On Wednesday, senior officials from the three leading OPEC producing countries—Saudi Arabia, the United Arab Emirates, and Kuwait—said the production increases delivered by the alliance were necessary.
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According to US President Donald Trump's statement posted on social network Truth on Tuesday, China may continue to buy oil from Iran. Such a declaration goes against the official position of the country, which for years has been imposing restrictions on crude exports from Iran.
25 June
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
24 June
Chinese oil refiners refrain buying crude as profits fall
China’s oil refiners are slashing crude purchases due to a decline in profits stemming from weak domestic demand. The move also comes against the background of sharp fluctuations in global oil prices and delays in adjusting diesel and gasoline prices by the local regulator.
24 June
On Monday, US President Donald Trump addressed his administration with a call to increase oil production and get market participants to keep crude prices down. The call came amid fears of rising energy costs due to the situation surrounding Iran.
24 June
Oil slumps following Middle East de-escalation
Oil prices fell following US President Donald Trump’s announcement of de-escalation in the Middle East. Brent crude dipped almost 5% to $68 per barrel in early Tuesday trading.
24 June
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
23 June
Asian oil importers monitor Persian Gulf tensions
Asian oil buyers and traders are closely monitoring the situation around Iran, fearing possible supply disruptions. The Strait of Hormuz handles 90% of all oil shipments from the region to Asia.
23 June
Goldman Sachs expects energy prices to rise amid escalation in Middle East
Goldman Sachs flags the possibility of higher oil and gas prices following the US intervention in the Middle East conflict, with the company’s base-case scenario hinging on significant disruptions to energy supplies from the region.
23 June
Oil prices surged more than 3% at the start of Monday’s trading session, with Brent crude hitting a five-month high of $79.33 a barrel and WTI climbing to $77.10. The rally came after the US administration signaled strikes against Iranian targets, according to Reuters.
23 June
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
20 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.
