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Weakening dollar leading to more oil exports and price hikes

On Tuesday, futures contracts for Brent Crude, representing oil from the North Sea in Northwest Europe, was $93 per barrel . ... This includes dollar-denominated oil indexes like Brent Crude and West Texas Intermediate. "...

Price of crude oil shoots above $120 per barrel during short squeeze; experts warn of even higher oil prices in coming months

Brent crude futures, one of several internationally recognized benchmarks for gauging the price of a barrel of crude oil, jumped by 4.6 percent during a short squeeze to $121.84 per barrel. ... By the next day, oil prices pulled back slightly as Brent crude contracted by about three percent to settle at $118.01 per barrel . "...

Oil prices surge to multi-year highs as Ukraine conflict causes ripple effect in global oil supplies

Brent crude is one of the world’s main benchmarks for determining the price of oil. ... Brent crude’s six-month futures also rose on Thursday to more than $21 a barrel. "...

Oil prices rise to multi-year high; analysts expect price surge to continue until end of year

Brent crude and West Texas Intermediate are some of the most traded oil futures and serve as the world’s benchmarks for the price of oil. ... The price of Brent crude has been rising for seven weeks straight. West Texas Intermediate has risen for nine weeks. "...

Oil prices continue to surge amid fears of approaching supply crisis

This is Brent crude’s largest single-day percentage gain since mid-2020. U.S. West Texas Intermediate crude futures rose by $7.94, or 8.35 percent, to $102.98 per barrel. ... In the last eight trading sessions, the price of a barrel of Brent crude has traded for as high as $139 and as low as $98. "...

Saudi Arabia increases September oil prices for Asian buyers to record-high levels

Saudi Arabia also raised the price of crude oil heading to the United States by $6.15 a barrel and to Northwest Europe by $4.70 per barrel against ICE Brent for September. ... The increase is expected to make crude oil grades linked to Brent crude more attractive for Saudi Aramco’s Asian clients. "...

Oil price jumps to over $80 per barrel due to energy supply shortages

This move could boost demand for crude and ramp up wagers regarding environmental pressure from investors. Brent crude, which gauges oil prices, closed at $83.65 a barrel on Monday. Bank of America analysts said in a recent note that Brent could increase to $100 this winter if there is a surge in demand. "...

US oil prices rise to a 7-year high as conflict between Russia and Ukraine continues

International benchmark Brent crude reached a high of $107.57 per barrel, a cost last seen in July 2014. ... According to data from the Department of Energy, nearly eight percent of U.S. imports of crude oil and petroleum products in 2021 came from Russia. "...

Coronavirus sinks global oil markets with no bottom in sight

Patrick De Haan, Head of Petroleum Analysis at Gas Buddy, said the worldwide decline in crude oil prices can be linked to the current COVID-19 coronavirus pandemic. ... As a result, Brent crude traded at $26.01 Wednesday, down by around 9 percent, while U.S. "...

German oil supplier just shut off all deliveries amid "excessive speculation and stockpiling"

Loading of crude supplies will remain offline until the Burghausen refinery “has resumed production,” the company added in a statement. ... Brent crude prices, meanwhile, have tumbled below $100 a barrel on paper, which shows that they are out of touch with the reality of the physical markets. "...

Record-high oil prices to rise further following Europe's ban on Russian oil

The embargo bans EU member-states from purchasing crude oil from Russia delivered by sea in six months and refined petroleum products in eight months. ... Brent crude futures traded one percent higher than the previous day at $112.84 per barrel. "...

Natural gas shortages prompt power plants to switch to oil

Oil prices have already added to early gains following the release of the IEA’s report, with Brent Crude rising 1 percent to $84 a barrel. ... Despite an increase in output from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), the IEA says that the alliance would produce 700,000 barrels per day – less than the world’s need for crude oil in the fourth quarter of this year. "...

PAY MORE OR FREEZE: Extremely cold winter to put upward pressure on prices of natural gas

Brent crude oil spot prices averaged $84 per barrel in October, up by $9 per barrel from September and up by $43 per barrel from October 2020. ... EIA said it’s expecting to see an increase in production from the Organization of Petroleum Exporting Countries (OPEC), U.S. tight oil and other non-OPEC countries in 2022, which will “outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of ...

Advisory: Do not travel to Russia, Ukraine, Belarus and Moldova

Meanwhile, the May Brent crude delivery was up to $98. Airlines hedge fuel prices and commit to buying a certain amount in the future at a predetermined price, so any rise in costs won’t affect the passengers immediately. ... Rising gas prices to hit $7 a gallon if crude oil cost spikes and tension between Russia and Ukraine escalates . "...

Ukraine invasion highlights the need to boost U.S. domestic energy production

Federal projections show the U.S moving from being a net exporter of total energy in 2019 and a net oil exporter in 2020 to a net importer of crude oil this year thanks to Biden’s policies. ... West Texas intermediate crude rose to $99.10 per barrel and international standard Brent crude hit a seven-year high of over $104 per barrel. "...

Americans face brutally cold, bitterly expensive winter as natural gas prices continue to rise

(Related: Elevated crude prices and uptick in demand cause gasoline prices to reach 7-year high .) ... Crude prices have surged roughly 60 percent this year. Brent crude futures now cost $83.32 a barrel, while U.S. "...

US crude oil surges to 13-year high of $130 a barrel as Russia-Ukraine war escalates

At one point on Sunday evening, the price of Brent crude, one of the international benchmarks for the price of oil, hit a high of $139.13, its highest price since July 2008. ... Patrick De Haan, lead petroleum analyst for GasBuddy, warned that the price of a barrel of crude could break the $150 a barrel record set during the Great Recession of 2008. "...

One-two punch: Coronavirus, price war send oil prices to 18-year low

Brent crude, the global gauge of oil prices, fell 8.7% to $22.76 a barrel. This is yet another signal that a longer economic shutdown could pummel the oil patch even more. ... This limit could be reached if the amount of stockpiled crude continues to surge. "...

Ongoing Russia-Ukraine conflict pushing global economy closer to collapse

“Crude, energy prices in Europe this morning went up a little over 40 percent in one day,” said Wiesemeyer. ... The price of Brent crude rose by nearly four percent overnight on Sunday, Feb. 27, putting the price of a barrel of oil to nearly $102. "...

Saudi Arabia says it can't ensure oil supply stability amid "jittery period" of global instability

Then they shot up even higher following the Houthi attacks on Saudi Arabia, the Organization of the Petroleum Exporting Countries’ (OPEC) largest oil producer. At various times throughout this chapter of the “great reset” saga, Brent crude prices have soared above $120 a barrel. "...