Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To 'Scare Voters' Into Supporting Trump

Benzinga20:22 ET

Reverse, reverse again and reverse again! What happened to the oil price roller coaster ride?

Affected by factors such as OPEC's plan to increase supply in December, the Brent crude oil price fell from over $90 in April to slightly below $70 in mid-September. Subsequently, following China's central bank's announcement of a "policy gift package" and intensified turmoil in the Middle East, oil prices reversed course with a weekly increase of over 9%. On Tuesday, China's National Development and Reform Commission held a press conference, but as the tensions in the Middle East did not escalate as expected, oil prices reversed again with a sharp 5% drop on Tuesday.

wallstreetcnOct 9 23:57 ET

S&P Global: Under the escalation of the Middle East situation, the global economy is facing an unprecedented 'dangerous period.'

S&P Global Vice Chairman and energy expert Daniel Yergin stated on Tuesday that due to escalating tensions in the Middle East, the global economy is entering an unprecedented "dangerous period." Yergin pointed out that he expects Israel's retaliation to be not just a replay of April, but to be "more intense."

cls.cnOct 8 22:08 ET

The Middle East conflict combined with a hurricane approaching, Brent crude oil rose above $80 for the first time in a month, with WTI crude oil temporarily rising over 4%.

Over the weekend until Monday, Israel was successively attacked by missiles from Lebanon and Hamas. Hurricane Milton rapidly escalated into a Category 5 hurricane in the Gulf of Mexico on Monday, threatening local fuel supplies. The meteorological department warned that the Tampa area in Florida will face the most severe storm in over a century.

wallstreetcnOct 7 16:49 ET

Careful of soaring oil prices? Goldman Sachs warns: the oil market is completely unprepared for escalation in the Middle East conflict.

Goldman Sachs analyst Lindsay Matcham stated that further escalation of the conflict may have a significant impact on the market, especially if the conflict involves the potential closure of the Strait of Hormuz, which could likely lead to a surge in local oil prices; Goldman Sachs analyst Lina Thomas, in another report, highlighted four short-term positive drivers in the crude oil market - mentioning the Middle East trend.

cls.cnSep 28 21:59 ET

OPEC's 2024 global oil outlook: bullish on the oil market prospects, no demand peak in the short term.

①OPEC believes that some countries and companies may resist overly aggressive clean energy goals, in addition, some global auto manufacturers have also adjusted their electrification goals, reducing investment in electric vehicles; ②OPEC expects global oil demand to reach 0.1189 billion barrels per day by 2045.

cls.cnSep 24 15:05 ET