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.
Oil prices plummet amid predictions of a global surplus for next year.
Oil prices are headed for their sharpest daily decline in a year as the world faces a looming supply glut and reports suggest Israel will avoid targeting Iran’s crude facilities.
Concerns over oil prices have resulted in a loss of nearly £11 billion in value for BP and Shell.
Nearly £11 billion was wiped off the value of Britain’s largest oil companies following reports that Saudi Arabia may abandon its unofficial oil price target.
Oil is poised for its largest weekly decline in almost a year
Oil is on track for its most significant weekly decline in nearly a year, driven by concerns over weak demand and ample supply, despite Opec+ postponing a scheduled production increase
An investment bank predicts that oil prices could drop to $60 or even $50 per barrel by 2025.
Oil prices continued to decline on Wednesday, with forecasts suggesting an average of around $60 per barrel next year, and possibly even dipping to around $50, according to Citi.
Oil prices continued to rise on Monday morning
Oil prices continued to rise on Monday morning, as escalating tensions in the Middle East remained a significant concern for traders.
Share Talk Weekly Energy Sector News Round-Up, Sunday 4th August 2024
Oil prices have fallen to their lowest level since June due to concerns that a potential recession in the US might reduce demand from the world’s largest economy.
US oil giant Chevron abandons California after 150 years
One of America’s largest oil companies is set to move its headquarters out of California, citing opposition to “harsh” green policies.
Shell’s profits soared to $14 billion as the company pivoted back to oil and gas.
Shell reported $14 billion (£10.9 billion) in profits for the first half of the year, driven by its strategic shift from renewables back to oil and gas.
BP Reports $5.5 Billion Profit After Reducing Green Initiatives
BP has reported increased second-quarter profits as it shifts focus toward oil and gas developments.
Traders anticipate a US rate cut in September as inflation continues to decline.
Money markets indicate that the Federal Reserve will start cutting interest rates in September, following a continued slowdown in US inflation.
Wall Street’s record-breaking rally continues as stocks edge higher
Most U.S. stocks are trending higher this afternoon, pushing Wall Street toward new records.