Oil prices kept to a tight range in Asian trade today as mixed signals on global supply and demand saw Brent struggle to break above key levels, while U.S. inventory data also provided differing cues.
Some U.S. oil production capacity came back online after disruptions from cold weather, while production at Libya’s largest oilfield also restarted earlier this week. This was accompanied by data showing an increase in Norwegian crude output.
These differing signals saw crude prices establish a tight trading range this week, and also kept Brent prices from sustainably breaching the $80 a barrel level.
#crudeoilprices #brentcrudeoilprices #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
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Welcome back you’re still tuned in breakfast where we spoke about Equity markets it’s time to understand everything that’s happening in the commodity space Manisha Gupta is joining us with all the update as always hey Manisha good morning hi morning and thank you for that well I’m looking at
The crude oil prices which have seen some profit taking from the highs remember the prices did gain 2% on Monday this is after uh there were reports of Ukraine drone strike against a major Russia fuel terminal but since then there has been other news as well for example Libya is now restarting its
Production in its Shara oil field so those supplies are coming back also the output is recovering in North Dakota after the winter storm so these supplies are back into the market and then there are various reports and there is no confirmation to that yet that there is a
Peace proposal between U that is being talked about at least between Israel and Gaza I mean of course both sides as of now have not confirmed it but we do know that there are some conversations there the markets also are looking at the Chinese considering a $278 billion of a
Rescue package to support its Equity markets Etc if that happens that would mean more liquidity coming into the market more demand for oil Etc and metals as well so this is going to be a major development that the street will keep an eye on okay all right we’ll keep
Coming back to you for more updates on this one Manisha thank you so much for joining us always and telling us what’s happening in the commodity Space and