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Oil prices slip 3% as China's demand weakens and resistance levels hold. Will geopolitical tensions continue to support the market?
Oil fell for a third session after a report from the Washington Post that Israel may avoid targeting Iran's crude infrastructure. Bloomberg's Anthony Di Paola breaks down the situation.
Oil and natural gas prices are experiencing bearish pressure following the release of China's CPI and PPI data, along with ongoing geopolitical uncertainty.
Oil prices slid $2 in early Asian trade on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets.
Oil fell in the early Asian session amid worsening sentiment.
OPEC cut its estimate for China's crude oil demand growth in 2024 for a third straight month in October, but the producer group is still massively optimistic given the reality of falling imports.
Crude oil prices could jump if supplies are disrupted by conflict in the Middle East, analysts at Citi Research said.
The possibly that Saudi Arabia will lift the “floodgates” on its oil production has climbed in recent weeks, fueled by ”deteriorating cohesion” among a group of major oil producers known as OPEC+, according to a report from Capital Economics released Monday.
Crude oil prices fell 2% Monday after the Organization of the Petroleum Exporting Countries (OPEC) reduced its oil demand outlook for 2024 and 2025 once again, citing data received so far this year.
Crude oil continues to see a lot of noise in general, as the market continues to be focused on the global economy, and of course the geopolitical issues that always are a problem.
Biraj Borkhataria, RBC Capital, discusses the current state of the oil and gas market amid Middle East tensions. He notes a mix of factors affecting prices, including soft demand in China and potential OPEC actions.