Oil prices drop over $1 after US inflation, Fed outlook hurts consumer demand; Brent at $82/bbl

Oil prices drop over $1 after US inflation, Fed outlook hurts consumer demand; Brent at $82/bbl

Brent crude futures fell by $1.21, or 1.45 per cent, to $82.50 per barrel. US West Texas Intermediate crude (WTI) futures for June, slipped by $1.26, or 1.58 per cent, to $78.54. The more active July contract lost $1.09, or 1.37 per cent, to $78.21. The structure of the Brent contract is weakening in an … Read more

Oil records weekly gain after bullish US, China macro data raises demand; Brent nears $84/bbl, WTI up 2% in 5 days

Oil records weekly gain after bullish US, China macro data raises demand; Brent nears $84/bbl, WTI up 2% in 5 days

Oil prices settled nearly one per cent higher in the previous session, with global benchmark Brent crude recording its first weekly gain in three weeks, after bullish macroeconomic data indicators from the world’s top two oil consumers – China and the US – bolstered hopes for higher demand. Brent settled 71 cents higher, or 0.9 … Read more