• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil prices rise as tightening supply offsets global economic concerns

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
59
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices rise as tightening supply offsets global economic concerns

Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.

Brent crude futures rose 42 cents, or 0.4%, to US$113.54 a barrel by 0633 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.

U.S. West Texas Intermediate crude was at US$109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.

Oil from Russia, the world’s second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow’s invasion of Ukraine, actions that Russia calls a “special operation”.

The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, although that is thinning the world’s buffer against further supply disruptions.

RelatedPosts

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

“If Washington sticks to its current pace, the U.S. strategic reserve will hit a 40-year low of 358 million barrels by October,” ANZ analysts said in a note.

Libya’s oil production has remained volatile following blockades by groups in the country’s east.

The Libyan Oil Minister Mohamed Oun told Reuters on Monday that the country’s total production is at about 700,000 barrels per day (bpd). Libya’s output had fallen to 100,000 to 150,000 bpd, a spokesman for the oil ministry said last week.

Oil products exports from China, once a major exporter, have continued to decline, keeping global supplies tight.

The country’s gasoline exports in May fell 46% from a year earlier and diesel exports plunged 93% despite stalling domestic demand, as companies ran short of export quotas, Chinese customs data showed on Saturday.

The country’s crude oil imports from Russia in May soared 55% from a year earlier to a record level, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow.

Still, U.S. oil and gas production is climbing.

The oil and gas rig count, an early indicator of future output, rose by seven to 740 in the week to June 17, its highest since March 2020, energy services firm Baker Hughes Co said in its report on Friday.

Also weighing on the market were “broad recession fears after the (U.S.) Fed outsized its rate hike to 75 basis points, which was followed by similar tightening approaches by the Bank of England and the Swiss National Bank last week”, CMC markets analyst Tina Teng said.

Tags: Brent crudecrude oilOil prices rise as tightening supply offsets global economic concernsWest Texas Intermediate
No Result
View All Result

Highlights

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Chelsea Thrash West Ham 5-1, Increasing Pressure on Former Boss Graham Potter

Lithium Price Surge to be Short-Lived, Analysts Say

Gold Fields Targets 20% of Global Output from Tarkwa Mine by 2026

Trending

Business

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals The Trump administration is considering...

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025
Von links nach rechts: Général Birame Diop, Verteidigungsminister ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks (Daimler Truck AG) ; Cheikh Ibrahima Cisse, Präsident GTS Senegal  From left to right: Général Birame Diop, Minister for the Armed Forces (Defence) ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks at Daimler Truck ; Cheikh Ibrahima Cisse, President GTS Senegal

Senegal and Mercedes-Benz Partner to Build Trucks

August 23, 2025

INTERPOL Recovers Over $90 Million From African Crime Syndicates

August 23, 2025

Djokovic and Gauff Gear Up for US Open with Strategic Focus

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.