The weakening signs in physical markets have been driven by peak refinery maintenance, extra supply from the US, and a recovery from outages at some producers
The geopolitical risk premium in oil prices had been unwinding this week on the perception that the US could ensure tensions were managed
Analysts said prolonged tensions through the second quarter this year have largely priced oil at $85-$90 per barrel
Investors will look to economic data and monetary policy for potential clues on the outlook for oil demand
Europe’s firm demand, softness in US supply growth coupled with a possible extension of OPEC+ cuts through 2024 outweigh downside risk from persistent softness in China’s demand
This year, international oil prices have been strong, with Brent holding above $80 a barrel
Morgan Stanley expects oil demand to grow at 1.5 million bpd this year which is slightly above the historical trend growth
Near-term growth in global oil and liquids production will be driven primarily by the US, Guyana, Canada and Brazil, offsetting voluntary production cuts by OPEC+
The level of spare capacity – or the perception of how much is available – can influence world oil prices.
Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned
US Secretary of State Antony Blinken is in the region to discuss a ceasefire offer between Israel and Hamas
Production restraint by OPEC+ allies has been more than offset by output growth from US shale firms and other sources
OPEC+ is due to hold an online ministerial meeting to discuss 2024 production targets
Brent crude oil futures dropped 98 cents, or 1.1 per cent, to $89.50 a barrel
To ease oil supply pressure, the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition
The eruption of the Israel-Palestine crisis threatens to derail US efforts to broker a rapprochement between regional powers
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The drop in value for the Indian currency came against a sharp rise in US dollar value as the American greenback rose to the highest levels in six months
Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia
It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries
The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia
The 23-nation group offered no additional action to buttress the market, but pledged to maintain their existing oil production cuts until the end of 2024
The decision by the Organization of Petroleum Exporting Countries and its allies should hold for at least a few months
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
The bank raised its third quarter estimate to $130 a barrel
Brent crude’s climbed 11 per cent since the end of December to above $86 a barrel
Brent crude’s climbed 62 per cent this year to almost $84 a barrel
Oil’s red-hot rally over the first half of the year has been interrupted by delta
The price of Brent crude averaged over $73 a barrel in June
The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe