Oil & Fuel update – 31 July
Crude oil prices saw another weekly rise last week despite The Federal Reserve announcing another interest rate hike.
Oil & Fuel update – 24 July
Oil prices rose nearly 2% on Friday to record a fourth consecutive weekly gain, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies. Brent crude futures rose 1.8%, to settle at $81.07 a barrel, with a weekly gain of about 1.2%. U.S. WTI crude ended 1.9%, higher at $77.07 a barrel, its highest since April 25.
Oil & Fuel update – 17 July
Since June 28th of this year, the Brent Crude Market has seen a consistent increase in price per barrel for oil, increasing 8.4% in this time frame from circa $72/barrel to around $78 a barrel, whilst breaking the $80 mark late last week for the first time since May of this year.
Oil & Fuel update – 10 July
The Brent Crude market witnessed a week of mixed activity, with prices fluctuating between highs of $78/barrel and lows of $74/barrel. West Texas Intermediate (WTI) also experienced a 3.2% increase, reaching $72/barrel.
Oil & Gas Prices – what’s happened & what’s next
As we move into the second half of 2023 we’ve taken a moment to reflect on the last 6 months and numerous challenges and uncertainties faced by the global oil markets.
Fuel & Oil Update – 26 June
In a week where the Bank of England voted 5:2 to increase the base interest rate by a further 0.5% to 5%, oil remained volatile with…
Fuel & Oil Update – 19 June
Despite anticipated weakness in the global economy and the possibility of additional interest rate hikes, oil prices experienced an increase on Friday and recorded a weekly gain.
Fuel & Oil Update – 12 June
Crude oil was heading for the second week of losses in a row despite the additional production cut Saudi Arabia announced at last Sunday’s OPEC+ meeting.
Fuel & Oil Update – 5 June
On Sunday, Riyadh made an announcement regarding a fresh reduction in oil production, which came after a meeting of major producers who aimed to stabilize prices despite concerns of a possible economic downturn.
Fuel & Oil Update – 19 May
Kicking off the week at $73.62 per barrel, Brent Crude hit a high of $77.24 on Wednesday, before slightly pulling back to $76.86—making it clear that breaking the $75 mark was not on the cards.