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.
11 July
Oil market News
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Oil on track for second weekly decline amid expectations of another OPEC+ output hike
Reuters reports that oil prices are set for the second weekly decline amid expectations of another OPEC+ production hike in July and renewed global trade uncertainty. So far this week, both Brent and WTI have fallen 1.3%.
30 May
According to Bloomberg, OPEC+ is likely to announce another oil supply increase this Saturday, but the actual volume may fall short of expectations. As the agency notes, eight members have committed to boosting crude production by 960,000 barrels per day by June, compared to March levels.
30 May
Wildfires in Canadian province of Alberta pose threat to country's oil production
Wildfires in Canada could result in the country’s crude output falling by 5% as the fire in Alberta’s oil sands region gets closer to major production facilities, Bloomberg reports.
30 May
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
29 May
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
29 May
API data indicates sharp decline in US crude inventories last week
According to a report by the American Petroleum Institute (API), US crude inventories dropped by 4.2 million barrels in the week to May 23. This contrasts with analysts' forecasts of a 1 million barrel increase.
29 May
US shale producers scale back drilling amid OPEC+ price competition
According to a Reuters report, US shale operators are curtailing drilling activities in response to competitive pricing pressure from OPEC+. However, Saudi Arabia needs to take further action to strengthen its market influence.
29 May
Kazakhstan's Energy Minister Erlan Akkenzhenov stated that oil prices above $70–75 per barrel would likely be considered acceptable globally. The official dismissed criticism over the country’s exceeding production quotas set by OPEC+, citing the nation’s relatively modest energy output.
29 May
Goldman Sachs advises investing in gold and oil to hedge against economic instability
Analysts at Goldman Sachs advise adding gold and oil to long-term portfolios. The strategy is particularly relevant as concerns grow over the stability of the US economy.
29 May
Oil prices rise after US federal trade court blocks Trump tariffs
According to Reuters, oil prices increased on Thursday after the US federal trade court blocked the implementation of tariffs imposed by President Donald Trump. On Thursday, the prices of two benchmark oil grades—Brent and WTI—rose by approximately 78 cents, or 1.2% and 1.3%, respectively.
29 May
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.
