Oil price news now
Here are the latest oil price news updates:
Current Oil Prices:
- Brent Crude: $63.43 per barrel (up 0.43% from yesterday)
- West Texas Intermediate (WTI): $59.43 per barrel (up 0.35% from yesterday)
- Natural Gas: $2.63 per million British thermal units (up 0.45% from yesterday)
Recent News:
- OPEC+ agrees to increase oil production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, have agreed to increase oil production by 500,000 barrels per day (b/d) in July, according to a report by Bloomberg. This decision is seen as a move to stabilize the global oil market and address concerns about a potential supply shortage.
- US oil inventories rise: The US Energy Information Administration (EIA) reported that crude oil inventories in the United States rose by 2.5 million barrels last week, exceeding expectations. This increase in inventories has put downward pressure on oil prices.
- China's oil demand slows: China's oil demand has slowed down due to the ongoing COVID-19 pandemic and economic uncertainty, according to a report by the International Energy Agency (IEA). This has led to concerns about the impact on global oil demand and prices.
- Iran's oil exports rise: Iran's oil exports have risen to their highest level in months, according to a report by Reuters. This increase in exports is seen as a positive sign for the global oil market, as it suggests that Iran's oil production is recovering after years of sanctions.
Market Analysis:
- Oil prices are expected to remain volatile: Oil prices are expected to remain volatile in the coming weeks, driven by concerns about global demand, supply disruptions, and the ongoing pandemic.
- Brent crude may test $65 per barrel: Some analysts are predicting that Brent crude may test $65 per barrel in the coming weeks, driven by the OPEC+ agreement to increase production and the potential for a recovery in global demand.
- WTI crude may struggle to break above $60 per barrel: WTI crude may struggle to break above $60 per barrel, due to concerns about the impact of the pandemic on global demand and the potential for a supply glut.
Please note that oil prices can fluctuate rapidly and may be affected by a wide range of factors, including global economic conditions, geopolitical events, and changes in supply and demand.