Oil prices rose briefly after a surprise inventory decline and OPEC's production cut delay, but concerns about weak demand, particularly from China, kept them on track for a weekly loss.
Crude oil prices were up earlier today but were still heading for a loss even after the U.S. Energy Information Administration reported a weekly decline in inventories and OPEC said it would delay its rollback of production cuts by two months. The EIA reported an estimated inventory decline of 6.9 million barrels for the week to August 30 on Thursday, which pushed prices higher for a while but did not offset earlier losses.
“We see the OPEC unwind delay, ongoing geopolitics, and financial positioning providing price support at $70 to $72 Brent,” Citi analysts said as quoted by Bloomberg. The publication also noted signs of weakening demand for fuels in two of the world’s biggest markets China and India. “The gasoline market would be capable of cratering crude oil even if the OPEC chaos was not leaning on the price.
OPEC+ Inventory Decline Production Cuts China Demand Gasoline Libya Jefferies Citi
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Oil Prices Fall Back Despite OPEC Decision To Pause Output HikeOPEC delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Weiterlesen »
Oil Prices Plunge on OPEC Production Cut SpeculationOil prices plunged on Tuesday morning despite Libya's oil outage, with fears that OPEC will unwind its production cuts driving bearish sentiment.
Weiterlesen »
Oil Prices Slide on Rumors of Higher OPEC ProductionRumors of a possible increase in OPEC production sent oil prices tumbling due to concerns about oversupply despite ongoing supply disruptions in Libya.
Weiterlesen »
Oil Prices Drop as OPEC Considers Increasing Production in OctoberOPEC will likely begin unwinding its production cuts in October, six OPEC sources told Reuters on Friday.
Weiterlesen »
Oil Prices Inch Higher as Libya's Oil Outage Outweighs Demand FearsOil prices inched higher on Thursday as Libyan oilfield shutdowns continue, but the uptrend may be temporary due to lingering demand concerns and a weak inventory draw.
Weiterlesen »
Oil Prices Set for Monthly Decline as Demand Concerns GrowIt's been a volatile week for oil prices, but traders continue to focus on demand concerns as oil prices head toward a monthly loss.
Weiterlesen »