Wednesday, July 24, 2024
HomeBusinessBrent Falls Slightly, U.S. Crude up Amid Record Pump Prices By

Brent Falls Slightly, U.S. Crude up Amid Record Pump Prices By


Related stories

The Key Benefits of Ergonomic Loupes in Dentistry and Surgery

In the demanding fields of dentistry and surgery, precision...

Industry-Specific Safety Glasses: Choosing the Right Pair for Your Job

Workplace safety is a paramount concern across various industries....

10 Reasons You Should Try To Be More Likeable

Being likeable has a deep impact on both personal...

St Vincent and the Grenadines: An Emerging Offshore Business Jurisdiction

St Vincent and the Grenadines (SVG), an Eastern Caribbean...

Adam Lindemann’s Venus Over Manhattan Wraps Up Latest Show-Stopping Exhibits

Founded by Adam Lindemann in 2012, Venus Over Manhattan...


© Reuters.

By Barani Krishnan — Crude prices were mixed on the week as Friday’s trading oil closed, with global benchmark Brent showing a slight weekly loss amid a continued holdout by Europe on a Russian oil ban, while U.S. crude rose on strong summer demand bets and supply tightness that have pushed pump prices to record highs.

Both Brent and U.S. crude’s West Texas Intermediate benchmark rose about 4% in Friday’s trade, extending their recovery from a near 10% loss in the first two days of the week sparked by fears that America might be tipped into recession from aggressive rate hikes by the trying to beat the worst inflation in 40 years.

London-traded settled at $111.55 a barrel, up $x.xx, or x.x%, on the day. For the week, it was down 0.7%.

New York-traded settled at $110.49, up $4.36, or 4.1%. For the week, it rose 0.7%.

The divergence between Brent and WTI is “a story of two oils,” said John Kilduff, partner at New York energy hedge fund Again Capital.

“The holdout on an European embargo of Russian oil, particularly by Hungary, is limiting Brent’s upside, while WTI is basking in bullish glory from the refining crunch in fuels that’s sent U.S. pump prices to record highs,” Kilduff said.

Some European Union nations said on Friday that the push to ban Russian oil should probably be delayed to prioritize other sanctions against Moscow, particularly if the bloc could not win immediate consensus from Budapest for an embargo.

Saudi Arabia’s Energy Minister Abdulaziz bin Salman, meanwhile, tried to avert any blame on OPEC+ for the record high pump prices in the United States, saying it was a lack of U.S. refining capacity that was responsible for the crisis rather than supply from the global oil exporters alliance.

See also  Covid-19 has destroyed 22 million jobs in advanced countries

OPEC+ has managed to push crude prices up from their lows whenever it meets each month, by offering a meager production hikes at well below the market’s needs.

“The bottleneck [in U.S. fuel supply] now [has] to do with refining,” Abdulaziz told Bloomberg in an interview on Friday. “I did warn this was coming back in October. Many refineries in the world, especially in Europe and the US, have closed over the last few years. The world is running out of energy capacity at all levels.”

Record-high fuel prices are , with gasoline at above $4.50 per gallon at some US pumps while diesel retails at above $6.

The International Energy Agency cautioned on Thursday that soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023. 

Economists, meanwhile, warn that the US economy, finally on the path to resilience after the damage wrought by the two-year-long coronavirus pandemic, could head for recession again from a one-two punch delivered by record-high fuel prices and Fed rate hikes.


Source link

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories