UCO News
Midweek Oil Wrap: Brent Tops $90 A Barrel After Pulling Back Briefly, OPEC October Oil Output, Strategic Petroleum Reserve And More
Brent crude futures rose above $90 a barrel and were trading at $92.36 a barrel at the time of writing after briefly falling to two-month lows earlier this week.
Midweek Oil Wrap: Brent Tops $90 A Barrel After Pulling Back Briefly, OPEC October Oil Output, Strategic Petroleum Reserve And More
Brent crude futures rose above $90 a barrel and were trading at $92.36 a barrel at the time of writing after briefly falling to two-month lows earlier this week.
Brent could average $88 a barrel in 2027 as Goldman Sachs reportedly factors in potential supply disruptions, while fresh peace talks weigh on near-term prices.
In an interview with CNBC, CEO Darren Woods noted that crude oil supplies have somewhat recovered, but refining capacity remains the biggest constraint, limiting the availability of diesel and other refined products.
Hotter September inflation, rising oil prices and a 10-year Treasury yield above 5% are complicating the Fed’s outlook.
According to a report by German news outlet N-TV, Rubio said the move reflects the broader economic impact of conflicts disrupting energy markets.
Goldman Sachs' co-head of Global Commodities Research and head of Oil Research, Daan Struyven, said the recent rise in crude prices reflects growing downside risks to supply.
Brent crude futures reached a six-month high on Friday as attacks on Saudi Arabia and concerns over further Middle East escalation fueled fears of oil supply disruptions.
Oil prices have surged as concerns over Middle East supplies mount, with Brent crude breaching $110 a barrel and U.S. West Texas Intermediate rising to about $99.
Capital Economics commodities economist Hamad Hussain warned that escalating attacks on ships could trigger a renewed fall in oil supply and continued price rises.
Rubio’s comments came a day after Trump waived key measures targeting Russian exports and countries that buy Russian energy.