A global shortfall in crude oil supply is set to deepen in the third quarter as the world’s top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.
West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
Oil prices are trading flat on Thursday after two consecutive days in decline as a strike in France, a drop in U.S. crude inventories, and a faltering dollar offset fears over the economic impact of rising interest rates.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes
Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to US $100.00. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1
Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5 per cent for the week on a stronger dollar and demand fears
Oil futures have undergone immense battering recently as fears of a recession come into full force.
Brent crude futures for September had fallen US$1.81 to US$105.29 a barrel by 0633 GMT, while U.S. West Texas Intermediate crude for August delivery was at US$102.14 a barrel
Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.