Oil touches seven-week high amid demand optimism, war concerns; brent crude at $85.53/bbl
6 months ago

Oil touches seven-week high amid demand optimism, war concerns; brent crude at $85.53/bbl

Live Mint  

Oil prices reached seven-week highs on Wednesday, driven by optimism about summer demand and concerns over escalating conflicts, despite an industry report indicating an unexpected rise in U.S. crude inventories. Brent crude futures for August, set to expire on Thursday, increased by 20 cents to $85.53 a barrel by 12:35 GMT, while the more actively traded September contract rose by 21 cents to $84.74. The Brent price being $8 above the lows reached in early June reflects genuine optimism that the global oil balance will eventually tighten. In the Middle East, Israeli Foreign Minister Israel Katz warned of a potential "all-out war" with Lebanon's Hezbollah, despite U.S. efforts to prevent a broader conflict between Israel and the Iran-backed group.

History of this topic

Oil prices ease on surplus concerns, dollar strength
1 day, 12 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
Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 5 days ago
Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
3 weeks 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 Little Changed in Thin Trading After OPEC Delays Meeting
Trending News
3 weeks, 4 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 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 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
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 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 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
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
Oil prices subdued, energy security concerns escalate on West Asia tensions
8 months, 1 week ago
Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago
Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl
9 months ago
Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl
9 months ago
Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 1 week ago
Oil prices pull back on delayed US Fed rate cuts; Brent down 1% to $82/bbl
9 months, 3 weeks ago
Oil prices rise on uncertainty over Gaza ceasefire, OPEC cut; Brent at $83/bbl
9 months, 3 weeks ago
Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
9 months, 4 weeks ago
Oil rises 1%, heads for weekly gain as Middle East conflict rages
10 months, 2 weeks ago
Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
10 months, 3 weeks ago
Oil scores weekly gain as Middle East risk offsets China concerns; Brent at $78
11 months ago
Oil edges lower from 1-month high-mark on Red Sea developments; Brent at $80
11 months, 3 weeks ago
Brent crude to remain range-bound in near term, may witness some decline: Emkay
11 months, 4 weeks ago

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