Oil price news

Oil prices rose on Friday, supported by Saudi Aramco’s selling prices and an overall market confidence that storage draws and tight OPEC+ supply inspire. But a correction may soon be due.

Oil prices declined on Friday as a cocktail of bearish news hit the market. A rise in China’s Covid-19 infections, reported storage builds in the US and news that Iran has boosted exports are pushing prices lower.

Oil prices have fallen today over concerns about reported rising US oil storage levels and China adding travel restrictions.

Oil prices have risen on enthusiasm about a new policy era in the US and on anticipation for a decline in crude inventories.

Oil prices are steady after early losses, as traders put hopes on China’s economy, a positive note against renewed Covid-19 concerns.

Oil prices fell on Thursday, trimming excess gains as the impact of increasing Covid-19 infections to oil demand sinks in.

Oil prices rose on Wednesday, boosted by expectations that Saudi Arabia’s extra cuts will create a tight market, but there is a downside Covid-19 risk as infections rise.

Oil prices gained on Tuesday, squeezing the last dollar cents from optimism the promised Saudi cut and the OPEC meeting created last week.

Oil prices, and especially WTI, rose on Thursday as a result of the promised Saudi production cuts, falling crude inventories and political turmoil in the US.

Oil prices rose on Wednesday, capitalising on Saudi Arabia’s promised voluntary output cut from February.