia lifted the August price for its flagship crude grade to Asia, Arab Light, by $2.80 per barrel, the price of Brent and WTI crude fell ...

But while Saudi Arabia lifted the August price for its flagship crude grade to Asia, Arab Light, by $2.80 per barrel, the price of Brent and WTI crude fell sharply. Also on Tuesday , a Citi report suggested that oil prices could fall to as low as $65 per barrel by the end of this year and as low as $45 by the end of next year if the world enters a recession and demand tanks. The price of WTI crude oil slipped $9.01 per barrel by 12:37 pm ET below $100 per barrel to $99.42 (-8.31%), while Brent crude sank $10.41 per barrel to $103.10 (-9.17%). Saudi Arabia sets the pricing trend for most of the Middle Eastern oil exporters and is typically seen as a bellwether for the state of the oil market. The plummeting price action comes as Saudi Arabia announced a price hike for all its crude grades in August to its prized market, Asia. Saudi Arabia’s price hike comes mostly as expected by the market on strong refining margins and expectations of strong demand. Crude oil prices fell by nearly 7% on Tuesday as fears of a recession mount—a scenario that could put a dent in oil demand.

Oil steadied near $100 a barrel as banks including Goldman Sachs Group Inc. said a plunge driven by fears a recession will hurt demand was overdone, ...

The plunge suggests that gasoline prices could be poised for a sharp descent, though there could be a multiweek lag.

For the first time in nearly two months, crude oil prices have fallen below $100 a barrel, reflecting investors' growing concerns about a US recession that ...

There could be more price drops at the pump in the near term -- a decline of another 10 cents a gallon in the next week or so wouldn't be a surprise, Kloza said. So far, drivers have seen relatively little relief at the gas pump from the recent fall in oil and gasoline futures. But the supply of oil is only part of the equation traders consider when bidding on oil futures. When people get laid off, there are fewer people driving to work or to the store or other destinations. That has raised expectations that the central bank's aggressive moves to cool the economy could cause job losses and a recession There have been mounting fears of a recession in recent weeks, which has helped take oil prices sharply lower.

Slowing demand and recession fears helped bring the benchmark U.S. oil price below $100 a barrel Tuesday, continuing a rapid turnaround from soaring levels ...

Oil prices shot higher earlier this year as war in Ukraine disrupted supply lines and the world-wide postpandemic reopening lifted demand. The growth outlook is darkening as central banks work to get inflation under control by cooling economic activity, pulling down traders’ forecasts for oil demand. Slowing demand and recession fears helped bring the benchmark U.S. oil price below $100 a barrel Tuesday, continuing a rapid turnaround from soaring levels in recent months.

Brent crude futures rose as much as $3.08, or 2.9%, to $105.85 a barrel in early trade after plunging 9.5% on Tuesday, the biggest daily drop since March. It ...

Worries about a recession, however, have continued to weigh on markets. More G10 central banks raised interest rates in June than in any month for at least two decades, Reuters calculations showed. Brent crude futures rose as much as $3.08, or 2.9%, to $105.85 a barrel in early trade after plunging 9.5% on Tuesday, the biggest daily drop since March. It was last up 92 cents, or 0.9%, at $103.69 a barrel at 0243 GMT. U.S. West Texas Intermediate crude climbed to a session high of $102.14 a barrel, up $2.64, or 2.7%, after closing below $100 for the first time since late April. It was last up 46 cents, or 0.5%, at $99.96 a barrel. Oil prices rose as much as nearly 3% on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger. - Brent crude futures rose as much as $3.08, or 2.9%, to $105.85 a barrel in early trade after plunging 9.5% on Tuesday, the biggest daily drop since March. It was last up 92 cents, or 0.9%, at $103.69 a barrel at 0243 GMT. - U.S. West Texas Intermediate crude climbed to a session high of $102.14 a barrel, up $2.64, or 2.7%, after closing below $100 for the first time since late April. It was last up 46 cents, or 0.5%, at $99.96 a barrel. - Oil prices rose as much as nearly 3% on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger.

West Texas Intermediate crude futures dropped as much as 10%, the most since March 9, while oil headed for its worst trading day in almost three months as ...

While futures have been pressured by the threat of a global economic slowdown, key market timespreads remain robust, indicating that there’s solid demand for near-term supplies. The additional testing brings concerns that more lock downs could be implemented as the city reported several infections Sunday and Monday. The kingdom hiked its official selling prices to Asia on Tuesday. Its flagship Arab Light crude price will be $9.30 above its regional benchmark in August, an increase of $2.80. Oil prices have tumbled in the past month amid escalating fears over an economic slowdown as central banks aggressively raise interest rates. Crude has been prone to violent swings as traders fled to the exits after Russia invaded Ukraine, drying up liquidity. West Texas Intermediate crude futures dropped as much as 10%, the most since March 9.

Brent crude futures rose by $1.62, or 1.58%, to $104.39 a barrel at 0839 GMT. U.S. West Texas Intermediate (WTI) crude climbed $1.04, or 1.05%, to $100.54 a ...

read more Brent's six-month market structure was in steep backwardation of $15.12 a barrel, up by just 70 cents from the previous day. read more read more read more

Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT. U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a ...

read more Brent's six-month market structure was in steep backwardation of $14.82 a barrel, little changed from the previous day. read more read more

Brent and US West Texas Intermediate (WTI) crude both posted their biggest daily decline yesterday since March as recessionary woes outweighed supply worries ...

“It is increasingly hoped that lower oil prices, which would benefit both businesses as well as consumers, could lead to an adjustment of investment and spending patterns which would underpin a faltering economy,” said Richard Hunter, Head of Markets at interactive investor. “With all these concerns at the forefront of investors’ minds, crude oil prices are likely to be on a slippery slope for a while,” he added. “Crude oil prices have slumped as weakening demand concerns are starting to outweigh fears about tight supply,” said Fawad Razaqzada, a market analyst at City Index.

The outlook for oil demand likely will see further downward revisions amid higher fuel prices, said Ed Morse, global head of commodity research at Citigroup ...

The outlook for oil demand likely will see further downward revisions amid higher fuel prices, said Ed Morse, global head of commodity research at Citigroup Inc.

With crude prices under pressure from growing fears of a global recession while supply side threats hang over the market, the near term price forecasts for ...

06/06/2022 06/06/2022 The bank only gave the recession scenario a 10% chance of occurring, however. In May, the producer group fell short of its production targets by about 2.7 million b/d, according to its own assessments. For 2023, the Brent forecast gap widens further. The rout was the third-largest absolute price drop since Brent futures trading started in 1988.