Tensions in Middle East send oil prices soaring on supply concern
Post AMUGE
October 3, 2024
Business a.m. The sharp escalation of tensions in the Middle East sent oil prices soaring on Thursday as traders feared that a prolonged conflict could disrupt the flow of crude from the major export hub. With jitters over the Middle East conflict sending shockwaves through the oil markets, U.S. crude futures jumped 2.2 percent to […]
Oil prices soar 2.5% as Israel, US threaten retaliation for Iranian missile strike
Post AMUGEOctober 2, 2024
Business a.m. Oil prices skyrocketed by more than three percent on Wednesday as the Middle East was thrust into turmoil by Iran’s unrelenting missile barrage on Israel, its most significant direct attack to date. The market turmoil was amplified by Israel and the United States’ vow to retaliate, sending the oil markets into a frenzy […]
Oil trades higher as Iranian missile attack fuels market unrest
Post AMUGEOctober 2, 2024
Business a.m. Oil prices surged higher on Wednesday, building on the sharp gains recorded in the previous session, following Iran’s missile attack on Israel. The escalation of tensions and the potential for disruption to the volatile region’s crude output sparked a wave of buying in the oil market, sending prices soaring as investors rushed to […]
Market shrugs off OPEC+ cuts, sending oil prices lower
Business a.m.December 3, 2023
Oil prices dropped by more than 2 per cent on investor skepticism over the effectiveness of the OPEC+ production cuts and concern over a slowdown in the global manufacturing sector. While OPEC+ agreed to cut production by two million barrels per day, investors remain unconvinced that this will be sufficient to boost oil prices, which […]
Optimism grows on oil demand returning 100mbd
Businessam StaffSeptember 29, 2020
The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]
We may have to worry about peak oil demand soon
Businessam StaffNovember 4, 2019
By Mudashir Tunde A peak oil demand might continue to result in its rise in value for the next ten years if the world leaders implement low-carbon policies more strictly according to the Head of the Oil Industry & Markets Division at the International Energy Agency (IEA), Neil Atkinson. Speaking to CNBC today, Neil said, “If the world does […]
Storage concerns push natural gas futures to $2.936
Temitayo AyetotoAugust 8, 2018
The NYMEX September natural gas futures edge higher to $2.936 Wednesday as growing storage deficit intensified supply concerns to already-bullish market sentiment, with above-average summer temperatures lingering in the US. The expectation of analysts at S&P Global Platts was that about 45-Bcf build in storage stocks would be seen from the announcement of the US […]
Brent crude futures edge closer to $80 per barrel on tight market
Businessam StaffMay 17, 2018
Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures were at $79.36 per barrel at 0451 GMT, up 8 cents from their last close, while U.S. West Texas Intermediate (WTI) […]
Crude oil price holds above $68 with Trump-Iran standoff in focus
Businessam StaffApril 26, 2018
Crude prices inched up on Thursday, staying within sight of their highest levels in more than three years, as geopolitical tension in the Middle East and concerns about supply disruptions in key oil-producing nations provided support. New York-traded West Texas Intermediate crude futures tacked on 9 cents to $68.14 a barrel by 08:00 GMT. The […]
Brent oil hits $75.20, highest since November 2014
Businessam StaffApril 24, 2018
Brent Oil rose to fresh 3.5 year highs in the Asian session on expectations of fresh US sanctions against Iran and as the demand side of the oil market continues to strengthen, courtesy of OPEC output cut deal. Brent oil is changing hands at $74.95/barrel, having clocked a high of $75.20 earlier today. It appears […]