Drivers can expect relief at the pump in the coming year as economists forecast that Donald Trump’s initiatives to boost US oil production will drive down prices.
Benchmark Brent crude continued to decline towards $70 per barrel
Analysts warn that oil prices could drop to their lowest levels since the pandemic if Middle East tensions continue to ease.
Oil prices rise amid supply worries following Russia’s decision to reduce production.
On Monday, oil prices increased following the Russian government’s directive to reduce production amidst ongoing tensions between Russia and Ukraine, impacting the energy industry.
Oil prices soar to a three month high amid global production shortfall.
Oil prices have reached their highest level in three months, following a warning from an industry body about extended supply cuts by the OPEC cartel until year’s end.
Exxon finalizes £48bn acquisition to become the leading shale oil producer.
Exxon Mobil is set to acquire Pioneer Natural Resources in a deal valued at $59.5bn (£48.4bn), positioning it as the premier global shale oil producer.
Gas prices spike due to concerns over a potential sabotage-induced leak on subsea pipeline
UK gas prices experienced a sharp rise after Finland’s government suspected that a leak in an underwater pipeline resulted from “external interference”. Finnish President Sauli Niinisto announced that along with
UK gas prices have jumped to their highest level in four months after Israel field closure
UK gas prices have soared to a four-month peak following the shutdown of a major Israeli field in the Mediterranean Sea.
Gas prices rise as Israel halts production at Tamar field
European gas prices rose following Israel’s decision to halt production at its Tamar field due to the severe attacks originating from Gaza.
Crude prices rallied to as high as $89 a barrel on Monday
Crude oil prices reached as high as $89 a barrel on Monday. This rise is attributed to concerns that the attack by Hamas on Israel may escalate tensions in the
Oil on track for worst week in 17 months, fallen nearly 11.9pc so far this week
Oil is set for its most significant weekly decline in 17 months due to concerns about the global economy adjusting to elevated interest rates.
Oil on track for biggest weekly fall since March
Oil prices are set to experience their most significant weekly drop since March due to a major downturn in financial markets. This downturn is driven by concerns that interest rates
Oil prices decline with a stronger dollar – surge in US Treasury yields
The rise in US Treasury yields has put a strain on oil prices, elevating the dollar to its peak against primary currencies since November.