U.S., European Allies Try to Restrain Global Oil Prices
The U.S. and its allies are searching for ways to limit further surges in global oil prices, attempting to balance efforts to cut off Russia’s revenue from its energy sales Continue Reading
Insurance Ban Is The EU’s Biggest Blow Yet To Russian Oil Exports
The EU has just taken another drastic step to curb Russian oil revenues. Joining the UK, the EU has placed a ban on insuring and financing the marine transportation of Continue Reading
Oil prices advance despite U.S. inventory rise
Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent Continue Reading
Oil Gains Near $120 With Traders Awaiting Summer Demand Uptick
Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rose above Continue Reading
Oil prices face big volatility as spare capacity dries up
After more than a year of pressure from the United States and other top oil consuming countries, OPEC+ finally agreed to accelerate oil supply increases last week to tame runaway Continue Reading
Goldman Now Sees Oil Hitting $140 This Summer
Goldman Sachs raised its short-term target for Brent crude from $125 to $140. Recovery in Chinese demand and a potential drop in Russian production may further lift prices. Goldman: the Continue Reading
Trading Giant Trafigura Sees Oil Headed To $150 This Year
Crude oil prices may soon hit $150 per barrel or more this year, Trafigura’s CEO Jeremy Weir told the FT Global Boardroom conference on Tuesday. The spike in crude oil Continue Reading
Global Growth Will Be Choked Amid Inflation and War, Says World Bank
For large and small nations around the globe, the prospect of averting a recession is fading. That grim prognosis came in a report Tuesday from the World Bank, which warned Continue Reading
Trafigura warns oil prices could reach ‘parabolic state’ in threat to global growth
The head of Trafigura has warned that the oil market could reach a “parabolic state” later this year with prices surging to record highs and triggering a slowdown in economic Continue Reading
World Bank slashes global growth forecast to 2.9%, warns of ‘stagflation’ risk
The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Continue Reading