From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 1 month ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to $83.95 a barrel, which at the time - was the highest rise in more than a year. -By the end of September 2023, crude oil prices had risen 30 per cent in three months, with Brent staring at the $100/bbl-mark, over the supply cuts by the oil producing majors. -In October 2023, the Israel-Hamas war drove crude oil prices between 3-6 per cent, however, the momentum could not be sustained as global demand concerns outweighed the impact of supply cuts. ‘’If Brent crude prices remain elevated at this level for the remainder of the fiscal, we anticipate that the full-year average price for Indian crude oil basket could be ~$86-87 per barrel,'' said CareEdge Ratings.

History of this topic

Oil prices ease on surplus concerns, dollar strength
1 day, 23 hours ago
Oil climbs as Assad's fall brings more uncertainty to Middle East
2 weeks, 1 day ago
Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
2 weeks, 3 days ago
Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict
2 weeks, 4 days ago
Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
2 weeks, 5 days ago
'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
2 weeks, 5 days ago
Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 6 days ago
Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
3 weeks ago
Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
3 weeks, 1 day ago
Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
3 weeks, 3 days ago
Oil Drifts Lower in Thin Trading on Cease-Fire, OPEC Delay
3 weeks, 4 days ago
Oil settles down as ease of supply risks drives weekly loss
3 weeks, 4 days ago
Oil Little Changed in Thin Trading After OPEC Delays Meeting
Trending News
3 weeks, 5 days ago
Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73
1 month ago
Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 1 week ago
Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
1 month, 1 week ago
China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 1 week ago
Oil Holds Near November Lows as Traders Brace for Crude Glut
1 month, 1 week ago
Oil falls on Chinese stimulus disappointment, supply outlook
1 month, 1 week ago
Oil gains 1% in five days on US elections, Fed rate cut; Brent sits 2% lower to $73 dragged by subdued China stimulus
1 month, 2 weeks ago
Oil rises as investors take stock of Trump victory, US crude stocks rise
1 month, 2 weeks ago
Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74
1 month, 2 weeks ago
Oil hits one-week high on weak dollar ahead of US election results; Brent nears $76/bbl, WTI extends five-day streak
1 month, 2 weeks ago
Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 weeks ago
Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
1 month, 3 weeks ago
Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months ago
Oil Prices Soar as Middle East Tensions Escalate
2 months, 2 weeks ago
Saudi minister warns of $50 oil as OPEC+ members flout production curbs
2 months, 3 weeks ago
Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor
2 months, 3 weeks ago
Lebanon crisis: Oil prices climb on Middle East tensions
3 months ago
Investors turned more bearish on oil last week than ever
3 months, 1 week ago
Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
3 months, 1 week ago
Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
3 months, 2 weeks ago
Oil stabilises as signs of economic slowdown clash with Fed rate cut hopes; brent crude at $85.09/bbl
5 months ago
Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl
5 months, 1 week ago
Oil prices decline over 1% on Chinese demand jitters
5 months, 1 week ago
Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
5 months, 3 weeks ago
Oil touches seven-week high amid demand optimism, war concerns; brent crude at $85.53/bbl
6 months ago
Oil records longest losing streak in 5 months on hawkish US Fed policy, demand worries; Brent down 2% at $82/bbl
6 months, 4 weeks ago
Oil drops for fourth straight session as hawkish US Fed stance weakens demand outlook; Brent at $81/bbl
7 months ago
Crude oil extends decline despite geopolitical tensions; 4 key reasons weighing on prices
7 months ago
Oil set for weekly gain as demand signs, geopolitics seen as positives
7 months, 2 weeks ago
Oil set for weekly gain as demand signs, geopolitics seen as positives
7 months, 2 weeks ago
Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl
7 months, 2 weeks ago
Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What’s cooling down the commodity?
7 months, 3 weeks ago
OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago
Petroleum minister discusses ongoing market volatility with Opec secretary-general
8 months ago
Crude oil prices jump 4% on reports of Israel strikes on Iran; Brent crude above $90 a barrel
8 months ago
Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
8 months, 1 week ago
ONGC share price rises 5% as Jefferies expects more than 40% upside-4 key reasons why
8 months, 1 week ago

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