Oil prices were muted in early trade on Tuesday as optimism over better-than-expected economic data from China was offset by caution over an upcoming Federal Reserve meeting and an OPEC decision on production. Chinese business activity grew more than expected in January, government data showed, indicating that the country’s economyContinue Reading
Oil prices moved little on Friday and were set to end the week flat amid caution over an upcoming OPEC+ panel meeting, as well as more cues on the U.S. economy from a reading on the Federal Reserve’s preferred inflation gauge. Ministers from Algeria, Kuwait, Venezuela, Russia and Oman areContinue Reading
Oil prices rose further on Friday, and were set to end the week higher as optimism over an eventual recovery in Chinese demand this year largely offset fears that a global economic slowdown will dent crude markets. Markets are betting on a strong boost to the Chinese economy from theContinue Reading
Oil prices fell on Wednesday after industry data pointed to a large weekly build in U.S. crude stockpiles, although losses were limited by the prospect of strong demand this year and as the dollar softened on expectations of slower interest rate hikes. Data from the American Petroleum Institute showed thatContinue Reading
Oil prices rose on Monday, recovering a measure of recent losses as investors bet that an economic reopening in China and a less hawkish rhetoric from the Federal Reserve will help spur a recovery in crude demand this year. China reopened its international borders for the first time since 2020,Continue Reading
Mexican state oil company Pemex’s newest refinery will reach half of its crude processing capacity in July, the national president said on Friday, marking the latest shift in timing for the project’s operations. The Olmeca oil refinery, being built next to the Dos Bocas port, is set to be Pemex’sContinue Reading
Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited. Data on Wednesday showed that U.S. crude inventories shrank far more than expected inContinue Reading
Oil hovered near a one-year low on Wednesday as increasing concerns over U.S. economic health and the Federal Reserve largely offset positive supply-side signals from a bigger-than-expected draw in crude inventories. A growing number of Wall Street banks warned of a potential recession in 2023, especially if interest rates keepContinue Reading
Oil prices were muted on Thursday, cutting short a three-day rally after data highlighted growing economic cracks in major crude importer China, while markets also speculated over whether the OPEC’s last meeting for the year will result in a supply cut. Chinese manufacturing activity- a bellwether for the economy- weakenedContinue Reading
Oil prices jumped on Tuesday as traders bet that recent weakness in the market will invite more supply cuts by the OPEC, while anti-government protests in China and hawkish signals from the Federal Reserve worsened the outlook for demand. Oil marked a volatile start to the week, initially tumbling asContinue Reading