According to Barclays analysts, oil demand in China remains resilient despite a surge in electric vehicle sales over the past few years. Meanwhile, strong consumption figures for the first half of the year suggest that the demand outlook could be raised.
On Monday, oil prices hit a four-year low after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to another production increase in June. The alliance plans to further boost crude output, Reuters reports.
Reuters reports that oil rose on Wednesday amid signs of increased demand in China and Europe, as well as lower US production.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Major oil and gas manufacturers are not going to cut their budgets, regardless of the decline in oil prices. Despite the downturn in profitability, leading firms are showing an upturn in production volumes.
US President Donald Trump’s administration intends to hold a lease sale in the Gulf of Mexico in June this year. Head of the National Ocean Industries Association, Erik Milito, forecasts crude production in the Gulf of Mexico to rise to 2.4 million barrels per day.
Saudi Arabia declared the intension to secure its foothood as the world’s largest oil manufacturer. The announcement followed the statements of the Energy Minister — Prince Abdulaziz bin Salman.
Diamondback Energy, the largest independent producer in the Permian Basin, says US shale oil production has likely hit its peak and is expected to decline in the coming months due to the sharp drop in crude prices.
Oil prices surged from a four-year low on Tuesday. According to Bloomberg, technical analysis suggests that crude recently entered oversold territory.
Wall Street analysts are lowering oil price forecasts and warning of a market glut resulting from increased OPEC+ supplies.
Barclays has cut its Brent crude price forecast yet again. The bank now expects oil to average $66 per barrel in 2025. Analysts say the downgrade reflects OPEC+'s decision to accelerate production increases.
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.
