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[ad_1] Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month. However, the decision by the Organisation of the Petroleum Exporting Countries OPEC+, the cartel, which has other top non-OPEC oil-exporting nations, fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher. Both main crude contracts jumped almost six per cent at one point following the cut by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October. It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production. A Saudi energy ministry official “emphasised that this is a precautionary measure aimed at supporting the stability of the oil market”,

[ad_1] Last Updated: May 24, 2023, 23:55 IST The U.S. Memorial Day holiday on May 29 marks the beginning of the peak summer travel season and higher fuel demand. (Image: Reuters File) Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT) Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT). U.S. West Texas Intermediate crude (WTI) gained 97 cents, or 1.3%, to $73.88. U.S. crude inventories posted a massive surprise weekly drawdown of 12.5 million barrels to 455.2 million barrels, the Energy Information Administration said. Analysts had expected an 800,000-barrel rise. [EIA/S] U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles f

[ad_1] Last Updated: July 13, 2023, 02:10 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices rise on U.S. inflation data, fueling hopes of fewer interest rate hikes. Brent futures breach $80 a barrel, signaling market optimism Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Higher rates can slow economic growth and reduce oil demand. “This is the lowest number since the pandemic … but it is important to keep in mind that this is still a transitory situation. But

[ad_1] Last Updated: July 12, 2023, 01:25 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices surge 2% on falling dollar, demand hopes, and supply cuts. Brent settles at highest since April, WTI at highest since May Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling U.S. dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.71, or 2.2%, to settle at $79.40 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.84, or 2.5%, to settle at $74.83. Brent’s settlement was its highest since April 28 and WTI’s since May 1. Brent was in technically overbought territory for the second time in three days. “The break of the recent high could be viewed as a bullish step that could give (Brent) the momentum to break back above $80," said Craig Erlam, a senior market analyst at OA