Oil rises towards $90 as OPEC+ considers output cut
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might...
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.
Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67.
Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters
Dow closes up nearly 550 points in rebound from bear-market lows as bond yields fall after BOE intervention
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields...
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields and a surprise intervention from the Bank of England in the U.K. government bond market. The Dow Jones Industrial Average snapped a six-session skid, while the S&P 500 ended its longest losing streak since February 2020.
The Dow Jones Industrial Average DJIA, 1.88% finished 548.75 points higher, or 1.9%, to 29,683.74
The S&P 500 SPX, 1.97% gained 71.75 points, or less than 2%, to end at 3,719.04
The Nasdaq Composite COMP, +11.59% advanced 222.13 points, or 2.1%, finishing at 11,051.64
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump...
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump price hitting $3.72 while Oklahoma’s average was up to $3.47 per gallon.
“Slack demand and lower oil prices should take some pressure off rising gas prices,” said Andrew Gross, AAA spokesperson. “But Hurricane Ian could cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
Oklahoma’s $3.47 average is up from $3.44 a week ago but one cent below the average from a month ago reported AAA. However, Gas Buddy reported Wednesday prices as low as $2.89 per gallon.
Prices in Oklahoma City averaged $3.46, a penny higher than last week and two cents lower than a month ago.
Goldman Cuts 2023 Oil Price Forecast Due to Weakening Demand Outlook
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a...
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar but said the ongoing global supply disappointments only reinforced its long-term bullish outlook.
Goldman’s commodities research division lowered the forecast for next year by $17.5/bbl on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023.
It revised its oil price forecast lower by $19 per barrel on average for the period stretching from the fourth quarter of 2022 to the fourth quarter of 2023 and sees global oil demand growing in 2023 by 2 million bbl/d at current prices, versus a previous forecast of 2.5 million bbl/d, according to a research note issued by the investment bank.
