• Aug 27, 2024

Oil pauses gains after surging on Libyan outages, Middle East tension

BEIJING (Reuters) -Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7% in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields. Brent crude futures was up 3 cents at $81.46 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures dropped 6 cents to $77.36 a barrel. "Losses in oil prices may seem contained in today's session, which suggest prices taking a breather following a sharp rally over the past few days," said Yeap Jun Rong, market strategist at IG.

  • Aug 27, 2024

Oil Steadies After Three-Day Rally as Libya Adds to Supply Woes

(Bloomberg) -- Oil steadied after a three-day rally, with the threat of a halt in Libyan supply countered by a still-shaky demand outlook. Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats Hone YIMBY MessageBrent crude traded above

  • Aug 27, 2024

Goldman cuts oil outlook below $80 as OPEC+ risks send chill

(Bloomberg) -- Wall Street is beginning to sour on the outlook for crude next year, with Goldman Sachs Group Inc. and Morgan Stanley lowering price forecasts as global supplies increase, including potentially from OPEC+.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest