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Despite today's gains, world oil prices were headed for their first weekly loss in three weeks

Oil rises after US debt deal, all eyes on OPEC meeting

Oil prices rose today after a US debt ceiling deal averted a default in the world's biggest oil consumer and jobs data indicated a possible rate hike pause.

Business • 02 Jun 23

Oil prices fell by nearly 2% today due to concerns about the US debt ceiling row

Oil down 2% on US debt deal struggles, OPEC uncertainty

Oil prices fell by nearly 2% today as concerns about the US debt ceiling pact cooled the market's risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.

Business • 30 May 23

Trade is expected to be subdued on Monday because of UK and US public holidays.

Oil dips as rate hike fears offset US debt deal

Oil prices slipped today as worries over further interest rate hikes that could curb energy demand trumped a tentative US debt ceiling deal, possibly averting a default in the world's top oil consumer.

Business • 29 May 23

World oil prices are poised to post a second week of gains of of slightly less than 1%

Oil up amid OPEC+ supply cut uncertainty, demand worry

Oil prices were stable today, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger US dollar and worries of weaker-than-expected demand growth.

Business • 26 May 23

Oil prices fell for a fourth consecutive week last week - the longest streak of weekly declines since September 2022

Oil up as tight supplies compete with economic concerns

Oil prices rose about a dollar a barrel today on the prospect of tightening supplies in Canada and elsewhere, although recession fears kept pressuring the market.

Business • 15 May 23

Despite today's gains, oil prices are down for three weeks in a row for the first time since November

Oil climbs almost 3% as recession fears begin to fade

Oil prices rose almost 3% today as US recession fears eased and some traders took the view that crude's recent price slide was overdone with three weekly declines in a row for the first time since November.

Business • 08 May 23

Oil prices fell more than 5% last week - their first weekly drop in five

Oil prices steady on uncertain global outlook

Oil prices fell more than 1% today as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.

Business • 24 Apr 23

The prospect of another increase to US interest rates, which has been supporting the US dollar, remained a drag on sentiment in the oil markets today

Oil slips on economy worries, despite upbeat China data

Oil fell for a second day today as upbeat Chinese economic data failed to deflect the focus from a possible increase to US interest rates and wider concern about the growth outlook.

Business • 18 Apr 23

Both Brent and WTI contracts notched their fourth weekly gain last week

Oil dips as market awaits Chinese GDP data

Oil prices turned lower today as investors mulled over a possible May interest rate hike by the US Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth.

Business • 17 Apr 23

OPEC has flagged downside risks to summer oil demand in a monthly report today

Oil edges down on US recession risk worries

Oil prices slipped today as the prospect of a possible recession in the US, the world's largest oil consumer, offset concerns of tight supply.

Business • 13 Apr 23

World oil prices had risen about 2% yesterday amid optimism that the US Federal Reserve is getting closer to ending its cycle of interest rate hikes

Oil jumps after slight increase to US consumer prices

Oil prices rose sharply today after US economic data showed that inflation in the world's biggest oil consumer rose moderately in March.

Business • 12 Apr 23

Brent and US crude have both gained more than 6% so far this week

Oil heads for third weekly gain after shock OPEC+ cuts

Oil held steady today, on track for a third weekly gain as markets weighed further production cuts targeted by OPEC+ and a drop in US oil inventories against fears about the global economic outlook.

Business • 06 Apr 23

Oil prices were being supported by an industry report showed showing US crude inventories fell by about 4.3 million barrels in the week ended March 31

Oil prices stable as economic fears balance OPEC+ cuts

Oil prices were stable today, as the market weighed gloomy economic prospects against expectations of US crude inventory declines and OPEC's voluntary output cuts announcement.

Business • 05 Apr 23

Oil prices jumped over 6% yesterday after OPEC+ rocked markets with Sunday's announcement of plans to lower output targets

Oil extends gains on OPEC+ surprise cuts move

Oil prices rose today after OPEC+ plans to cut more production jolted markets the previous day and shifted investors' attention to demand trends and the impact of higher prices on the global economy.

Business • 04 Apr 23

The surprise announcement by OPEC+ to cut more production has jolted markets

Oil surges as OPEC+ surprise output cuts shake markets

Oil prices surged today, posting their biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets.

Business • 03 Apr 23

The price of Brent rose 2.8% last week, while WTI rebounded 3.8% as jitters in the banking sector eased

Oil rises on Kurdistan output halt and banking optimism

Oil prices rose today after a halt to oil exports from Iraqi Kurdistan via Turkey and moves to contain a potential banking crisis that could have hit demand for crude.

Business • 27 Mar 23

Oil prices continued to stage a recovery from their 15 month lows reached yesterday

Oil rises for second day as banking fears ease for now

Oil prices rose today, extending a recovery from a 15 month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand.

Business • 21 Mar 23

Both Brent and WTI shed more than 10% of their value last week as the banking crisis deepened

Oil prices hit lowest level since 2021 on banking fears

Oil prices dropped to their lowest in 15 months today, driven down by concern that risks in the global banking sector and a potential increase to US interest rates could spark a recession that would sap fuel demand.

Business • 20 Mar 23

US crude fell below $70 a barrel for the first time since December 2021 yesterday

Oil prices extend losses on ECB rate hike, banking woes

Oil prices extended losses today, trading near 15-month lows, after the European Central Bank raised interest rates and as fears of a global banking crisis weighed on the demand outlook.

Business • 16 Mar 23

The collapse of Silicon Valley Bank has rattled equities markets and sparked fear about a fresh financial crisis

Oil prices fall as SVB collapse hits financial markets

Oil prices fell more than $2 a barrel today to their sessions lows, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fears of a fresh financial crisis.

Business • 14 Mar 23

Oil prices fell today along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis

Crude oil prices fall as banking fears rattle markets

Oil prices fell in volatile trading today as the collapse of Silicon Valley Bank hit equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.

Business • 13 Mar 23

Both the Brent and WTI benchmarks had declined between 4% and 5% over the last two days

Oil steadies due to French strike and weaker dollar

Oil prices steadied today after a two-day decline as strike-disrupted fuel supply in France, a drop in US crude inventories and a weaker dollar offset fears over the economic impact of rising interest rates.

Business • 09 Mar 23

Brent oil prices are lower today on the back of profit taking

Brent oil falls on fears over global economic slowdown

Brent crude oil slipped more than 1% in a volatile session today as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day's gains.

Business • 21 Feb 23

World oil prices closed by about 4% lower last week after the US reported higher crude and gasoline inventories

Oil rises on China demand hopes, supply concerns

Oil prices edged higher today, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply.

Business • 20 Feb 23

Oil prices eased by about 1% today after rising 2% on Friday

World oil prices falls on demand worry

Oil prices slumped by about 1% today as investors focused on short-term demand concerns ahead of key US inflation data.

Business • 13 Feb 23