Reserve Bank of Australia raised rates by most in 22 years and flagged more tightening to come as it battles to restrain surging inflation, driving a brief spike in the Aussie and hitting local shares
US West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $118.95 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session.
The European Central Bank meets on Thursday, though it is not expected to begin raising interest rates until July, with rate setters at the US Federal Reserve and Bank of England gathering next week
Ahead of the RBI's policy decision, OPEC+ decided to increase the size of its oil-supply hikes by about 50%. Our next report talks about these macro concerns and how investors should trade.
U.S. crude was heading for a sixth weekly gain on tight U.S.supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers
Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session
US President Biden's looming visit to Saudi Arabia seen as trigger for decision
US crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Oil prices could get more support later on Thursday if analysts' forecasts are correct that US crude inventories declined by around 1.4 million barrels last week
The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to produce as U.S. gasoline prices hit another record high. Thursday's meeting comes amid speculation that the 23-member alliance, known as OPEC+, may consider breaking from its cautious series of increases and agree to pump more oil starting in July amid fears that high energy prices could slow the global economy. Higher oil and gas prices have contributed to the inflation that is plaguing the U.S. and Europe and sapping consumer purchasing power. The group has been adding a steady 432,000 barrels per day each month, under a road map to gradually restore production cuts made during the depths of the pandemic recession in 2020. OPEC, whose de facto leader is Saudi Arabia, has thus far taken the stance that it can't supply more oil to make up for production lost due to sanctions against Russia. That, along with a European Union agreement to end most oil imports from Russia over its ...
Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day.
Derivative markets pointed to a positive start later in the United States following losses on Wednesday when economic data failed to ease angst over rate hikes to fight inflation.
The benchmarks have marched higher for several weeks as Russian exports are being squeezed by EU and US sanctions
Moscow shuts gas supply to Denmark
India should be cautious about its Russian oil purchases
Brent crude was up $1.83, or 1.6%, at $117.46 a barrel as of 11:56 a.m. EDT (1556 GMT). U.S. West Texas Intermediate crude gained $1.77, or 1.6%, to $116.45.
The Brent crude futures contract for July, which will expire on Tuesday, was up 59 cents, or 0.5%, at $120.02 a barrel at 1100 GMT.
Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5%, to $115.67 a barrel
Moroccan Ministry of Finance stated on Friday, the agreement was signed by the Moroccan Finance and Economy Minister, Nadia Fettah and the General Director of the OPEC Fund, Abdulhamid Alkhalifa
Under a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts