Oil prices rise on concerns over tight supplies

Oil prices rose in volatile trade on Tuesday as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in U.S. and European interest rates.

Brent crude had risen 50 cents, or 0.5%, to $94.50 a barrel by 0644 GMT, while WTI crude increased by 52 cents, or 0.6%, to $88.30 a barrel. Both contracts fell by more than $1 earlier in the session.

Worries over tighter inventories continue to support prices.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin

More articles like this

Oil regains traction

Oil prices climbed modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.

Oil prices rise today

Oil prices ticked up on Tuesday as OPEC and its allies keep producing less than their quotas, but were headed for a fourth monthly decline ahead of an expected further U.S. interest rate hike which may curb economic

Egdon Resources responds to government’s decision on fracking

Egdon Resources plc (LON:EDR), a UK focused energy company, welcome today’s announcement by the Prime Minister, Liz Truss, of the lifting of the moratorium on hydraulic fracturing for shale gas which was introduced in November 2019. Commenting on

Oil rises after Russia’s Putin threatens to halt supply

Oil prices rose on Wednesday on threats that Russia will walk away from its energy supply contracts, reversing losses from earlier in the session when prices fell to their lowest since Russia invaded Ukraine. Brent crude futures were

Oil prices rise today

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the Opec+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds

Top Tory calls for fracking to reduce huge energy bills

Lincolnshire’s chief environment councillor says that fracking is one of the only quick measures available to help people with soaring energy bills. Forecasts have been made that the average household bill for gas and electric could top £5,000

Egdon Resources submits North Kelsey planning appeal

Egdon Resources plc (LON:EDR) has advised the submission of an appeal against the refusal by Lincolnshire County Council in March 2022 of an extension of time to the existing planning permission for the drilling and testing of a

Oil prices rebound

Oil prices rebounded slightly on Thursday morning in Asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in U.S. demand. What Happened: U.S. crude inventories rose by 4.5

Oil rises more than $1 a barrel

Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

High crude prices are here to stay high

Crude oil has been on a decline over the past few weeks as growing worry about a looming global recession weighs it down. But oil is not going as far down as drivers across the world would like

Oil prices extended gains today

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand. Brent crude futures for September

Oil could climb higher

Failure to agree on a price cap for Russian oil will push international prices higher, a U.S. government official has warned, adding that the cap would need to be accompanied by sanction exemptions. In a report quoting the unnamed official,

Oil prices edge up

Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears. Brent crude futures rose 48 cents, or 0.5 per cent, to

Oil prices rise

Oil prices were rising on Monday as supply side issues outweighed economic fears about a recession and any attendant demand destruction. The front-month contract for Brent crude North Sea oil was last seen up USD 0.39 at USD

Oil prices increase with new G7 sanctions on Russia

Oil prices surged on Tuesday amid likely sanctions on Russia by G7 countries, including a price cap on oil exports. International benchmark Brent crude was trading at $112.62 per barrel at 0640 GMT for a 1.48% increase after

No more posts to show