Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall.
Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.
Malaysia’s national oil and gas company has reported MYR171.7 billion ($39.4 billion) in revenue for the first six months of 2024, up MYR2.7 billion ($459.5 million) compared to the same period last year despite weaker selling prices especially for liquefied natural gas.
Crude oil prices hit year-to-date lows on Wednesday, with Brent at $72.63 and WTI at $69.19, driven by weak demand in China and other markets.
OPEC+ delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Commodity analysts highlight trend-following strategies and potential for a short-covering rally in oil, while the return of Libyan oil adds further downward pressure on prices.
Oil plummeted — erasing its gains for the year — after a prospective deal to restore supplies from Libya turned traders’ attention back to concerns about tepid global demand for crude.
BP, Chevron, ExxonMobil, Equinor, Shell, and TotalEnergies among those funding industry-backed scheme to accelerate efforts to curb emissions from oil and gas projects
A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Oil prices rose sharply after the American Petroleum Institute reported a significant drop in US oil inventories.
Lower-than-expected producer price inflation boosted hopes for a Federal Reserve rate cut.
Oil prices had been under pressure before the API report, with the IEA and OPEC warning of slowing demand next year.
Oil prices extended gains on Thursday after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and concern over its impact on oil.