Page 20 - Pec News Today

Oil market tightness is set to ease in the coming two months as refineries plan end-of-summer maintenance, easing demand.

Crude oil prices are on track to end their two-week losing streak due to a surprise U.S. inventory draw and expectations that OPEC+ will extend its production cuts.

Saudi Arabia’s oil exports plunged in August to levels not seen since March 2021, with the Kingdom exporting just 5.6 million bpd.

Bullish building in oil markets as U.S. inventories continue to drop and OPEC+ cuts remain in place, forcing traders to refocus on fundamentals

Barclays has hiked its Brent price forecast for next year due to lower U.S. shale growth and underproduction from OPEC+ producers.

Russia fulfills its obligations under the OPEC+ deal and is not ruling out extension of its voluntary reduction of oil exports to October, Russian Deputy Prime Minister Alexander Novak said on Wednesday.

Oil Price Today: Brent crude climbed 61 cents to USD 85.41 a barrel by 0649 GMT, while U.S. West Texas Intermediate crude was at USD 81.88 a barrel, up 63 cents. The September WTI contract expires on Tuesday and the more active October contract gained 56 cents to USD 81.22 a barrel.

Global oil prices experienced an upward surge on Monday, driven by a confluence of factors including dwindling supply from key oil-producing nations and persistent concerns regarding global demand amidst elevated interest rates., , brent crude, oil prices, Organization of the Petroleum Exporting Countries (OPEC), OPEC+, crude exports, refiners

China’s high levels of crude inventories could undermine efforts by OPEC+ to tighten the oil market.

ALBAWABA – Oil prices slipped slightly Wednesday as concerns over sluggish China recovery and the disappointing economic data recently released...