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.
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.
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.
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.
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.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
According to today's statements by head of the Russian oil company Gazprom Neft Alexander Dyukov, the strategic purchases of crude by the US and China will have a positive effect on the balance of oil supply and demand.
Alexander Novak, Russian Deputy Prime Minister, stated that OPEC+ should continue to increase oil output amid summer growth in consumption.
Despite the risks of possible supply disruptions, China's refineries, the largest buyers of Iranian oil, have not experienced significant challenges so far. One reason behind this resilience is the country's record-high oil reserve levels.
According to the analysts at OilPrice, energy majors in Europe, including Shell, BP and Equinor, are once again focusing on oil and gas. Meanwhile, Shell forecasts oil demand to grow by 3.5 million barrels per day until the early 2030s.
An escalation of tensions between Iran and Israel could lead to a 15–20% increase in Brent oil prices compared to pre-conflict levels. Analysts at Citibank say such an outcome is possible if Iranian exports of crude are reduced by 1.1 million barrels per day.
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