Oil prices today fell to their lowest levels in two and a half months, as uncertainty about the development of demand outweighed limited supplies of the raw material to the market. Brent North Sea crude fell around 18:30 CET by around three percent and fell below USD 83 per barrel. U.S. West Texas Intermediate (WTI) crude oil was also down about three percent, nearing $78 a barrel.
Mixed data on China’s economic development added to the uncertainty surrounding the outlook for oil demand today. A report from China’s customs showed that imports into China unexpectedly rose in October, while exports fell faster than expected. “The data suggest a continued decline in China’s economic outlook, driven by deteriorating demand in its biggest export destination, the West,” said analyst Fiona Cincotta from City Index.
Saudi Arabia confirmed on Sunday that it will continue with an additional voluntary output cut of one million barrels per day in December. The country’s production should thus continue to hover around nine million barrels per day, a source from the Ministry of Energy said. Russia has also announced that it will continue to voluntarily reduce exports of oil and oil products by 300,000 barrels per day until the end of December.
The oil market’s attention is also focused on the conflict between the Palestinian movement Hamas and Israel. “Traders will continue to watch for signs of a nascent wider conflict (in the Middle East) that could disrupt oil supplies. However, these concerns appear to be easing,said OANDA analyst Craig Erlam.I believe traders are becoming increasingly concerned about the prospect of weaker demand next year due to the lingering negative effects of high interest rates,” he added.
WTI oil price development (1-hour chart – H1):
Brent oil price development (1-hour chart – H1):
Source: Reuters, ČTK, OPEC, MT4, City Index, OANDA
Read more
- Commodities: Oil prices fall on fears of economic uncertainty and a strong dollar
Oil prices moved both ways today, falling in the afternoon on fears of economic uncertainty and a strong dollar. These factors overpowered the growth impulse, which was the imposition of a price cap on Russian oil and the prospect of increased demand in China.
- Commodities: Oil prices fall on delta-infected growth fears
Oil prices initially moved higher today, but are now falling on fears of growth infected by the coronavirus delta variant. The losses moderate expectations that U.S. inventories have fallen.
- Commodities: Oil prices fall in response to a stronger dollar and Europe’s shift away from Russian oil
Oil prices are down mid-week in response to a stronger dollar pushing up the price of barrels of oil. The plans of the largest European economy – Germany, which wants to speed up its shift away from Russian oil, and China’s worsening economic outlook are also pushing oil down.
- Commodities: Oil prices fall as investor concerns over supply disruptions ease
Oil prices fell today as investor concerns over supply disruptions eased. At the same time, on Thursday, due to the Russian-Ukrainian crisis, oil prices exceeded USD 100 per barrel for the first time since 2014.
- Commodities: Oil prices fell to a nine-month low, but then recovered slightly
Oil prices fell to a nine-month low today, but then recovered slightly. There are fears of a recession in the market and a strong dollar is also affecting the price. Investors are awaiting details on further anti-Russian sanctions.
- Commodities: Oil prices hit new lows
World oil prices fell to new lows in more than five years today, but later erased losses, although falling…
- Commodities: Oil prices fell to seven-month lows
Oil prices fell to seven-month lows today and North Sea Brent fell below $46 per barrel. They are being pushed down by reports of rising production in some major producing countries, undermining efforts by the Organization of the Petroleum Exporting Countries (OPEC) to remove excess crude from the market.
- Commodities: Oil prices fell to six-week lows
Oil prices fell to six-week lows during today’s trading. They are pushed down by doubts that the Organization of the Petroleum Exporting Countries (OPEC) will manage to remove the surplus of raw materials on the market, writes Reuters.
- Commodities: Oil prices fell three percent
World oil prices fell by around three percent today, with North Sea Brent oil returning below the $50 mark…
- Commodities: Oil prices fell more than a percent, but then erased losses
Oil prices fell by more than a percent today, but later erased their losses. The strong wave of the covid-19 epidemic in India and the decline in global stock markets have a negative effect on prices. On the contrary, they are pushed up by persistent concerns about the outage of the pipeline network for the transportation of oil products of the American company Colonial Pipeline.
- Commodities: Oil prices fell below $80
Brent crude oil prices fell below $80 a barrel today after Saudi Arabia said it plans to increase production to a record 11 million barrels a day. With this step, he wants to compensate for the drop in supplies from elsewhere, for example from Iran, on whose oil exports the US intends to impose sanctions in two weeks.
- Commodities: Oil prices rose to seven-year high on geopolitical tensions
Oil prices are rising today, with Brent North Sea crude rising above $90 a barrel for the first time in seven years. Adding to the growth are geopolitical tensions in Europe and the Middle East, which could disrupt supplies to the market. They are currently weak, Reuters wrote.
- Commodities: Oil prices started the new week higher due to Iran
Oil prices are rising at the start of the new week, the main reason being tensions over Iran’s nuclear program. On the other hand, their growth is hampered by concerns about the slowdown in the growth rate of the global economy and its impact on the demand for oil.
- Commodities: Oil prices fall due to coronavirus restrictions in Europe
Oil prices started the new week with a decline. This is due to concerns about demand, as new coronavirus restrictions in Europe have reduced the likelihood of a quick recovery in demand.
- Commodities: Oil prices fall for a third day on a possible return of supplies from Iran to the market
Oil prices are falling for the third day in a row today. It is due to the announcement that there has been progress in negotiations on the possible relaxation of sanctions against Iran, which could increase the supply of oil to the market.
- Commodities: Oil prices fall on possible significant US interest rate hike
Oil prices are falling today. Investors focused on the prospect of a major interest rate hike in the United States later this month, which could stem inflation but also slow economic growth and reduce demand for oil.
- Commodities: Oil prices fall on hopes of US-Iran deal
Oil prices have reversed an initial rally caused by trade tensions between the United States and China and are falling. The change in market sentiment was caused by the hope of an agreement between the US and Iran.
- Commodities: Oil prices rise on hopes of improving global economic development
Oil prices are rising today. Hopes for an improvement in the development of the global economy as well as concerns about the impact of sanctions on Russian oil are to blame for this. The growth was partially slowed down by the report on the state of oil and fuel stocks in the US.
- Commodities: Oil prices fall on hopes of easing sanctions on Venezuela
Oil prices are falling at the beginning of the new week. News that the United States will ease sanctions against Venezuela is to blame. However, investors continue to weigh the potential impact of the escalation of the conflict between Israel and the Palestinian Hamas movement on oil prices.
- Commodities: Oil prices fall on US-China tensions and coronavirus
Oil prices are falling today. The rising number of covid-19 cases and tensions between the United States and China are raising concerns about whether oil demand will be able to recover.
