(Bloomberg) Oil wiped out an earlier sharp jump as Iranian media appeared to downplay the impact of Israeli strikes that followed last weekend’s unprecedented bombardment by Tehran.Most Read from BloombergElon Wants His Money BackDubai Grinds to Standstill as Flooding Hits CityIsrael Reported to Have Launched Retaliatory Strike on IranRecord Rainfall in Dubai? Blame Climate Change, Not Cloud SeedingOil Erases Advance After Iranian Media Downplays Israel’s AttackBrent crude traded little chang
US Strategic Reserve: Brent crude futures rose 11 cents, or 0.2%, to USD 75.95 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures were at USD 71.30 a barrel, up 7 cents, or 0.1%. Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns.
Chevron Corporation (NYSE: CVX) reportedly perceives a constrained path ahead for Venezuela's oil production expansion, even as the country received a reprieve f
The International Energy Agency (IEA) has lowered its growth forecast for oil demand in 2024 due to global economic conditions and increased energy efficiency. The IEA now predicts a rise of 880,000 barrels per day, down from its previous forecast of 1 million. However, the agency raised its 2023 demand forecast to 2.3 million bpd. OPEC+ has been limiting supplies to support prices, but if extra cuts are removed in January, there could be a surplus.
Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. That snapped a three-week rally of more than 10% after Saudi Arabia and Russia constrained supply by extending production cuts to the end of the year.