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...The latest rally in crude oil prices, with Brent crude up more than 20 per cent since late June, came on the back of resilient demand but, perhaps more important, an increased sense that supply would stay...
...“The decrease in the number of cuts in 2024 is one of the more telling changes this month,” said Andrew Patterson, senior economist at Vanguard....
...Brent crude rose 4.5 per cent to $102.30 a barrel, while futures linked to Europe’s wholesale gas price climbed 24 per cent to €115 a megawatt hour....
...Brent remains about 15 per cent above its closing level on February 23, the eve of Russia’s invasion of Ukraine....
...“In theory, this should not have any impact on natural gas flows to Europe, given that the pipeline is not yet operational and there is spare pipeline capacity via other routes,” said Warren Patterson, analyst...
...Brent, the international benchmark, rose for a fifth straight day, adding 1.4 per cent to $79.22 a barrel. The price of Brent has advanced about 50 per cent this year and 9 per cent this month....
...“It is becoming clearer that the Russia-Ukraine conflict is having an impact on the demand for Russian oil,” said Warren Patterson, analyst at ING. “Buyers are increasingly reluctant to commit.”...
...Brent crude, the global oil benchmark, fell 1.6 per cent, to $70.18 a barrel....
...“Oil demand still appears pretty weak,” said Warren Patterson, head of commodities strategy at ING....
...Brent, the international oil marker, fell 0.1 per cent to $71.40 a barrel on Thursday. Last month Opec and its allies, a group that includes Russia, agreed a new output deal....
...Brent, the international oil marker, fell as much as 1.7 per cent to $74.27 a barrel, while copper dropped 1.1 per cent to $9,390 a tonne — leaving it more than $1,000 below the record high reached in May...
...“The Fed will be extremely careful; they know what impact even small changes in language can have,” said Andrew Patterson, senior international economist at Vanguard....
...Its shares fell 2 per cent on Friday as Brent crude slipped beneath $40 a barrel to a four-month low....
...Early gains for oil faded in the afternoon in London, with global benchmark Brent crude ultimately settling down 0.2 per cent to $43.75 a barrel....
..., but that the deal could put a floor under Brent crude of about $25 a barrel....
...“The fundamentals in the market are clearly improving,” said Warren Patterson, head of commodities strategy at ING....
...“No one wants to be among the last to close out their position ahead of expiry, fearing a repeat of the May expiry,” said Warren Patterson, Singapore-based head of commodities strategy at ING....
...Brent crude fell 0.9 per cent to trade at $68.27 a barrel. It has gained nearly 3.5 per cent this year on fears over Middle East supply disruptions....
...Brent crude, the international oil benchmark, traded roughly 3 per cent lower at $33 a barrel, while US marker West Texas Intermediate dropped over 7 per cent to $26.34 a barrel....
...Brent is poised to record a drop of around 2 per cent in July....
...The price of Brent crude, the international oil benchmark, registered a historic increase....
...“Looking at the price action, the market clearly was not that impressed with the [Opec] deal,” ING’s Warren Patterson wrote....
...It would also reflect the steepest one-day drop for Brent in more than two months....
...Brent crude was down 1.9 per cent at $70.69 a barrel. The international benchmark is down 18.1 per cent from its four-year high in October....
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