Trading & Financial News
No Result
View All Result
Saturday, June 28, 2025
  • Login
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
Subscribe
Trading & Financial News
  • Economy
  • Markets
  • Forex News
  • Investing
  • Stock Trading
  • Crypto
No Result
View All Result
Trading & Financial News
No Result
View All Result
Home Markets

Oil spikes above $91 on supply concerns

by Tradinghow
September 19, 2023
in Markets
A A
0
Oil spikes above  on supply concerns
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Hilltower Resource Advisors CEO Tracy Shuchart provides insight on the energy sector on “Making Money.”

The price of oil continues to rise as Wall Street traders eye a potential supply deficit after Saudi Arabia and Russia extended supply cuts.

Brent and West Texas Intermediate (WTI) crude prices have climbed for three straight weeks to reach their highest peak since November and are now targeting their biggest quarterly jumps since Russia’s invasion of Ukraine in the first quarter of 2022.

RISING OIL PRICES CAUSE PAIN AT PUMP: AAA

That year, oil prices shot above $100 for the first time since 2014 amid the conflict as demand recovered from COVID-19 lockdowns. Meanwhile, the global benchmark Brent Crude ended 2022 near $86 a barrel on fears of global recession.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 82.14 +0.69 +0.85%
BNO UNITED STS BRENT OIL FD LP UNIT 32.58 +0.14 +0.43%

Over the last quarter, WTI has jumped roughly 27% while Brent has risen almost 24%.

ExxonMobil’s Beaumont refinery expansion adds 250,000 barrels per day to the oil company’s processing capacity. (Fox News Digital / ExxonMobil / Fox News)

Oil producers like Hess, ExxonMobil and Warren Buffet’s Occidental Petroleum have mirrored the spike in crude prices, rising around 19%, 10% and 13%, respectively, over the same time.

Ticker Security Last Change Change %
HES HESS CORP. 162.60 +2.25 +1.40%
XOM EXXON MOBIL CORP. 117.64 +0.94 +0.81%
OXY OCCIDENTAL PETROLEUM CORP. 66.32 +0.17 +0.26%

“The price of oil impacts almost every ‘real good’ in the economy, with transport costs making up a major component of many of these company’s expenses,” Q.ai trend analyst Jason Mountford told FOX Business. “All talk has been about inflation coming down over the last year, but under the radar, oil has been steadily gaining since June.”

RFK JR SAYS HE WOULD BAN FRACKING IN 10-POINT PLAN TO TACKLE PLASTICS POLLUTION

“Many companies who rely heavily on fuel, such as airlines and trucking companies, lock in oil prices for months in advance,” he said. “So, while you might not see an immediate impact to your hip pocket, it’s something to watch in the coming months.”

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB
Ticker Security Last Change Change %
AAL AMERICAN AIRLINES GROUP INC. 13.11 -0.20 -1.50%
LUV SOUTHWEST AIRLINES CO. 29.08 -0.61 -2.05%
DAL DELTA AIR LINES INC. 38.89 -1.01 -2.53%
ODFL OLD DOMINION FREIGHT LINE INC. 409.84 +0.24 +0.06%
SNDR SCHNEIDER NATIONAL INC 28.42 +0.19 +0.67%
KNX KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. 53.64 +0.21 +0.39%

CALIFORNIA GOES TO WAR WITH OIL AND GAS GIANTS OVER CLIMATE CHANGE ‘DECEPTION’

A move back above $100 for an extended time would boost revenues for members of the Organization of the Petroleum Exporting Countries (OPEC), whose economies rely mostly on oil, while obstructing industrialized economies working to cool inflation and lower interest rates.

Rep. Matt Rosendale, R-Mont., on Trump’s latest legal troubles and the importance of U.S. energy independence.

To support the market, the countries and allies, including Russia, agreed in October to cut production by 2 million barrels per day, about 2% of world demand.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

Reuters contributed to this report.



Source link

  • Trending
  • Comments
  • Latest
The Evolving International Cannabis Landscape

The Evolving International Cannabis Landscape

March 20, 2024
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

July 29, 2023
Uniswap Launches Permissionless Bridging Across 9 Networks

Uniswap Launches Permissionless Bridging Across 9 Networks

October 24, 2024
China tech groups lead multibillion-dollar campaign to help exporters sell at home

China tech groups lead multibillion-dollar campaign to help exporters sell at home

April 20, 2025
High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

High Street Retailers Pin Hopes On Discount Splurge In Black Friday Fever

0
UK Faces Two Decades of No Earnings Growth and More Austerity

UK Faces Two Decades of No Earnings Growth and More Austerity

0
Learn how to trade. For beginners

Learn how to trade. For beginners

0
Trading for beginners

Trading for beginners

0
Nigerian billionaire, Dangote, sets ambitious goal with .5 billion fertilizer plant

Nigerian billionaire, Dangote, sets ambitious goal with $2.5 billion fertilizer plant

June 27, 2025
Crizac fixes IPO price band at ₹233-245

Crizac fixes IPO price band at ₹233-245

June 27, 2025
Analyzing the Russell Indexes Last Annual Reconstitution

Analyzing the Russell Indexes Last Annual Reconstitution

June 27, 2025
China’s ‘Summer Davos’ offers rare respite from trade war

China’s ‘Summer Davos’ offers rare respite from trade war

June 27, 2025

Recent News

Nigerian billionaire, Dangote, sets ambitious goal with .5 billion fertilizer plant

Nigerian billionaire, Dangote, sets ambitious goal with $2.5 billion fertilizer plant

June 27, 2025
Crizac fixes IPO price band at ₹233-245

Crizac fixes IPO price band at ₹233-245

June 27, 2025

Categories

  • Business
  • Crypto
  • Economy
  • Forex News
  • Investing
  • Markets
  • More
  • Stock Trading
  • Trading for beginners

Site Navigation

  • Home
  • Contact Us
  • Stock Trading
  • Markets
  • Investing
  • Other Links
  • Privacy & Policy
Trading & Financial News

We bring you the fastest breaking news on Trading, forex, and finance submitted from credible and reliable news sources around the world.

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

No Result
View All Result
  • Contact Us
  • Home
  • Economy
  • Crypto
  • Investing
  • Markets
  • Forex News
  • Stock Trading

© 2023 Tradinghow Useful forex analysis and financial news, submitted by credible news sources around the world.tradinghow.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In