DBO

Crude oil extends losses on China demand concerns, Gaza ceasefire hopes

Crude oil extends losses on China demand concerns, Gaza ceasefire hopes, global supply concerns. China's total fuel oil imports fell 11% in H1. Hopes of a Gaza ceasefire deal that would ease supply concerns are also weighing on crude prices. Crude oil futures settled lower on Friday to extend losses for the week.

U.S. oil rig count rises for third time in four weeks, Baker Hughes says

Commodity Roundup: UBS's Marcelli sees higher prices ahead despite demand concerns

Deutsche Bank spotlights energy as forecasts point to a strong Atlantic hurricane season

Deutsche Bank spotlights energy as forecasts point to a strong Atlantic hurricane season on record. The financial institution says the gulf coast refineries and offshore rigs are at risk for disruptions. The gulf region accounts for 72% of the country's oil production and 48% of its refining capacity.

Commodity Roundup: Gold, oil fall as investors turn cautious ahead of U.S. economic data

Brent Holds Critical Support Amid U.S. Inventory Decline

Oil prices have declined over the past four days, but Brent oil remains at a crucial support level. The Chinese government has cut rates to stimulate economic growth following disappointing data. API reported a week-on-week decline in inventories of crude oil in the US. US GDP, PMI and PCE data could play a role in oil price moving ahead.

Crude inventory fell 3.7MM barrels for week ended July 19 - EIA

Commercial crude stocks for the week ended July 19: 436.5M barrels. Crude inventory fell 3.7MM barrels for week end July 19 - EIA. Futures (CL1:COM) +0.42% at $77.77 a barrel.

How Hurricanes Can Impact The Energy Sector

Hurricanes in the Gulf of Mexico can interrupt offshore energy production, which can be supportive for oil prices. Hurricanes pose a risk to energy assets along the Gulf Coast. Exports and offshore pipelines can be impacted. Refineries may shut down or reduce rates during hurricanes, leading to higher gasoline and diesel prices.