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Crude futures are stable Brent At 96.72 dollars a barrel, up at the settlement of only 13 cents. US West Texas Intermediate crude futures also rose 27 cents to settle at $90.77. Both contracts fell about 1.5 percent by the end of the week.
Oil prices had jumped for a short period in volatile trading, against the backdrop of statements made by the President of Federal Reserve In Richmond Thomas Barkin that the board will balance the pace of interest rate hikes with uncertainty about the impact of these increases on the economy. But crude pared its gains as investor fears resurfaced about the upcoming increases in oil prices interest rates.
The dollar index reached a five-week high, which also limited crude’s gains as a stronger dollar makes oil more expensive for buyers using other currencies.
In a sign that the oil supply bottleneck is easing, the gap between the spot price of Brent and the second nearest expiry month for futures contracts is nearly $5 smaller than it was at the end of July.
Haitham Al-Ghais, the new Secretary-General of the Organization of the Petroleum Exporting Countries, said:OPEC) told Archyde.com he is optimistic about oil demand next year.
He added before a meeting to be held on the fifth of September that OPEC is keen to ensure that Russia remains within the OPEC + alliance.
And supplies may shrink again when European buyers start looking for Alternative supplies of Russian oil Before the entry into force of the European Union sanctions on the fifth of December.
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Crude futures are stable Brent At 96.72 dollars a barrel, up at the settlement of only 13 cents. US West Texas Intermediate crude futures also rose 27 cents to settle at $90.77. Both contracts fell about 1.5 percent by the end of the week.
Oil prices had jumped for a short period in volatile trading, against the backdrop of statements made by the President of Federal Reserve In Richmond Thomas Barkin that the board will balance the pace of interest rate hikes with uncertainty about the impact of these increases on the economy. But crude pared its gains as investor fears resurfaced about the upcoming increases in oil prices interest rates.
The dollar index reached a five-week high, which also limited crude’s gains as a stronger dollar makes oil more expensive for buyers using other currencies.
In a sign that the oil supply bottleneck is easing, the gap between the spot price of Brent and the second nearest expiry month for futures contracts is nearly $5 smaller than it was at the end of July.
Haitham Al-Ghais, the new Secretary-General of the Organization of the Petroleum Exporting Countries, said:OPEC) told Archyde.com he is optimistic about oil demand next year.
He added before a meeting to be held on the fifth of September that OPEC is keen to ensure that Russia remains within the OPEC + alliance.
And supplies may shrink again when European buyers start looking for Alternative supplies of Russian oil Before the entry into force of the European Union sanctions on the fifth of December.