Barkah News

 Oil continues to rise as geopolitics dominates concerns about demand. Written by Natalie Grover 22 January 2024, 7:08 p.m.                                                                                       Source reuters.com January 22, London (Reuters) - Oil prices increased on Monday as traders balanced the effects of the hostilities in the Middle East and Ukraine on the supply of oil against the pressures from economic headwinds on the demand for oil around the world. By 1141 GMT, Brent crude had gained 22 cents to $78.78 per barrel. In choppy trading, the front-month U.S. West Texas Intermediate crude futures contract for February delivery saw a 31-cent increase to $73.72 a barrel. The contract expires on Monday. At $73.51, the more actively traded March WTI contract was up 26 cents. "This morning's subdued reopen speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," Tony Sycamore, an a

                                                                                     Source REUTERS  Oil is expected to drop for a third week as concerns about demand mount. November 10, LONDON (Reuters) - Although oil prices increased on Friday, they are expected to decline for a third week due to decreasing demand and the focus of the market on OPEC and its allies this month for a crucial meeting that will decide the group's next course of action on production. At 1109 GMT, the January contract for Brent crude was up 84 cents, or 1.1%, at $80.85 a barrel, while the December contract for U.S. West Texas Intermediate (WTI) crude was up 78 cents, or 1%, at $76.52. Each contract is expected to decline by roughly 5% each week. "Concerns about demand have replaced the fear of production outages related to the Middle East conflict," stated Commerzbank. This week's weak Chinese economic data heightened concerns about declining demand. Furthermore, Chinese refiners, who purc