Brent crude could again test $120/bbl as Middle East supply disruptions, falling inventories and widespread refinery constraints erode the buffers that previously helped contain oil prices, according to analysts at PVM Oil Associates, part of TP ICAP. John Evans, analyst at PVM, said the prospect of $120 Brent has become a “live” consideration again […]
Domestic equity benchmark indices opened higher on Monday, supported by a sharp decline in crude oil prices.
Oil prices have climbed following the latest flare-up in hostilities between the United States and Iran.
The global oil market narrative has changed dramatically since the start of 2026. In January, the dominant concern was a potential supply glut. Global inventories looked comfortable, and Brent crude prices were expected to stay subdued for much of the year.
In a notably quiet week, holiday-thinned liquidity kept ICE Brent range-bound at $65.80–$67.90/bbl despite a steep U.S. stock selloff.
OPEC+’s decision to delay a rollback of production cuts agreed last year has rekindled trader interest in the commodity with a view to a tighter supply picture in 2025.
Growing U.S. oil inventories sent crude oil prices sliding by a dollar a barrel in Wednesday’s trading. Investors fear the growing crude inventory could result in less demand for oil in the nation.
West Texas Intermediate, the US benchmark, dropped $1.23 or 1.6% to settle at $76.64 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark for crude, rose to $83.19/barrel on Tuesday evening, moving up by $1.19 when compared to its cost the preceding day, as latest data from the Federal Government indicated that Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.
Oil prices refrained from responding to geopolitical pressure on Monday, instead dropping slightly on solid numbers from the U.S. jobs report and a caution over interest rate cuts.
The latest report from the U.S. Bureau of Labor Statistics showed accelerating job growth for January, with wages seeing a two-year-high increase.
Oil prices jumped 1 percent on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks.