Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Graid Technology Awarded Prestigious COMPUTEX 2023 Best Choice Golden Award for SupremeRAID Revolutionary GPU-based RAID Controller

    June 2, 2023
    Facebook Twitter Instagram
    Oman News HubOman News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Oman News HubOman News Hub
    Home » Weak dollar and supply concerns drive up oil prices
    Business

    Weak dollar and supply concerns drive up oil prices

    September 19, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    There was a notable rise in oil prices on Monday. This was due to a weaker dollar and supply concerns ahead of the European Union’s embargo on Russian oil in December. This offset fears of a global recession that could dampen fuel demand. As of 0330 GMT, Brent crude futures were up 60 cents, or 0.7%, to $91.95 per barrel. U.S. West Texas Intermediate crude rose 39 cents, or 0.5% to $85.50 a barrel on Tuesday. Tuesday is the last day to renew the front-month contract.

    Weak dollar and supply concerns drive up oil pricesA weaker dollar, which came off multi-year highs last week, supported both contracts, which fell more than 1% last week on worries another Fed hike could slow global growth. For holders of other currencies, a weaker U.S. dollar makes dollar-denominated commodities more affordable. A less restrictive COVID-19 policy in China could also provide some optimism, the analysts said. However, more supply disruptions remain a risk.

    In spite of concerns over the future of the global economy, Kuwait Petroleum Corporation’s (KPC) chief executive said the company’s customers still demand the same volumes as before. In accordance with its OPEC quota, the Gulf state currently produces over 2.8 million barrels of oil per day. Similarly, oil loading and exporting operations from Iraq’s Basrah oil terminal were back to normal on Saturday following a spill that has now been contained, Basrah Oil Company said.

    The Shell Bonga deep-water storage and offloading vessel in Nigeria, which can handle 200,000 barrels per day, will undergo maintenance in October, according to a spokesperson. For the first time in three weeks, U.S. energy companies added oil and gas rigs last week, signaling more supplies from the United States. The oil and gas rig count, a leading indicator of future output, rose four to 763 in the week ended September 16, Baker Hughes Corp said.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023
    Latest News
    Business

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    The European Union (EU) saw an impressive surge in its bicycle trade sector in 2022,…

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Ayurveda vs science: Decoding the cold water conundrum

    June 2, 2023

    UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    Unveiling the most overlooked early heart attack symptom

    June 1, 2023

    Sony faces antitrust probe in Romania over PlayStation’s market dominance

    May 31, 2023

    Audio-Technica brings back the Sound Burger: a retro turntable for the modern age

    May 31, 2023
    © 2021 Oman News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.