Oil Prices: US Stock Drop Cheers, Interest Rates Jeer

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Barrel Hub
June 29, 2023

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Oil prices steadied after a significant drop in US inventories led to a price increase. However, concerns about global economic growth due to rising interest rates, alongside weaker demand from China, limited further gains.

Oil prices rose around 3% due to a larger-than-anticipated decrease in US crude inventories. However, concerns persist over potential economic slowdown from further interest rate hikes, potentially dampening oil demand..

Reader Question of the Day

What is the difference between upstream, midstream, and downstream oil and gas sectors?

The oil and gas industry is divided into three major sectors: upstream, midstream, and downstream. Upstream oil and gas production refers to the identification, extraction, or production of materials. This sector includes exploration and production companies that identify deposits, drill wells, and recover raw materials from underground. Downstream oil and gas production, on the other hand, begins after the production phase and continues to the point of sale. This includes oil refineries, petroleum product distributors, petrochemical plants, natural gas distributors, and retail outlets that bring usable products to end-users. Midstream operations serve as the link between upstream and downstream sectors, and include resource transportation and storage services such as pipelines and gathering systems

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