Oil prices hit fresh highs as market tightens



Oil prices on Thursday hit fresh two-and-a-half year highs and were at levels last seen at the start of the commodity slump in 2014/2015, with markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.
7830278303

Comments

Post a Comment

Popular posts from this blog

Oil dips as emerging market woes dim demand outlook

Image
Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, but U.S. sanctions against Iran pointed toward tighter supply ahead. www.mcxgoldstar.com 7249938989 9719002865 Benchmark Brent crude oil ( LCOc1 ) was down 25 cents at $72.56 per barrel by 0725 GMT. U.S. light crude ( CLc1 ) was 25 cents lower at $67.38 a barrel. Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos, Russia's rouble and emerging market stocks, and curbing growth and the outlook for oil demand. This is compounding worries that a deepening trade war between the United States , China and the European Union will squeeze business activity in the world's biggest economies. "Trade protectionism and escalating tensions between the world's largest economies (the United States and China) have cast a looming shadow on global oil...
Read more

Oil dips on weak China imports, but Iran sanctions, weak U.S. stocks support

Image
Oil prices dipped on Wednesday after China reported relatively weak import data, although the market remained well supported by falling U.S. crude inventories and the introduction of sanctions against Iran. www.mcxgoldstar.com 7249938989 9719002865 Front-month Brent crude oil futures ( LCOc1 ) were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures ( CLc1 ) were at $69.15 per barrel, down 2 cents. China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. Shipments into the world's biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of ...
Read more