Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates.
Both benchmarks were on track for a small weekly drop after gaining more than 10 per cent in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies maintain production cuts. Russia’s Transneft suspended deliveries of diesel to the key Baltic and Black Sea terminals of Primorsk and Novorossiysk on Friday, state media agency Tass said.
The euro zone economy is likely to contract in the third quarter, according to Purchasing Managers’ Index data released on Friday.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysis-Promise of calmer markets as US oil wrests pricing power from BrentIncreased exports of oil from the United States into Europe and Asia mean U.S. crude has snatched back its primacy in setting international pricing after North Sea grades have for decades determined the value of the world's most traded commodity. The trend has calmed volatility and limits the potential for trading plays, known by traders as squeezes, that have on occasions distorted the established Brent oil benchmark, based on North Sea crudes, traders and industry insiders said. Historically, U.S. West Texas Intermediate crude futures were the first widely accessible crude contracts launched on financial markets in 1983 until the Brent futures contract, launched in 1988, eventually gained prominence.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Analysis-Promise of calmer markets as US oil wrests pricing power from BrentBy Alex Lawler LONDON (Reuters) - Increased exports of oil from the United States into Europe and Asia mean U.S. crude has snatched back its primacy in ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Growing number of forecasts predict oil will reach US$100 this fallCALGARY — A growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation. North American benchmark crude West Texas Intermediate has surged 30 per cent since June 1 and is hovering this week around US$90 per barrel, its highest point since November of last year. Global benchmark Brent crude was trading higher than US$93 on Wednesday. In recent
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Morgan Stanley ups Brent forecasts on Saudi-Russia cuts, says $100/bbl 'stretched'Market News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Palm Oil Extends Drop on Losses in Soyoil and Demand ConcernsPalm oil fell to its lowest level in more than a week on concerns about poor demand and rising production, with losses in soybean oil putting further pressure on the tropical oil.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Goldman Sachs says OPEC can sustain Brent in $80-$105 range in 2024Market News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »