Goldman Sachs on Thursday lowered its 2027 average Brent oil price forecast to $80 a barrel, citing stronger supply growth and persistent demand weakness, even as it warned prices could swing sharply under different geopolitical scenarios.
Oil prices fell on Friday, extending losses from the previous session after U.S. President Donald Trump canceled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.
Crude oil breaks below a symmetrical triangle and key moving averages, signaling emerging downside risk as multiple support zones and Fibonacci levels come into play.
The Organization of the Petroleum Exporting Countries cut its oil demand estimates for this year as the U.S. blockade on Iran and near-closure of the Strait of Hormuz continue to curb production from major Gulf producers.
Russia's seaborne oil product exports fell by 0.2% on a daily basis in May from April to 8.016 million metric tons, according to industry sources and Reuters calculations.
Oil product stocks in Asia's key trading hub Singapore fell to their lowest levels in nearly 13 years, led by a sharp drawdown in residual fuel inventories as the Middle East conflict continues, official data showed on Thursday.
Three months into the Iran war, the oil market is coming to grips with an unexpected new reality: China, the world's largest importer, needs much less fuel than previously thought.
Saudi Arabia's crude oil sales to China are expected to remain at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade.
Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn't now.
Oil rose in early Asian trade amid escalating supply-disruption fears caused by rising U.S.-Iran tensions.
The U.S. Strategic Petroleum Reserve hits a three-year low of 349.2 million barrels, nearing levels not seen since the Reagan administration in 1983.