Fears Of Economic Slowdown Cap Crude Prices

Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation. The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could … Read more

Rosneft: Germany takes over Russian-owned oil refineries

Berlin/London CNN Business — The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany’s economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft’s subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing account for about 12% … Read more

Russian sanctions slow to bite as US officials admit frustrations over pace of pain in Moscow

Washington CNN  —  Senior US officials tell CNN they are disappointed US-led sanctions haven’t had a bigger impact so far on the Russian economy and are now predicting that the harshest effects probably won’t materialize until early next year at the earliest. The hope had been that the sanctions would quickly choke off Russia’s war … Read more

China’s Covid Lockdowns Are The Single Biggest Threat To Oil Markets

The sharp drop in crude oil prices last week on news that China had extended a Covid-19 lockdown in Chengdu, the capital of the southwestern province of Sichuan, for the majority of its 21 million residents, again highlighted the capacity for such news to cause major sudden falls oil prices in a market characterized by … Read more

Oil Gains 2% As Iran Deal Fades, Market Eyes Tight Supply

By Tom Kool – Sep 12, 2022, 11:30 AM CDT WTI crude gained 2% on Monday morning. European diplomats expressed “serious doubt” that Tehran is genuinely seeking a revival of the 2015 nuclear deal. Softer US dollar supports crude prices. Oil prices pared some losses on Monday, with Brent gaining nearly … Read more

UAE tops India in Kenya’s imports race on costly oil

Market News UAE tops India in Kenya’s imports race on costly oil Monday September 12 2022 President Uhuru Kenyatta with Sheikh Nahyan bin Mubarak Al Nahyan, a Dubai minister. PHOTO | PSCU The United Arab Emirates has leapfrogged India to become Kenya’s second largest source market after China on the back of soaring oil prices, … Read more

Markets to take cues from macro data, global trends

Trading in the domestic equity market this week will be largely driven by a host of macroeconomic data announcements and global trends, analysts said. Industrial production data for July and inflation rate for August are scheduled to be announced on Monday. Wholesale price index (WPI) inflation data will be released on Wednesday. “The direction of … Read more

Bearish Sentiment Builds In Oil Markets

Bearish sentiment appears to be running rampant in oil markets, with OPEC+ production cuts and supply threats from Russia unable to significantly slow the oil price slide. Oilprice Alert: This month’s Intelligent Investor column, now available for Global Energy Alert members, compares two of the most promising Canadian oil stocks on the market. If you’re … Read more

The White House is not considering further releases of emergency oil at this time, official says

CNN — The Biden administration is not debating whether to unleash another round of emergency oil from the national stockpile at this time, an administration official told CNN on Thursday. In response to the war in Ukraine, US President Joe Biden announced a plan on March 31 to release one million barrels of oil per … Read more

Oil up nearly 3% as OPEC+ agrees to small oil output cut | WION Business News – WION

Oil up nearly 3% as OPEC+ agrees to small oil output cut | WION Business NewsWION OPEC+ makes small trim to world oil supplies as prices fallThe Associated Press Oil producer group OPEC+ surprises energy markets with a small production cutCNBC OPEC+ slashes oil production by 100K barrels per day as prices fallAxios OPEC+ to … Read more