Gasoline prices surged in April, driving up consumer prices, while overall inflation eased; the national average for gas stood at $3.61 per gallon on Wednesday, down $0.02 from the previous month but up by over $0.40 since the start of the year.
Tags: Oil price
Oil Prices Hit Three-Month High Due to Stronger Demand and Colder Weather
Oil prices remain high, supported by colder weather and geopolitical factors, with Brent at $76.73 and WTI at $74.19, as demand rises and sanctions tighten supply.
Oil Prices Drop Over 1% as Donald Trump Victory Spurs Strong Dollar
Trump's re-election boosted the US dollar, causing oil prices to drop as demand weakened globally, with analysts warning that higher tariffs could pressure the oil market.
Oil Prices at Risk of Rising Above $100 After Intensifying Middle East Conflict
Oil prices saw a slight increase following Israel's airstrike that killed the Hezbollah leader, but no significant disruptions to oil supplies are expected as the market anticipates no major war between Iran and Israel.
Oil Prices Expected to Hit $85 per Barrel Following Israeli Air Strikes
Oil prices are rising due to recent conflicts between Israel and Hezbollah, with fears of Iranian retaliation potentially disrupting global oil supplies and pushing Brent crude to $75-$85 per barrel in September.
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Saudi Arabia, Russia, and some other key members of the Organization of the Petroleum Exporting Countries Plus (OPEC+) have decided to prolong their voluntary crude supply cuts until June.
Demand for steel across the globe is expected to decline 0.8% to 1,488 million tonnes in 2016, according to the World Steel Association. The association expects steel demand in China, the largest consumer, to fall 4% in 2016 tailed by a 3% decline in 2017, reaching 626.1 million tonnes in 2017.
Stocks in the US had a higher opening on Wall Street on the optimistic thought of additional Chinese economic incentive. Global stocks improved after a series of decline in a year, helped by Chinese trade number that showed signs of economic recovery across the world.
Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
The sub-Saharan African economy could face a serious decline in 2016, far behind the rest of the economies in the world.
US oil prices gained 5.18 percent owing to an unexpected drop in domestic crude stockpiles. US crude stocks eased by 4.9 million barrels last week as imported declined.
Rosneft, the Russia-based oil firm, has promised to make investments of roughly EUR 13 billion annually through 2018, which is an increase of 30% for the year 2016.
US labour market is gaining grounds helped by robust consumer spending, despite poor profits among corporate giants. The country added more than 200,000 jobs per month, with an average recruitment totalling to 213,000 new jobs a month in the past four years.
