Brent Crude

Oil prices were little changed early today as supply worries offset recession fears and China's commitment to its zero-COVID policy.

Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast.

Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China.

Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.

Benchmark Brent oil climbed above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn.

Brent was on track to climb more than 4% for the week, recouping part of last week's 14% tumble, its biggest weekly decline since April 2020.

Global benchmark Brent is down sharply since hitting $139 in March, which was close to the all-time high in 2008, as investors have been selling oil of late on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand.

Oil prices were roughly unchanged in early trading on Friday after sliding around 3 per cent in the previous session

Oil prices fell below $100 per barrel in early Asian trading on Wednesday as US inventory data showed buildups in crude oil and refined products amid rising fears of a global economic slowdown.

Brent crude futures fell 82 cents or 0.8% while U.S. WTI crude futures declined by $1.04, or 1% after both posted gains of around 2% last Friday.

Brent crude rose 26 cents to settle at $122.27 a barrel. U.S. West Texas Intermediate crude rose 26 cents to settle at $120.93 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.

Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.4.

Brent crude futures for August settled down $2.7, or 2.2%, at $118.51 a barrel, having fallen as low as $117.75. U.S. West Texas Intermediate crude for July fell $3.62, or 3.04%, to $115.31 a barrel, after dropping to a low of $114.60.

Oil prices continued to pull back on Thursday, dropping more than 2 per cent as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies.

Brent crude futures settled at $110.05 a barrel, falling $1.69, or 1.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $104.27 a barrel, down $1.92, or 1.8%.

Oil prices were little changed early today as supply worries offset recession fears and China's commitment to its zero-COVID policy.

Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast.

Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China.

Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.

Benchmark Brent oil climbed above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn.

Brent was on track to climb more than 4% for the week, recouping part of last week's 14% tumble, its biggest weekly decline since April 2020.

Global benchmark Brent is down sharply since hitting $139 in March, which was close to the all-time high in 2008, as investors have been selling oil of late on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand.

Oil prices were roughly unchanged in early trading on Friday after sliding around 3 per cent in the previous session

Oil prices fell below $100 per barrel in early Asian trading on Wednesday as US inventory data showed buildups in crude oil and refined products amid rising fears of a global economic slowdown.

Brent crude futures fell 82 cents or 0.8% while U.S. WTI crude futures declined by $1.04, or 1% after both posted gains of around 2% last Friday.

Brent crude rose 26 cents to settle at $122.27 a barrel. U.S. West Texas Intermediate crude rose 26 cents to settle at $120.93 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.

Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.4.

Brent crude futures for August settled down $2.7, or 2.2%, at $118.51 a barrel, having fallen as low as $117.75. U.S. West Texas Intermediate crude for July fell $3.62, or 3.04%, to $115.31 a barrel, after dropping to a low of $114.60.

Oil prices continued to pull back on Thursday, dropping more than 2 per cent as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies.

Brent crude futures settled at $110.05 a barrel, falling $1.69, or 1.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $104.27 a barrel, down $1.92, or 1.8%.