-Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures rose 82 cents, or 1.01%, to $81.81 per barrel by 0300 GMT, while West Texas Intermediate futures rose 82 cents, or 1.11%, to $74.93 per barrel.
Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world's biggest importer, looks set to increase.
U.S. natural gas futures rose about 2% on Monday from a 25-month low in the prior session on
forecasts for colder weather and higher heating demand this week than previously expected.
Global airline traffic recovered to 68.5% of pre-pandemic levels last year and surged 64.4% from 2021, according to figures published by global aviation body IATA on Monday. Airlines lost tens of billions of dollars in 2020 and 2021 due to the COVID-19 pandemic and saw the first signs of relief as travel started to return in 2022, particularly during the summer months.
U.S. natural gas futures held near a 25-month low on Monday as rising output and forecasts
for warmer weather and lower demand next week than previously expected offset a colder outlook with more ...
* IEA sees China as driver for demand. * Interest rate hikes still expected to check gains. * Earthquake halts Turkey oil terminal operations. By Noah Browning. Oil prices rose on Monday, buoyed by supply concerns, but remained near three-week lows on fears that slower growth in major economies could curb demand. Brent crude futures rose 46 cents, or 0.6%, to $80.40 a barrel by 1442 GMT.
Oil prices edged higher in choppy trading on Monday as markets weighed a return in demand from China against supply concerns and fears of slower growth in major economies curbing consumption.
Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.
U.S. natural gas futures slid about 2% to a 25-month low on Friday on forecasts for milder
winter weather than expected over the next two weeks, and lower heating demand.
* Brent and WTI post weekly declines of nearly 8% * U.S. reports blowout job growth. * EU agrees on price caps on Russian refined oil products. * Russia says EU oil products ban will unbalance markets. By Stephanie Kelly.
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.