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Oil

Crude Oil Prices Soar Amid Middle East Tensions

Oil prices surged on Thursday, reaching their highest levels in a year, driven by escalating tensions in the Middle East and fears of potential supply disruptions. West Texas Intermediate (WTI) crude rose more than 5% to close at $73.71 per barrel, while Brent crude climbed over 5% to settle

US Crude Oil Inventories Rise as Refinery Inputs Decline

US crude oil refinery inputs averaged 15.6 million barrels per day during the week ending April 26, 2024, marking a decrease of 230,000 barrels per day from the previous week, according to the latest data from the US Energy Information Administration (EIA). Refineries operated at 87.5% of

Oil Price Outlook: Upside Risks Dominate, Says World Bank

Despite a moderate price increase projected for 2024, the World Bank's latest report on the global crude oil market warns of significant upside risks that could send prices soaring. Escalating geopolitical tensions, particularly in the Middle East, and potential disruptions to North American oil production are identified as
Oil Price Outlook: Upside Risks Dominate, Says World Bank

US Crude Oil Inventories Fall, Gasoline Production Declines: EIA

US crude oil refineries processed an average of 15.9 million barrels of crude oil per day during the week ending April 19, 2024, a slight decrease from the previous week, according to the latest Petroleum Status Report from the US Energy Information Administration (EIA). Operating at 88.5% of

API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip

The American Petroleum Institute (API) reported a slight year-over-year increase in US crude oil production for March 2024, reaching 13.0 million barrels per day (mb/d). This represents a 1.9% increase compared to March 2023 and contributes to the overall stability of US domestic petroleum supply. However, the
API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip