Global Oil Prices Rise to $78.77 per Barrel Due to Middle East Tensions; Saudi Arabia Stands to Benefit

Global Oil Prices Rise to $78.77 per Barrel Due to Middle East Tensions; Saudi Arabia Stands to Benefit

The price of Brent crude, the global oil standard, rose to $78.77 per barrel today, Friday, January 5, 2024, and this rise comes due to tensions in the Middle East. Saudi Arabia is the second largest oil producer in the world after the United States of America, and the Kingdom benefits from the significant rise … Read more

Oil Prices Surge Amidst Middle Eastern Supply Concerns and Ongoing Conflict

Oil Prices Surge Amidst Middle Eastern Supply Concerns and Ongoing Conflict

Early transactions today, Thursday, January 4, 2024, witnessed a new rise in oil prices, with Middle Eastern countries fearing a halt to supplies due to the cessation of Libyan field production and the escalation of ongoing war events in various countries. This morning, Brent crude oil rose to record a price of 75.89 US dollars … Read more

Oil Prices Fall Due to Geopolitical Concerns, Production Cuts, and Rising US Oil Production

Oil Prices Fall Due to Geopolitical Concerns, Production Cuts, and Rising US Oil Production

Oil prices fell in Friday trading, as several factors caused sharp price fluctuations, including geopolitical concerns, production cuts, global measures to curb inflation, and a rise in US oil production. The price of Brent crude contracts fell by $76.53 per barrel on Thursday, before rising to $77.63. Read also: An upcoming vaccine to prevent respiratory … Read more

Middle East Region Tension Escalates with Oil Trading Turmoil and Rising Prices

Middle East Region Tension Escalates with Oil Trading Turmoil and Rising Prices

Fear prevails in the Middle East region during this period, with escalating tension in Asian trading as a result of the turmoil in oil trading in the last trading sessions, as prices for all types of crude oil rose by about $2 due to the deteriorating political situation on the scene during this period. Brent … Read more

Middle East Tensions Cause Oil Prices to Skyrocket: Fear Grips the Region

Middle East Tensions Cause Oil Prices to Skyrocket: Fear Grips the Region

Fear prevails in the Middle East region during this period, with escalating tension in Asian trading as a result of the turmoil in oil trading in the last trading sessions, as prices for all types of crude oil rose by about $2 due to the deteriorating political situation on the scene during this period. Brent … Read more

Turkish Lira Hits Record Low as Currency Deposits Program in Foreign Currencies Ends

Turkish Lira Hits Record Low as Currency Deposits Program in Foreign Currencies Ends

The Turkish currency fell to a new record low of less than 29.7 liras to the dollar on Tuesday, continuing a series of losses that accelerated slightly in late 2023, as it ended the year down about 37 percent.Since President Recep Tayyip Erdogan won a new presidential term last May, the government has made a … Read more

Oil Prices Hit All-Time Low at $77 per Barrel in 2023: Impact and Analysis

Oil Prices Hit All-Time Low at $77 per Barrel in 2023: Impact and Analysis

Oil prices fell to their lowest level at the end of this year, and a barrel of Brent crude closed at $77 per barrel, which is low compared to what the oil-exporting countries, led by Russia and Saudi Arabia, had hoped for. A barrel of oil was unable to reach $100 in 2023, despite the … Read more

Oil Prices End 2023 with 10% Annual Decline, Lowest Since 2020

Oil Prices End 2023 with 10% Annual Decline, Lowest Since 2020

Oil prices recorded $77.04 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $71.65 per barrel upon settlement on Friday, as oil futures contracts fell more than 10% on the last trading day in 2023. Oil prices are heading to end 2023 with a decline of about 10%, recording the … Read more

US Crude Futures Decline 1.1% as Concerns about Shipping Disruptions Ease

US Crude Futures Decline 1.1% as Concerns about Shipping Disruptions Ease

This morning, Friday, December 29, 2023, saw US crude futures decline 1.1% to $73.29 per barrel. The decline in oil prices by more than 1% today came with the decline of concerns about shipping disruptions along the Red Sea route, in addition to the continued escalation of tensions in the Middle East. Read also: The … Read more

Angola Withdraws from OPEC as Oil Prices Rise to $80.07 Per Barrel – December 22, 2023 News

Angola Withdraws from OPEC as Oil Prices Rise to $80.07 Per Barrel – December 22, 2023 News

Marwa Al-Ghoul wrote Friday, December 22, 2023 02:00 PM I continued Oil pricesIt rose today, Friday, to record $80.07 per barrel in futures contracts for international crude oil. BrentUS West Texas Intermediate crude futures also recorded $74.59 per barrel. In a related context, Angolan Oil Minister Diamantino Azevedo said that his country will withdraw from … Read more