Oil price news today
Here are the latest oil price news updates:
Current Oil Prices:
- West Texas Intermediate (WTI) Crude Oil: $63.35 per barrel (up 0.6% from yesterday)
- Brent Crude Oil: $66.45 per barrel (up 0.5% from yesterday)
- Natural Gas: $2.63 per million British thermal units (up 0.4% from yesterday)
News and Analysis:
- 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 (bpd) 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 could 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 could impact 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 could put downward pressure on oil prices.
Market Outlook:
- Bullish sentiment: Despite the recent increase in oil prices, many analysts remain bullish on the market, citing factors such as strong demand, limited supply, and the potential for further production cuts.
- Bearish sentiment: Others are more bearish, citing concerns about the impact of the pandemic on global oil demand, as well as the potential for increased oil production from non-OPEC countries.
Price Forecasts:
- Goldman Sachs: Goldman Sachs is forecasting that Brent crude oil prices will average $65 per barrel in the second half of 2022.
- Bank of America: Bank of America is forecasting that Brent crude oil prices will average $70 per barrel in the second half of 2022.
- IEA: The IEA is forecasting that Brent crude oil prices will average $65 per barrel in 2022.
Please note that oil prices can be volatile and are subject to a range of factors, including global economic conditions, geopolitical events, and changes in supply and demand. These forecasts and news updates are subject to change and should not be considered investment advice.