China and India buy more oil, cashing in on price cuts by Saudi Arabia

The prices of crude oil turned green on the screens in the stock markets on Wednesday across the world – finally. As of 10:30 GMT, WTI and Brent prices recorded $68.61 and $71.88 respectively, a rise of 0.51% and %40 in that order. Some analysts attribute the rise in price today to a boost in China’s…

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Saudi Arabia's move to bring the oil price down for Asia: it's better late than never!

Saudi Arabia reduced the price of crude oil for Asia on Sunday, which came as a bolt from the blue for the beleaguered markets. The cut was substantial; it was more than $1 and the move makes perfect sense as far as the biggest markets base of the Kingdom is concerned. It goes without saying the tur…

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Norwegians go to polls next Monday: oil and gas industry is under intense spotlight

With a new election looming, the oil industry that transformed Norway from a poor nation in Europe to one of the wealthiest countries in the world in five decades, with an enviable welfare state to match, suffered a setback recently, which could have far-reaching consequences in the years to come. N…

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Crude oil markets: uncertainties gradually subside, without derailing the recovery

The weaker dollar managed to eclipse the psychological hindrances faced by the investors this week that in turn resulted in a diffident rise in oil price, which saw a significant fall in August. As of 18:00 GMT, the price of WTI and Brent were $69.29 and $72.61 respectively, recording the modest ris…

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Oil Price: Chinese success in controling Covid-19 rekindles the investors' spirit

China, the apparent epicentre of the Covid-19 catastrophe, once again proved once thing it is really good at – keeping the spread at bay. The data of daily infections, according to Google, shows that the curve is flattening, indeed. In proportion, the Chinese authorities have eased the restrictions …

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Apparent unity of OPEC+ and US inventory data elevate the moods in the markets

Crude oil price rose modestly leaving behind the inexplicable fluctuations that we witnessed in the last few days. The markets breathed a sigh of relief when OPEC+ announced that it will ease the production cuts gradually on Wednesday. What was remarkable is the fact that the time it took for the mi…

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OPEC+ Ministerial Meeting: how will they handle the balancing act?

The JTC, Joint Technical Committee of the OPEC+, released its data on the eve of the group’s ministerial meeting scheduled on Tuesday evening at 17:00 at Vienna time. According to the JTC, the global demand of crude oil is going up at a steady rate, but the supply will not be able to catch up with i…

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OPEC+ expresses concern over the demand: China admits its economy suffered in August

Although China managed to control the outbreaks of the Delta variant of the Covid-19, it could not mitigate the impact on the economy during the period from July to August. The latest data from the National Bureau of Statistics of China, released on the eve of the latest OPEC+ meeting,  clearly show…

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Hurricane Ida downgraded: crude oil markets slowly react to the news

The price of crude oil recorded a slight fall on Monday, perhaps at the news that the Hurricane Ida, which had been battering the US Gulf Coast on Sunday, has finally been downgraded to a tropical storm. Although the strong winds can still cause mayhem, the impact on the ordinary lives appears to be…

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Amazing recovery of the price of crude oil

The price of crude oil has been rising for the whole week, having suffered a 15% loss in the first three week in August.  The fall of price by almost $11 a barrel made some pundits predicting a new crash, something that did not materialise. One of the main factors that sent the price of crude oil on…

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Oil Price: Tropical Storm Ida raises the prospect of crude oil supply crunch in the US

The price of crude oil rose on Friday in line with short-term supply uncertainties. As of 10:30 GMT, the price of WTI and Brent stood at $68.45 and $71.98 respectively - with a rise of 1.53% and 1.29%. On political front, the bomb attack by the ISIS-K in Afghanistan targeting the US troops sent the s…

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Oil price: API and EIA lift the moods up in the crude oil markets

The price of crude oil appears to have recovered the losses suffered throughout the last week. It got the much-needed boost this week when the data from the API, American Petroleum Institute and the EIA, US Energy Information Administration, showed draws in the US crude oil inventories. The EIA repo…

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Crude oil price: the Taliban factor in the crude oil markets

Crude oil markets made a significant recovery on Monday, having been through disturbing price fluctuations in the last few days. As of 18:00 GMT, the price of WTI and Brent stood at $65.52 and $68.60 with a rise of 5.44% and 5.25% respectively. Since there was no change in the factors that usually a…

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Iran' Oil Production is up in the hope of reviving the JCPOA

According to the latest report on oil productions by the member states by the OPEC+, the Iranian crude oil output for July shows an increase by 28%, compared to the output for the same month last year. The figure for July, 2021 stood at 2.485 million bpd and it was 1.936 million bpd for the same per…

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🤔 Crude Oil Price Fluctuates as if it followed the path of the Sun across the sky!

The oil price is falling and the pattern of fall on a given day remains puzzling, though. In the past few days it was as if the crude oil price followed the apparent movement of the Sun across the sky! In the early hours of the day when the markets in the Asia open, the price picks up only to fall ag…

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