According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
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US drilling activity slumps to three-year low as rig count extends decline for sixth straight week
Over the last seven days, American energy companies have further reduced their oil and natural gas drilling operations. This marks the sixth consecutive week of decreased fuel production capacity in the country.
9 June
Analysts at Morgan Stanley note the weak impact of quota hikes by OPEC+ on real oil output. Despite the cartel’s quotas rising by one million barrels per day over the period from March to June, the actual increase in crude production is hard to detect.
9 June
A decrease of the indicator value may contribute to the fall in quotes of WTI, Brent.
6 June
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
6 June
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
6 June
According to Reuters, European and Asian refineries are increasing demand for raw materials from OPEC+ suppliers. At the same time, they are now less interested in US WTI crude.
6 June
Investors anticipate oil oversupply by late 2025 — Bloomberg
Oil traders are stepping up their bets in anticipation of a supply surplus by late 2025, driving a surge in activity across the crude market. Bloomberg reports citing CME Group data that open interest in WTI calendar spread options hit a record high.
6 June
US companies seek alternative heavy oil sources due to Chevron’s reduced role in Venezuela
US refineries along the Gulf Coast are facing shortages of heavy crude oil after Washington imposed restrictions on Chevron’s operations in Venezuela. The move has forced the companies to seek alternative supply sources, Energy News Beat reports.
6 June
Oil is set for weekly gain as US-China trade talks resume
According to Reuters, despite falling on Friday, oil prices are set for a weekly gain. The rise is driven by resumed US-China talks, which have boosted hopes for GDP and demand growth in the world's two largest economies.
6 June
According to Bloomberg, Russia kept oil output below its OPEC+ target in May. Production remained unchanged from April at 8.979 million barrels per day, staying 19,000 barrels below Russia's quota, which includes compensation for previous overproduction.
6 June
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
