Oil prices fell for the first time in three weeks, with expectations mounting that OPEC+ will raise production in July, Bloomberg reported.
Oil markets ended the week lower, with Brent crude dipping near $64 a barrel and U.S. West Texas Intermediate (WTI) falling below $61. Bloomberg attributes the decline to signals that OPEC+ may approve a production increase of 411,000 barrels per day at its upcoming 1 June meeting.
The potential supply boost comes amid ongoing concerns about a global surplus and weakening demand, particularly as commercial stockpiles in the U.S. continue to rise. Brent and WTI have both lost roughly 2% this week, marking oil’s first weekly drop in nearly a month.
Analysts surveyed by Bloomberg expect OPEC+ to maintain its recent shift toward prioritising market share over prices, after easing output cuts faster than anticipated earlier this year. Oil prices have already fallen around 14% since January, touching their lowest levels since 2021.
Geopolitical uncertainty remains a factor. Talks between Iran and the U.S. over Tehran’s nuclear programme continue, while tensions flared midweek over reports that Israel may target Iranian facilities. Meanwhile, the EU is considering lowering its price cap on Russian crude from $60 to $50 a barrel, citing reduced market impact from the current limit.
Argentina and Uruguay on Thursday became the first founding members of the Mercosur bloc to ratify a long-awaited free trade agreement with the Europe...
Nuclear negotiations between the United States and Iran in Geneva have been described as “positive”, according to a report by Axios citing a U.S. ...
Pakistan’s Foreign Minister Ishaq Dar received a phone call from Qatar’s Deputy Foreign Minister Mohammed bin Abdulaziz Al-Khulaifi on Thursday, a...
The United States is expected to deploy six additional aerial refuelling aircraft to Israel as Washington continues to strengthen its military presenc...
Former U.S. Secretary of State Hillary Clinton said on Thursday (26 February) that she had no information about the criminal activities of Jeffrey Eps...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
A F-16 fighter jet of the Turkish Air Force crashed near a highway in western Türkiye early on Wednesday (25 February), killing its pilot, officials and media reports confirmed.
Chinese President Xi Jinping and German Chancellor Friedrich Merz agreed on Wednesday in Beijing to strengthen economic cooperation while addressing trade imbalances, market access concerns, and the war in Ukraine, during Merz’s first official visit to China since taking office.
U.S. President Donald Trump declared a “golden age” for America in his first second-term State of the Union on Tuesday evening, delivering the longest-ever address at more than 90 minutes. Here are the main takeaways.
President Donald Trump delivered the first State of the Union address of his second term to Congress on Wednesday (25 February), declaring that America’s “golden age” had begun and that the country was experiencing a “turnaround for the ages.”
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 25th of February, covering the latest developments you need to know.
Global debt surged to a record $348.3 trillion at the end of 2025, after nearly $29 trillion was added over the year, marking the fastest annual increase since the pandemic, according to the Institute of International Finance (IIF) report released on Wednesday.
Millions of Colombian roses have arrived in the United States just in time for Valentine’s Day, keeping the country on track as the world’s second-largest flower exporter. Between 15 January and 9 February, Colombia shipped roughly 65,000 tons of fresh-cut blooms.
Russia’s car market is continuing to receive tens of thousands of foreign-brand vehicles via China despite sanctions imposed after Moscow’s full-scale invasion of Ukraine in 2022, a journalistic investigation has found.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment