Trading giants Trafigura and Gunvor have been on a buying spree in the Brent crude oil market, driving prices to their highest level since the benchmark’s methodology changed in 2023. Their activity underscores the critical role Brent plays in setting global oil prices. However, recent buying has also sparked concerns around the future of the benchmark as the oil market continues to evolve.
oil prices
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Oil prices defied expectations on Thursday, climbing due to worries about potential disruptions to global crude supply caused by geopolitical tensions in the Middle East and Europe, even though U.S. crude oil inventories unexpectedly increased.
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Oil prices dropped for the third straight session due to a strong U.S. dollar and global economic concerns. Brent crude fell to $72.45 per barrel, while WTI crude dropped to $67.80.
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Oil prices surged on Thursday, fueled by a surprise draw in US crude oil inventories and speculation of a potential interest rate cut by the Federal Reserve. However, geopolitical tensions in the Middle East continue to cast a shadow of uncertainty.
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Amid escalating geopolitical tensions, oil prices surged due to concerns over potential disruptions in global oil supply chains, affecting market stability and price dynamics.
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Oil prices surged as uncertainty over Iran’s political future stirred concerns about potential disruptions in the global oil supply, driving up crude prices.
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Oil prices rebounded on Wednesday, reversing course after earlier dipping to multi-month lows. The uptick follows positive economic data from the United States and a weaker dollar.
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Saudi Aramco is maintaining its $31 billion dividend payout despite a decline in profits. This decision highlights the challenges and opportunities for the kingdom’s economic diversification plans, which include potential share sales and production adjustments.
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Oil prices experienced a volatile swing on Thursday, initially dipping due to weak US economic data before rebounding on reassurances about the US economy’s strength and jitters surrounding the Israeli-Palestinian conflict.
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Oil prices fell on Monday after initial concerns about a wider conflict in the Middle East subsided. This followed Iran’s weekend attack on Israel proving less disruptive than anticipated.