StanChart: Oil Prices Headed Lower Before Slow Recovery

Oil firms likely to lower pump prices next week

Manila, Philippines — Oil industry sources said that fuel prices will likely go down next week, due mostly to the plans of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to increase oil production in June. They said that gasoline prices are expected to go down by around P0.30 to P0.75 per liter, and diesel prices by P1 to P1.35 per liter. The cost of kerosene may be lowered by P1.30 to P1.45 per liter. These estimat…

StanChart: Oil Prices Headed Lower Before Slow Recovery

Standard Chartered warns that the path of least resistance is downward, despite near-term technical support.

Washington, U.S. Oil prices fell this Wednesday due to concerns about the increase in OPEP+ barrel production by June, as negotiations between Iran and the U.S. continue. U.S. Vice President JD Vance declared that talks about the Iranian nuclear program were on the “good road,” and stressed that Tehran could have civilian nuclear power, but not nuclear weapons. Iran, one of the world’s top ten black gold producers, is subject to the “maximum pre…

OPEC+ to Increase Oil Production—Again

The OPEC+ cartel announced on Saturday that it would increase oil production again. It announced a 411,000-barrel-per-day oil production increase for June, after increasing production in April and May, accelerating its rollback of previous cuts and evoking fears of oversupply. The news resulted in Brent and West Texas Intermediate (WTI) oil futures down more than 3% in early Monday trading. WTI, the U.S. benchmark, was trading around $56 per bar…

Oil Prices Rebound as Market Eyes U.S.-China Talks and OPEC+ Output Surge - TV360 Nigeria

Oil prices edged higher on Wednesday, climbing modestly from recent four-year lows, as global markets await key developments in U.S.-China trade negotiations and digest a fresh wave of supply increases from OPEC+. At 9:16 a.m. WAT, Brent crude futures rose by 99 cents (1.3%) to $63.14 per barrel, while U.S. West Texas Intermediate (WTI) gained 81 cents (1.4%) to trade at $59.90 per barrel. The bounce follows a sharp sell-off earlier in the week,…