Friday, June 9, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home brend

Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates

10 months ago
in brend
Oil up 3% on robust U.S. fuel consumption, tight supply outlook
Share on FacebookShare on Twitter


An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol

Register now for FREE unlimited access to Reuters.com

NEW YORK, Aug 25 (Reuters) – Oil prices slumped by about $2 a barrel on Thursday in volatile trade as investors braced for the possible return to global markets of sanctioned Iranian oil exports and on worries that rising U.S. interest rates would weaken fuel demand.

Brent crude settled at $99.34 a barrel, shedding $1.88, or 1.9%. U.S. West Texas Intermediate crude settled at $92.52 a barrel, losing $2.37, or 2.5%.

Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU’s “final” text to resurrect the agreement.

Register now for FREE unlimited access to Reuters.com

“Nobody wants to jump in here and commit to a size position when you can get ambushed by an Iranian headline at any given moment,” said Bob Yawger, director of energy futures at Mizuho, citing thin trading volumes during the session.

Investors also were waiting for scheduled remarks on Friday by U.S. Federal Reserve Chair Jerome Powell at the Kansas City Fed’s Economic Policy Symposium in Jackson Hole, Wyoming. read more

Latest Oil News

Saudi Arabia’s economy expands 8.7% in 2022 on oil sector boost

Saudi Arabia’s economy expands 8.7% in 2022 on oil sector boost

February 1, 2023
US oil sector sees chance to overhaul permitting – Argus Media

Activists board Shell FPSO on route to N Sea: Update – Argus Media

January 31, 2023
Naphtha crack rises as Brent falls

Naphtha crack rises as Brent falls

January 30, 2023
Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

“The (market) is a little bit concerned about what Jerome Powell is going to say tomorrow about rising interest rates,” said Phil Flynn, an analyst at Price Futures group in Chicago.

Powell is expected to summarize where the Fed stands in its fight to control inflation, including information about its rate-path hike in the long and short-term.

Softening U.S. gasoline demand raised concerns about slowing economic activity and pushed prices lower.

Overall U.S. demand for gasoline sunk in the most recent period last week, leaving the four-week average of daily gasoline product supplied 7% below the year-earlier period, according to the latest data released by the Energy Information Administration.

Limiting the downside for oil prices earlier in the session were comments on Monday by Saudi Energy Minister Prince Abdulaziz bin Salman that helped push prices to three-week highs, when he flagged the possibility that OPEC+ could cut production.

“It may (make) the chance of a move back below $90 in the near-term hard to come by unless a nuclear deal is agreed upon and OPEC+’s appetite for cuts put to the test,” Oanda analyst Craig Erlam said.

Register now for FREE unlimited access to Reuters.com

Additional reporting by Ahmad Ghaddar in London and Jeslyn Lerh in Singapore; Editing by David Gregorio and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.



www.reuters.com

Tags: 2bblAMERSCDTYCENCOMCRUDRVENEREnergyENFFENGENREUEUROPExportsFINGBGENINTINTAGinterestIRANMCEMEASTMKTREPMTPIXNAMERNRGO/RoilOILGOSTRPOLpricesPRODRatesRepREPI:TRANSPORT-FUELSrisingsinkTOPCMBTOPNWSTRDUKUSWEU
Previous Post

Is There Enough Land For Our Ambitious Renewable Energy Agenda?

Next Post

Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates

Related Posts

Saudi Arabia’s economy expands 8.7% in 2022 on oil sector boost

Saudi Arabia’s economy expands 8.7% in 2022 on oil sector boost

by Oil Market News
February 1, 2023
0

Saudi Arabia’s economy grew by 8.7 per cent in 2022, boosted by a sharp increase in the kingdom’s oil and...

US oil sector sees chance to overhaul permitting – Argus Media

Activists board Shell FPSO on route to N Sea: Update – Argus Media

by Oil Market News
January 31, 2023
0

Activists board Shell FPSO on route to N Sea: Update Argus Media news.google.com

Naphtha crack rises as Brent falls

Naphtha crack rises as Brent falls

by Oil Market News
January 30, 2023
0

Asia’s naphtha refining profit margin rose on Monday after two straight sessions of losses amid weakness in crude oil prices....

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

ExxonMobil Likely to Report Surge in Q4 Earnings

ExxonMobil Likely to Report Surge in Q4 Earnings

by Oil Market News
January 28, 2023
0

ExxonMobil's Key Stats    Q4 2022 (est)  Q4 2021  Q4 2020  Adjusted EPS  $3.27  $2.06  $0.03  Revenue  $111B  $85B  $46.5B...

Trinity To Spud Jacobin Well In Second Quarter Of 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

by Oil Market News
January 27, 2023
0

Trinidad and Tobago-focused Trinity Exploration & Production has secured all the permits and approvals to drill the deep Jacobin prospect...

Next Post
Oil up 3% on robust U.S. fuel consumption, tight supply outlook

Oil prices sink $2/bbl on possible Iran oil exports, rising interest rates

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

How the smart money bought oil and gas stocks in Q2

How the smart money bought oil and gas stocks in Q2

10 months ago
U.S. energy secretary urges refiners not to increase fuel exports By Reuters

U.S. energy secretary urges refiners not to increase fuel exports By Reuters

10 months ago
In person and virtual registration is Open for EnerCom Dallas The Energy Investment

In person and virtual registration is Open for EnerCom Dallas The Energy Investment

1 year ago
Prince William charity invests with bank tied to dirty fuels

Prince William charity invests with bank tied to dirty fuels

10 months ago
Saudi Arabia’s Attack On The U.S. Shale Patch

Saudi Arabia’s Attack On The U.S. Shale Patch

1 year ago
ADVERTISEMENT
UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.