Oil price news reuters
Here are the latest oil price news updates from Reuters:
Latest Oil Price Updates
- Brent crude oil price: $63.45 per barrel (up 0.6% from previous close)
- West Texas Intermediate (WTI) crude oil price: $59.35 per barrel (up 0.5% from previous close)
Recent News
- Oil prices rise on supply concerns, OPEC+ output cuts: Oil prices rose on Monday, driven by concerns over global supply and the OPEC+ cartel's decision to cut output. Brent crude oil rose 0.6% to $63.45 per barrel, while WTI crude oil gained 0.5% to $59.35 per barrel. (Source: Reuters)
- US oil output falls for first time in 2023: US oil production fell in the first quarter of 2023 for the first time this year, according to data from the Energy Information Administration (EIA). The decline was driven by reduced drilling activity and maintenance at some oil fields. (Source: Reuters)
- OPEC+ agrees to cut oil output by 1 million barrels per day: The OPEC+ cartel agreed to cut its oil output by 1 million barrels per day, effective from May, in an effort to support prices and balance the global oil market. The cut is the largest since the pandemic-induced oil price crash in 2020. (Source: Reuters)
- US oil inventories rise for first time in 2023: US oil inventories rose for the first time this year, according to data from the Energy Information Administration (EIA). The increase was driven by higher imports and lower refinery runs. (Source: Reuters)
Market Analysis
- Oil prices may rise to $70 per barrel by year-end: Oil prices may rise to $70 per barrel by the end of the year, driven by supply concerns and the OPEC+ cartel's output cuts, according to a report by Goldman Sachs. (Source: Reuters)
- Oil demand to rise 1.4 million barrels per day in 2023: Global oil demand is expected to rise by 1.4 million barrels per day in 2023, driven by economic growth and increased energy consumption, according to the International Energy Agency (IEA). (Source: Reuters)
Company News
- ExxonMobil to invest $20 billion in low-carbon projects: ExxonMobil announced plans to invest $20 billion in low-carbon projects over the next five years, as the company seeks to reduce its carbon footprint and meet growing demand for cleaner energy. (Source: Reuters)
- BP to invest $1 billion in US wind energy: BP announced plans to invest $1 billion in US wind energy projects, as the company seeks to expand its renewable energy portfolio and reduce its dependence on fossil fuels. (Source: Reuters)
Please note that oil prices can fluctuate rapidly and may be affected by a range of factors, including global economic conditions, geopolitical events, and changes in supply and demand.