Oil rose in a session marked by waning liquidity ahead of the holiday season, strengthened by a softer dollar and a potential boost in energy demand after China abandoned its Covid Zero policy.
Oil fell the most in more than two weeks as broader equity markets collapsed and risk-averse investors pared crude positions ahead of the end of the year.
Oil edged higher after a volatile week of trading as concerns over a global economic slowdown continued to dun the market.
Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.
Oil resumed trading above $100 after the Saudis declined to make any promises regarding future output increases
Oil jumped after a reading on US consumer inflation expectations was revised lower, adding optimism to crude’s demand outlook.
Oil climbed as Chinese central bank assurances of economic support eased fears that a new round of virus lockdowns will crimp crude demand. Diesel markets also spiked amid a global clamor for supplies.
Oil jumped with traders keeping a close eye on ongoing geopolitical tensions as Ukraine said several government and bank websites were hit by cyberattacks.
Oil climbed after two major agencies indicated that markets may be tighter than previously forecast and a U.S. government report showed crude inventories plummeted.
Oil climbed with equities as traders resumed buying risk assets following a two-day rout.
Oil fell as the International Energy Agency said the global oil market has returned to surplus, while some countries tightened restrictions in an effort to tame the omicron variant’s spread.
Oil slipped in New York as traders weighed the risks from the omicron variant and OPEC boosted its forecast for global crude demand.
Oil edged higher after OPEC and its partners left themselves room to quickly adjust output plans if the pandemic drastically changes the market.
Oil in New York slid more than 5% after Federal Reserve Chair Jerome Powell said the strong U.S. economy may warrant ending the central bank’s asset purchases sooner than planned next year.
Oil fluctuated following the announcement of a coordinated release of strategic petroleum reserves, with the additional supply unlikely to tame price gains in some pockets of the market.
Oil climbed by the most in two weeks as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected.
Oil tumbled to the lowest in nearly six weeks as investors considered the prospect of a release of crude supplies from strategic reserves.
Oil fell by the most since in nearly two months after a report showed American crude inventories rising and Iran said nuclear talks are set to resume this month.
Oil eked out a gain with OPEC and its allies expecting a tighter global oil market in the fourth quarter.
Chances of another federal stimulus package got a boost as Democrats swept this week’s Senate runoff elections in Georgia, offering the prospect of more support for people and businesses hammered by the pandemic.
The coronavirus pandemic and the response by governments and central banks have family offices and ultra-wealthy individuals around the world on the defensive.
