On Wednesday, crude oil prices increased amid a larger-than-expected drop in US inventories. Moreover, the price received a boost due to expectations that demand for gasoline will increase in the US during 4th July weekend. Hence, Brent crude rose by 2.5% to settle at $74.03 a barrel. Meanwhile, WTI crude surged by 2.7% to end at $69.56 a barrel.
read more... 29/06/2023
On Monday, crude oil prices rose due to concerns over global demand following the turmoil in Russia. Hence, Brent and WTI crude decreased by about 0.4% to settle at $74.18 a barrel and $69.37 a barrel, respectively.
read more... 27/06/2023
Oil prices pursued their downward trend on Friday, ending the week sharply lower, as investors feared that interest rate hikes in both Europe and the United States would depress activity and hence demand for energy. As a result, WTI crude edged lower to settle at $69.16 a barrel, while Brent crude ended at $73.85 a barrel.
read more... 26/06/2023
Crude oil prices tumbled amid increased concerns over oil demand following Bank of England’s decision to hike interest rates to 5%. Despite lower US oil supplies, Brent crude and WTI crude decreased by about 4% to settle at $74.14 a barrel and $69.58 a barrel, respectively.
read more... 23/06/2023
French energy company Engie was awarded a land parcel in Oman on Wednesday, in the first step towards its plan to build an integrated renewable ammonia plant there and export 1.2 million tons of the green fuel to South Korea by the mid 2030s.
read more... 22/06/2023