Oil prices are rising today, but are on track for a significant weekly decline. Brent North Sea crude oil showed an increase of about 1.5 percent compared to Thursday and reached above USD 81 per barrel around 16:30 CET. U.S. West Texas Intermediate (WTI) crude gained about 1.7 percent and was in close proximity to $77 a barrel. Since the beginning of the week, both Brent and WTI prices have fallen by more than four percent.
Oil prices have been falling recently after a sharp rise caused by fears about the consequences of the armed conflict between Israel and the Palestinian Hamas movement. Unfavorable prospects for the development of demand are behind the drop in prices. “Concerns about demand have replaced fears of supply cuts linked to the conflict in the Middle East,” said analysts from Commerzbank.
Investors’ attention is now focused on the production policies of the Organization of the Petroleum Exporting Countries (OPEC) and their allies led by Russia, the group known as OPEC+. The group will decide on its mining policy on November 26. Investors will be particularly interested in Saudi Arabia’s decision on whether it will continue to voluntarily cut oil output by a million barrels per day next year.
This voluntary cut, which complements a wider OPEC+ agreement to cut supply to the market, is due to expire at the end of this year. However, according to analyst Helima Croft from RBC Capital Markets, the probability of its extension is increasing “given renewed concerns about Chinese demand and the broader macroeconomic outlook“, wrote the Reuters agency.
WTI oil price development (1-hour chart – H1):
Brent oil price development (1-hour chart – H1):
Source: Reuters, ČTK, MT4, Commerzbank
Read more
- Oil prices are soaring today
Oil prices are soaring today. This is due to strong demand for gasoline in the United States, which is the largest…
- Oil prices rose sharply today
Today, in response to Turkey’s shooting down of a Russian military plane, world oil prices rose by up to three percent to…
- Oil prices lost early gains today
Global oil prices gave up early gains today and are down around one percent. A stronger dollar is motivating investors to take profits after the recent rise in oil prices to year-to-date highs. Meanwhile, attention began to return to the world’s vast reserves of this strategic raw material.
- Oil prices are reacting to US inventory reports today
Oil prices on world markets are falling today. They mainly react to news about the state of raw material stocks in the United States. U.S. West Texas Intermediate (WTI) crude was down 1.8 percent at $50.37 around 5:50 p.m. CEST. Brent North Sea crude was also down 1.8 percent at the same time, trading at $55.93.
- Oil prices rose today on reports of falling inventories
Oil prices rose today on surprise news of a decline in US inventories. This, together with a reduction in production by the Organization of the Petroleum Exporting Countries (OPEC), could lead to a reduction in the current surplus of the raw material on the market, Reuters wrote.
- Oil prices are rising today thanks to a weak dollar
Oil prices are rising today thanks to a weak dollar and a drop in US production that eased concerns about an oversupply of oil in the markets. For the whole month, they could then report the highest monthly profit in seven years.
- Oil prices are rising by more than two percent today
Oil prices are rising by more than two percent on the market today. They are helped by the Organization of the Petroleum Exporting Countries’ January production report, which confirmed the cartel’s cut in production, and Saudi Arabia’s announcement of planned further output cuts.
- Oil prices are rising by more than a percent today
Oil prices are rising by more than a percent today. Speculative trades contributed to this after Wednesday’s sharp drop in the price…
- Oil prices rise about 2% today
Oil prices are rising by about two percent today. They are thus reacting to the unexpected further drop in oil reserves in the United States…
- Oil prices are rising today after dropping to three-week lows on Wednesday
Oil prices are rising today after falling to three-week lows on Wednesday. In the market, there are still concerns about insufficient supplies of the raw material. The price of Brent North Sea crude oil rose by almost 1.1 percent to $102.16 per barrel around 3:30 p.m. CET. U.S. West Texas Intermediate (WTI) crude oil gained roughly 1.3 percent to $97.50 a barrel at the same time.
- Oil prices fell from a nine-week high today
Oil prices on world markets today fell from a roughly nine-week high, with North Sea Brent oil returning below $52 per barrel. The market is reacting to high production in the countries of the Organization of the Petroleum Exporting Countries (OPEC), and oil production in the United States remains high.
- Oil prices fell today from this year’s highs
Today, world oil prices dropped from this year’s highs to just below $50 per barrel, and both major internationally traded crude fell below $48. They were weakened by the strong dollar exchange rate and the unexpected increase in oil stocks on the American market.
- Oil prices erased initial gains today
Oil prices on global markets initially firmed today, but later surrendered most of their gains in response to news…
- Oil prices rose by two percent today
Global oil prices rose about two percent today after news of a surprisingly sharp drop in gasoline inventories in…
- Oil prices rose by more than a percent today
Oil prices rose more than a percent today after Saudi Arabia said it was determined to end its dominance of the world oil market and that a deal to cut production could be extended. The expectation of a further decline in oil inventories in the US also contributed to the rise in prices.
- Oil prices are falling significantly today
World oil prices are falling significantly today, they were mainly hit by data on the high growth of raw material stocks in the American…
- Oil prices fell significantly today
Oil prices on world markets fell by more than two percent today. They were weakened by news of resumption of production at two major oil fields in Libya. Oil production in the United States also continues to increase.
- Oil prices are recovering significantly today
World oil prices are recovering significantly today, Brent North Sea oil and American WTI rose above $37…
- Oil prices are strengthening significantly today
World oil prices are strengthening significantly and gained about four percent against Tuesday during this afternoon…
- Oil prices rose more than 2% today
Oil prices rose more than two percent today after Saudi Arabia and Russia said a deal to curb output should be extended until March 2018. A barrel of Brent North Sea crude was trading up 2.48 percent at around 6:00 p.m. CEST. 52.11 USD, a barrel of US light oil WTI rose by 2.53 percent to 49.05 USD.
Tags: Oil prices rising today week show significant decrease
