Latest news with #MurbanCrude
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Oil Prices Head for Second Weekly Loss ahead of OPEC+ Decision
Taarek Refaat Oil prices are set for a second consecutive weekly loss ahead of an anticipated OPEC+ meeting on production policy, which is expected to result in a further increase in supply. Brent crude fell below $64 a barrel after falling 1.2% on Thursday, while West Texas Intermediate (WTI) crude traded near $61. Latest Prices: WTI Crude $60.64 -0.49% Brent Crude $63.84 -0.48% Murban Crude $63.35 -0.30% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.039 -0.97% Natural Gas $3.543 +0.60% Producers are scheduled to meet on Saturday to set July production levels, after preliminary discussions last week covered a third consecutive increase in supply. The faster-than-expected resumption of production disruptions by OPEC+ has raised concerns of a supply glut, contributing to pressure on prices. Fears of a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures have also increased pressure on oil prices. Although Trump's sweeping tariffs have rattled global markets, they now face legal challenges. A US trade court ruled this week that some of them were illegal, while a federal appeal granted a temporary reprieve before the ruling is implemented. Meanwhile, US crude inventories fell by 2.8 million barrels last week, the largest decline in about two months, according to Energy Information Administration data released Thursday. Gasoline inventories also declined. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
23-05-2025
- Business
- See - Sada Elbalad
Oil Prices Fall amid Reports of Possible Increase in OPEC+ Production
Taarek Refaat Oil prices fell on Thursday as investors assessed a report that the OPEC+ alliance is discussing a production increase for July, raising concerns that global supply could outpace demand growth. Brent crude futures fell 1.02% to $64.25 a barrel by the end of trading. U.S. West Texas Intermediate (WTI) crude fell 0.83% to $61.06 a barrel. Latest Oil Prices: WTI Crude $60.77 -0.70% Brent Crude $64.01 -0.67% Murban Crude $63.85 -1.25% Louisiana Light $65.43 -1.56% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Natural Gas $3.274 +0.65% Gasoline $2.127 -0.22% The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are discussing the possibility of implementing another significant production increase at their meeting scheduled for June 1. Among the options being considered is a 411,000 barrel per day increase for July, although a final agreement has not yet been reached. Industry sources had reported that Kazakhstan's oil production rose 2 percent in May. Reuters previously reported that the group plans to accelerate production increases, potentially restoring up to 2.2 million barrels per day by November. This is part of a gradual process to end production cuts, with supply increases occurring during May and June. Prices had already fallen earlier in the session after U.S. Energy Information Administration data on Wednesday showed a surprise build in crude oil and fuel inventories last week, with crude imports hitting a six-week high and demand for gasoline and diesel declining. The Energy Information Administration said crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ending May 16, compared to analysts' expectations for a similar decline. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
04-04-2025
- Business
- See - Sada Elbalad
Oil Prices Lose 6.6% amid Tariffs, Production Increase
Taarek Refaat Oil prices have plunged further after President Donald Trump's tariffs and OPEC+'s decision to increase production at a faster rate than previously announced, leading to their worst decline since 2022. Brent crude futures fell 6.42% to settle at $70.14 a barrel. US crude futures also fell 6.64% to settle at $66.95 a barrel. Also, West Texas Intermediate (WTI) fell below $67 a barrel, after losing 6.6% on Thursday, while Brent crude closed near $70. This marked Brent's worst decline since August 1, 2022, while US crude recorded its worst decline since July 11, 2022. Latest Oil Prices: WTI Crude $66.28 -1.00% Brent Crude $69.48 -0.94% Murban Crude $71.91 -0.62% Louisiana Light $76.41 +4.03% Bonny Light $78.62 -2.84% Mars US $72.90 -1.51% Gasoline $2.140 -1.10% Natural Gas $4.101 -0.89% The OPEC+ alliance has decided to increase oil production by more than previously estimated starting in May, benefiting from improved market indicators and increased global demand for crude, according to an official statement posted on its website after a virtual meeting held today. The alliance said it will increase production by approximately 411,000 barrels per day, equivalent to three months of planned increases, exceeding the previously planned increase for May alone, with flexibility to adjust or halt this rate depending on market developments. The surprise decision deepened the slide in oil prices, which had already begun following US President Donald Trump's announcement on Wednesday of historic tariffs. While lower oil prices may ease inflationary pressures on central banks, they also highlight broader concerns about growth prospects, which have prompted companies across the sector to lower their forecasts in recent weeks. In the latest warning about the impact of these tariffs on growth, International Monetary Fund Managing (IMF) Director Kristalina Georgieva considered the reciprocal US tariffs a significant risk to the global economy, especially given the slowdown in growth. In a statement, she urged avoiding steps that could further damage the economic recovery, urging the US and its trading partners to work together to resolve tensions and reduce uncertainty. "The perfect mix of pessimism has prevailed in Washington and Vienna," Bloomberg quoted Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. He added, "Reciprocal tariffs on virtually all of the United States' major trading partners are justifiably raising fears of recession and possibly stagflation. Economic growth and oil demand growth are being negatively impacted." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Israeli PM Diagnosed with Stage 3 Prostate Cancer News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
See - Sada Elbalad
14-03-2025
- Business
- See - Sada Elbalad
Oil Prices Drop at Settlement amid Macroeconomic Concerns
Taarek Refaat Oil prices fell during trading on Thursday as markets assessed macroeconomic concerns, including the potential impact of tariff wars between the US and other countries on global crude demand. Brent crude futures fell $1.07, or 1.51%, to settle at $69.88 a barrel. US crude futures also fell $1.13, or 1.67%, to settle at $66.55 a barrel, according to Reuters. Latest Oil Prices WTI Crude $66.83 +0.42% Brent Crude $70.15 +0.39% Murban Crude $70.81 -1.38% Natural Gas $4.029 -1.99% Louisiana Light $71.40 +1.61% Bonny Light $78.62 -2.84% Mars US $73.22 -1.56% Gasoline $2.136 +0.15% This comes after the International Energy Agency forecasts that global oil supply will exceed demand by about 600,000 barrels per day (bpd) this year, with the US-led supply increase. The forecast includes a global demand increase of only 1.03 million bpd, 70,000 bpd less than the February forecast. Asian demand, particularly from China, will significantly boost demand growth. Read also: International Energy Agency Cuts Global Oil Demand Growth Forecast to Nearly 1 Million Barrels Per Day The agency's report pointed to deteriorating macroeconomic conditions, including escalating trade tensions. Meanwhile, US President Donald Trump threatened on Wednesday to escalate a global trade war by imposing further tariffs on imports from the European Union, while major US trading partners pledged to retaliate against the US president's measures. Trade policy tensions have shaken investor, consumer, and business confidence. In addition to severe cuts in government spending, labor markets have been turbulent, with some fearing a US recession.
See - Sada Elbalad
27-02-2025
- Business
- See - Sada Elbalad
Oil Prices Drop to Two-month Low as US Fuel Inventories Rise
Taarek Refaat Oil prices fell to their lowest levels in two months during trading on Wednesday, amid an unexpected increase in US inventories, which indicates weak demand, in addition to the continued impact of prices on the possibility of reaching a peace agreement that could end the Russian-Ukrainian war. Brent crude futures fell 0.67% to $72.53 a barrel at settlement. US oil futures also fell 0.45% at settlement to $68.58 a barrel. The decline in prices comes after the US Energy Information Administration revealed on Wednesday a surprise increase in US gasoline and distillate inventories last week, while the country's oil inventories fell unexpectedly as refining activity increased. Latest Oil Prices WTI Crude • 68.79 +0.25% Brent Crude • 72.53 -0.67% Murban Crude • 74.61 -0.49% Louisiana Light • 71.95 -2.85% Bonny Light • 78.62 -2.84% Opec Basket • 75.93 -0.05% Mars US • 73.22 -1.56% Gasoline • 1.943 -0.29% Natural Gas • 3.906 -6.42%
