HOUSTON, June 25 (Xinhua) The number of active drilling rigs in the United States was unchanged at 470 rigs this week, up by 205 year on year, according to t
Given incessant rally in global oil prices, Filipino consumers will have to brace for big-time price hikes next week, especially for gasoline commodity with anticipated increase of P1.05 to P1.15 per liter.
15198 For diesel products, the initial calculation of the oil companies would be a price
By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed to their highest since October 2018 on Friday, putting both benchmarks up for a fifth week in a row on expectations demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the market from August. Brent futures rose 62 cents, or 0.8%, to settle at $76.18 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 75 cents, or 1.0%, to $74.05. Those were the highest closes for both benchmarks since October 2018 and put both contracts up over 3% for the week. Crude prices rallied on an improving demand outlook and over expectations the market will remain tight as OPEC+ is likely to only deliver a small boost to output at the July 1st ministerial meeting, said Edward Moya, senior market analyst at OANDA.
Oil Marks Fifth Straight Week Of Gains As Analysts Focus On OPEC Meeting
by Ship & Bunker News Team
Friday June 25, 2021 Recent stockpile draws, continued economic improvement, the
Organization of the Petroleum Exporting Countries (OPEC) keeping a lid on output, and the sense that the pandemic is behind us despite media scare headlines: these are the factors driving the remarkable recovery in oil prices, which on Friday were on track for a fifth straight week of gains. Brent rose
2.9 percent weekly rise; West Texas Intermediate rose
29 cents to
2.6 percent weekly gain.
Giovanni Staunovo, analyst at
UBS, said, With larger oil inventory declines ahead, we expect oil prices to keep moving higher during 3Q21.