Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand.
Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction.
Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aramco to supply full volumes to Asia despite OPEC+ oil cuts - sourcesSaudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in May, several sources with knowledge of the matter said on Monday.
Read more »
WTI: Oil looking up on inventory draws and OPEC+ cuts – TDSAnalysts at TD Securities offer a bullish outlook on WTI, in the wake of the OPEC and its allies (OPEC+) oil output cuts and US oil inventory drawdown
Read more »
Oil edges lower after last week’s surge sparked by OPEC+ cutsOil futures edge down early Monday after a surge last week in the wake of an unexpected decision by OPEC+ to slash production.
Read more »
Citigroup sees Oil falling despite OPEC efforts to prop near $80 – BloombergEd Morse, global head of commodities research at Citigroup, flags Oil price weakness despite the previous week’s surprise supply cuts from the Organiz
Read more »
Saudi maintains crude supply to Asian refiners despite OPEC+ cuts -sourcesState oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday.
Read more »