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World oil prices are on track for a small weekly drop after gaining more than 10% in the previous three weeks

Oil rises as supply concerns outweigh demand fear

Oil prices rose today as renewed global supply concerns from Russia's fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates.

Business • 22 Sep 23

Oil prices have gained in the past two consecutive weeks with Brent settling at its highest since November on Friday

Oil prices ease from 10-month highs but hold above $90

The benchmark oil price stabilised today, holding above $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts.

Business • 11 Sep 23

Saudi Arabia and Russia yesterday extended their voluntary oil cuts to the end of the year

Oil prices shuffle back as supply jitters shrugged off

Oil prices reversed course today after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.

Business • 06 Sep 23

A hurricane in the Gulf of Mexico is keeping oil investors on edge

Oil rises on US stockpile draw and hurricane jitters

Oil prices extended gains today after US government data showed tighter-than-expected crude supplies in the world's biggest fuel consumer, while a hurricane in the Gulf of Mexico kept investors on edge.

Business • 30 Aug 23

Oil investors are weighing the enduring possibility of another US interest rate hike undercutting demand against supply concerns emanating from a hurricane moving towards the US gulf coast

Oil steadies as demand worries counter supply concerns

Oil prices crept up today as supply concerns from a hurricane hurtling towards the US Gulf Coast limited bearish sentiment about the possibility of another US interest rate hike undercutting demand.

Business • 29 Aug 23

World oil prices snapped a seven-week winning streak last week with a weekly loss of 2%

Oil up 1% on tighter supplies and heating oil prices

Oil prices edged higher today as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth.

Business • 21 Aug 23

World oil prices rise after falls yesterday

Oil prices wobble on worries over China economy

Oil prices crept up today after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy.

Business • 17 Aug 23

Oil prices edged lower today after sluggish Chinese economic figures

World oil prices slip as China sours sentiment

Oil prices edged lower today on sluggish Chinese economic figures coupled with fears that Beijing's unexpected cut in key policy rates was not substantial enough to rejuvenate the country's sputtering post-pandemic recovery.

Business • 15 Aug 23

Oil prices have been buoyed by worries about supply tightness

Oil firms climb to multi-month highs

Oil recouped early marginal losses on Thursday, climbing to multi-month peaks as the market weighed supply tightness concerns with fuel demand worries ahead of key US inflation data.

Business • 10 Aug 23

World oil prices are set for their longest streak of weekly gains this year

Oil set for sixth weekly gain on extended supply cuts

Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output up to September.

Business • 04 Aug 23

Brent and WTI settled on Friday at their highest levels since April

Oil on track for biggest monthly gains in over a year

Oil prices were set to post their biggest monthly gains in more than a year today, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

Business • 31 Jul 23

A weaker dollar, optimism surrounding Chinese stimulus and US stockpile data were also supporting the positive sentiment in oil markets

Oil stuck between supply strains and economic doubt

Oil crept higher today in a market caught between expectations supply cuts by the world's biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand.

Business • 12 Jul 23

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices

Oil steady as supply cuts counter economic headwinds

Oil prices were little changed today as traders weighed supply cuts by the world's biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook.

Business • 11 Jul 23

Oil prices climbed about 3% yesterday after the US Energy Information Administration said crude inventories dropped by 9.6 million barrels in the week ended June 23

Oil steadies after spiking on US inventory fall

Oil prices edged higher today, buoyed by a bigger-than-expected fall in US inventories, but fears that rising interest rates could dent global economic growth limited further gains.

Business • 29 Jun 23

Analysts said markets could price in a moderately higher probability of domestic volatility in Russia leading to supply disruptions

Oil markets shrug off Russian political turmoil

Oil prices firmed slightly today, with political instability from an aborted revolt by Russian mercenaries over the weekend viewed by the market as not posing an immediate threat to oil supply from one of the world's largest producers.

Business • 26 Jun 23

Prices fell earlier in the session on weak Chinese economic data

Oil prices edge higher as Saudi cut outweighs weak data

Oil prices climbed over 1% today as Saudi Arabia's surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising US fuel stocks.

Business • 07 Jun 23

Oil prices edged lower early today, coming off yesterday's gains

Oil falls as economic backdrop outweighs Saudi cut

Oil prices tumbled by more than $1 a barrel, retreating from a strong rally in the previous session as worries over global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

Business • 06 Jun 23

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

Brent