Oil Jumps to Three-Month High as Cold Snap Tightens Inventories
5 days ago

Oil Jumps to Three-Month High as Cold Snap Tightens Inventories

Live Mint  

-- Oil rose to a three-month high after another contraction in US crude stockpiles, driven by frigid winter weather, reflected a tighter global market. “All one needs to do when assessing the current state of the oil market is to look at assorted spreads,” said Tamas Varga, an analyst at brokers PVM Oil Associates Ltd. in London. “They imply genuine physical tightness, and derivative traders are not afraid to react, notwithstanding the rather comfortable medium-term oil balance.” Oil’s push higher in recent weeks has been supported by cold weather that’s boosted demand for heating fuels, the drawdown in US inventories, and lower shipments from Russia. Still, “we do think that the market is in surplus — we have more barrels of oil coming than the market wants to buy — because at the end of the day we’re still in a very frail macro outlook, a frail industrial outlook over the next few months.” To get Bloomberg’s Energy Daily newsletter in your inbox, More stories like this are available on bloomberg.com

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History of this topic

Oil Falls as Technicals Signal Five-Session Rally Is Overdone
1 week, 1 day ago

Oil Falls as Technicals Signal Five-Session Rally Is Overdone

Live Mint  

-- Oil is on track to snap a five-session rally as key technical markers show gains driven by tightness in global physical crude markets may have gone too far. “Fundamentals have improved enough for crude prices to find a floor, but not enough to sustain a durable rally,” said Jon Byrne, an analyst at Strategas Securities. At the moment, “$75 …

Oil Climbs in Year’s First Session With US Stockpiles in Focus
Trending News
1 week, 5 days ago

Oil Climbs in Year’s First Session With US Stockpiles in Focus

Live Mint  

Oil began 2025 by rising to the highest level since November, boosted by a report of shrinking crude stockpiles in the US and bullish technical indicators. A report from the American Petroleum Institute showed inventories fell by 1.4 million barrels last week, a sixth straight draw if confirmed by government data later Thursday. It’s the fourth straight session of gains, …

Oil rises as investors return from holidays, eye China recovery
Trending News
1 week, 6 days ago

Oil rises as investors return from holidays, eye China recovery

Live Mint  

By Florence Tan SINGORE, - Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of …

Oil Dips in Thin Trading on Soft US Data, Natural Gas Outlook
2 weeks, 5 days ago

Oil Dips in Thin Trading on Soft US Data, Natural Gas Outlook

Live Mint  

Oil edged lower in light holiday trading on soft US jobs data and a retreat in natural gas futures. US natural gas futures fell by more than 5% Thursday, dragging down the energy complex after forecasts pointed to lower-than-anticipated heating demand. Helping to set a floor on prices, the American Petroleum Institute said commercial crude inventories fell 3.2 million barrels …

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
3 weeks, 4 days ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

Oil climbs as Assad's fall brings more uncertainty to Middle East
1 month ago

Oil climbs as Assad's fall brings more uncertainty to Middle East

The Hindu  

Oil prices climbed on Monday after the fall of Syrian President Bashar al-Assad's regime introduced greater uncertainty to the Middle East, although the gains were capped by a waning demand outlook for the coming year. "But Saudi Arabia's price reductions and OPEC+'s production cut extension last week underscored weak demand from China, indicating the market may soften toward year-end," he …

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
1 month, 1 week ago

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026

Live Mint  

International crude oil prices traded higher on Thursday, December 5, after the Organisation of Petroleum Exporting Countries and its allies, in its virtual meeting, decided to delay its planned output increase by three months to April 2025 and extend the full unwind of production cuts by a year until the end of 2026. -According to Reuters calculations, the gradual unwinding …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month, 1 week ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
1 month, 1 week ago

Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl

Live Mint  

International crude oil prices rose more than 1.5 per cent on Tuesday, December 3, ahead of the output policy decision by the Organisation of Petroleum Exporting Countries and its allies meeting. Global benchmark Brent crude futures last rose $1.16, or 1.6 per cent, to $72.99 per barrel, while the US West Texas Intermediate crude was last up $1.16, or 1.7 …

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
1 month, 1 week ago

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops

Live Mint  

-- Oil was little changed as traders watched for clues on OPEC ’s supply plans ahead of a key meeting this Thursday. “Despite the ongoing cross-currents we’ve hit a fair value that looks sticky for the short-term” with Brent at current levels, said Chris Weston, head of research for Pepperstone Group. “For now, the oil market is happy to massage …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
1 month, 2 weeks ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

Oil settles down as ease of supply risks drives weekly loss
1 month, 2 weeks ago

Oil settles down as ease of supply risks drives weekly loss

Live Mint  

By Nicole Jao NEW YORK -Oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC is expected to extend output cuts. U.S. West Texas Intermediate crude futures fell 72 cents, or 1.05%, to …

Oil Little Changed in Thin Trading After OPEC Delays Meeting
Trending News
1 month, 2 weeks ago

Oil Little Changed in Thin Trading After OPEC Delays Meeting

Live Mint  

-- Oil was steady as traders watched for any further clues to OPEC ’s production plans after it delayed a key virtual meeting by four days. Prices have been buffeted by fluctuating geopolitical tensions in the Middle East, waning demand in top importer China and concerns whether President-elect Donald Trump’s upcoming policies could affect supply from Russia and Iran. “The …

Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73
1 month, 3 weeks ago

Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73

Live Mint  

International crude oil prices were steady on Wednesday, November 20, as the escalating war between major oil producer Russia and Ukraine offset a rise in US crude and gasoline stocks. Back home, crude oil futures last traded 0.56 per cent lower at ₹5,825 per barrel on the multi commodity exchange. This has put geopolitical risk back in the market However, …

Oil Holds Near November Lows as Traders Brace for Crude Glut
2 months ago

Oil Holds Near November Lows as Traders Brace for Crude Glut

Live Mint  

-- Oil held near November lows, settling near $68 a barrel, as increasingly bearish fundamentals capped the session’s gain. In the physical market, a key supply gauge suggests a glut is coming sooner than expected, while timespreads in the futures market are flashing signs of oversupply. Also weighing on oil: OPEC cut its demand growth forecasts for a fourth consecutive …

Oil rises as investors take stock of Trump victory, US crude stocks rise
2 months, 1 week ago

Oil rises as investors take stock of Trump victory, US crude stocks rise

Live Mint  

By Georgina McCartney HOUSTON -Oil prices turned positive on Wednesday after falling by more than $2, despite U.S. crude stocks rising by more than expected, according to the Energy Information Administration. Independent analyst Tina Teng said that besides a surging dollar weighing on commodity prices, a Trump presidency could see policies that may further pressure the Chinese economy, weakening oil …

Oil hits one-week high on weak dollar ahead of US election results; Brent nears $76/bbl, WTI extends five-day streak
2 months, 1 week ago

Oil hits one-week high on weak dollar ahead of US election results; Brent nears $76/bbl, WTI extends five-day streak

Live Mint  

International crude oil prices edged one per cent higher to hit a one-week high on Tuesday, November 5, ahead of what is expected to be an exceptionally close US presidential election, after rising more than more than two per cent in the previous session as the Organisation of Petroleum Exporting Countries delayed plans to hike crude supply and production in …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months, 3 weeks ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Oil Prices Soar as Middle East Tensions Escalate
3 months, 1 week ago

Oil Prices Soar as Middle East Tensions Escalate

The Hindu  

Oil prices extend upward march on Mideast tensions, with Brent North Sea crude reaching close to $80 per barrel on Monday. The rise is partly attributed to concerns about geopolitical unrest in the Middle East, but also to hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging economy.

Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor
3 months, 2 weeks ago

Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor

Hindustan Times  

Oil prices fell on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East. A panel of top ministers from the OPEC producer group meets on Oct. 2 to review the market, with no policy changes expected. The possibility of Libyan oil output recovering also weighed on the market.

Lebanon crisis: Oil prices climb on Middle East tensions
3 months, 3 weeks ago

Lebanon crisis: Oil prices climb on Middle East tensions

Hindustan Times  

Oil prices rose on Tuesday on news of monetary stimulus from top importer China and concerns that tensions in the Middle East could hit regional supply, while a major hurricane loomed over the United States, the world's biggest crude producer. The crude oil market has been looking desperately towards Chinese authorities for further easing measures to counter the economic slowdown," …

Investors turned more bearish on oil last week than ever
3 months, 4 weeks ago

Investors turned more bearish on oil last week than ever

The Hindu  

Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental Exchange showed on Friday. “This …

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
4 months ago

Oil Rebounds After Brutal Week as Traders Take Stock of Outlook

Live Mint  

Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this week on three reports that may clarify the demand outlook. Traders are in line for bumper crop of market insights this week as the three most prominent forecasters — OPEC, the Energy Information Administration and …

Oil stabilises as signs of economic slowdown clash with Fed rate cut hopes; brent crude at $85.09/bbl
5 months, 3 weeks ago

Oil stabilises as signs of economic slowdown clash with Fed rate cut hopes; brent crude at $85.09/bbl

Live Mint  

Oil prices remained largely unchanged on Thursday as investors grappled with conflicting signals about crude demand. Concerns about a potential economic slowdown in the U.S. were balanced by rising expectations that the Federal Reserve might soon cut interest rates. “Crude Oil prices have recovered from above key support levels with NYMEX crude recovering from $79-$79.5 and MCX crude from above …

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
6 months, 1 week ago

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel

Live Mint  

Oil prices rose on Monday, fuelled by increasing summer demand optimism and the supply cuts by the Organisation of the Petroleum Exporting Countries. On Monday, Brent crude futures rose 0.81 per cent or 69 cents to $85.69 per barrel as of 13:36. Both the commodity contracts increased nearly 6 per cent in June, with Brent settling around $85 per barrel …

Oil set for weekly gain as demand signs, geopolitics seen as positives
8 months ago

Oil set for weekly gain as demand signs, geopolitics seen as positives

Hindustan Times  

By Katya Golubkova and Sudarshan Varadhan Oil set for weekly gain as demand signs, geopolitics seen as positives SINGORE, - Oil rose on Friday, set for a weekly gain, as data this week from the U.S. and China, the world's two largest crude users, pointed to higher demand and continuing uncertainty over the Gaza war supported prices. Falling U.S. crude …

Oil set for weekly gain as demand signs, geopolitics seen as positives
8 months ago

Oil set for weekly gain as demand signs, geopolitics seen as positives

Hindustan Times  

By Katya Golubkova and Sudarshan Varadhan Oil set for weekly gain as demand signs, geopolitics seen as positives SINGORE -Oil rose on Friday, set for a weekly gain, as data this week from the U.S. and China, the world's two largest crude users, pointed to higher demand and continuing uncertainty over the Gaza war supported prices. Falling U.S. crude inventories …

Crude oil prices jump 4% on reports of Israel strikes on Iran; Brent crude above $90 a barrel
8 months, 3 weeks ago

Crude oil prices jump 4% on reports of Israel strikes on Iran; Brent crude above $90 a barrel

Live Mint  

Crude oil prices jumped over 4% on Friday as conflict in the Middle East intensified, with Brent rallying above $90 a barrel in a sudden move higher. Brent oil, the global benchmark, surged 3.94% to $90.54 a barrel, while the US West Texas Intermediate crude futures spiked 4.06% to $86.09. Crude oil prices have rallied this year led by the …

Oil traders stay bullish as Brent hovers at $90: ‘Crude to stay elevated even if Middle-East tensions cool down’
9 months ago

Oil traders stay bullish as Brent hovers at $90: ‘Crude to stay elevated even if Middle-East tensions cool down’

Live Mint  

Crude price outlook: Morgan Stanley hiked its Q3 Brent crude outlook by $4 to $94 over geopolitical conflicts, while other analysts see a supply deficit of one million barrels per day in 2024 due to the prevailing OPEC cuts. Morgan Stanley hiked its Q3 Brent crude outlook by $4 to $94 over geopolitical conflicts, while analysts see a supply deficit …

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
9 months, 2 weeks ago

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87

Live Mint  

International crude oil prices rebounded and rose by more than $1 per barrel on Thursday, March 28, after falling for two consecutive sessions ahead of the policy decision by the Organisation of Petroleum Exporting Countries. Brent crude futures for May were last up $1.21, or 1.4 per cent, at $87.30 per barrel, while the more actively traded June contract rose …

Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl
9 months, 3 weeks ago

Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl

Live Mint  

International crude oil prices slipped on Wednesday, March 20, after hitting multi-month highs in the previous session, as investors braced for the US Federal Reserve's interest rate policy announcement later in the day. Coming to domestic prices, crude oil futures were last trading 2.05 per cent lower at ₹6,746 per barrel on the multi commodity exchange. Oil prices pullback ahead …

Oil rises 1%, heads for weekly gain as Middle East conflict rages
11 months ago

Oil rises 1%, heads for weekly gain as Middle East conflict rages

Live Mint  

Oil prices rose on Friday and were on track for gains of almost 7% week-on-week, amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas. Israeli forces continued deadly air strikes on Gaza on Friday, after the bombing of Gaza's southern border city of Rafah on Thursday helped send oil prices up by around 3% …

Brent crude to remain range-bound in near term, may witness some decline: Emkay
1 year ago

Brent crude to remain range-bound in near term, may witness some decline: Emkay

Live Mint  

Brokerage house Emkay Wealth Management, the advisory arm of Emkay Global Financial Services, expects Brent crude to trade in a range-bound pattern in the near term with a likelihood of some decline. After reaching a peak at $130.5 per barrel in March 2022, oil prices plummeted by over 40% due to robust Russian flows, a slowdown in Western countries, and …

Oil prices extend gains as OPEC cuts expected; Brent crude at $81.92/bbl
1 year, 1 month ago

Oil prices extend gains as OPEC cuts expected; Brent crude at $81.92/bbl

Live Mint  

Global oil benchmarks extended gains on Monday, November 20, as further supply cuts in OPEC+ production are expected in the coming weeks. Since late September, oil prices have witnessed a nearly 20% decline, and last week, the prompt inter-month spreads for Brent and WTI transitioned into contango. "If additional cuts are agreed, a short-term price boost is expected, but its …

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 2 months ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to …

Oil prices jump 2% on supply worries after large US stock drawdown
1 year, 2 months ago

Oil prices jump 2% on supply worries after large US stock drawdown

Live Mint  

Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures …

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl
1 year, 2 months ago

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl

Live Mint  

Oil prices edged higher on Tuesday, October 17, ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Back home, on the Multi Commodity Exchange, crude oil futures due for a October 19 expiry, was last …

Oil sears to 10-month high, set for weekly gain; Brent scores $94/bbl
1 year, 3 months ago

Oil sears to 10-month high, set for weekly gain; Brent scores $94/bbl

Live Mint  

Oil prices rose to a fresh 10-month high for the fifth straight session and were on track to record a third weekly gain as supply tightness driven by Saudi Arabian production cuts combined with optimism around Chinese demand. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 0.44 …

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl
1 year, 4 months ago

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl

Live Mint  

Oil prices rose about 1 per cent on Tuesday, September 12, boosted by a tighter supply outlook, after oil producers Saudi Arabia and Russia extended their voluntary oil supply cuts till the end of the year. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 1.73 per cent …

Oil jumps to 7-month high-level on tighter supply; Brent crude scores $88/bbl
1 year, 4 months ago

Oil jumps to 7-month high-level on tighter supply; Brent crude scores $88/bbl

Live Mint  

Oil prices continued its gaining streak and opened the first session of September by scoring a seven month-high-mark -the highest in over half a year and were on track to snap a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, …

Brent’s price structure shows over-supply concern; here’s why
1 year, 6 months ago

Brent’s price structure shows over-supply concern; here’s why

Live Mint  

Concerns of oil traders and analysts have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed on June 28, as expectations of weak economic growth outweigh Saudi Arabia's output cuts. For the first time since December, the six-month spread for Brent shows contracts for earlier loading are trading below those for later loading, a …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 8 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Brent Crude Oil Falls Below $80 for First Time Since January
2 years, 1 month ago

Brent Crude Oil Falls Below $80 for First Time Since January

News 18  

Stock markets fell on Tuesday as investors were split between fears that the US Federal Reserve will maintain its aggressive anti-inflation measures and growing optimism over China’s economic reopening. Meanwhile, oil prices tumbled, with the price of Brent crude briefly falling below $80 for the first time since January, when prices began to rise ahead of Russia’s invasion of Ukraine. …

Oil plunges to January lows on report of OPEC increasing output
2 years, 1 month ago

Oil plunges to January lows on report of OPEC increasing output

Live Mint  

Oil extended declines as Saudi Arabia and other OPEC countries were reported to be discussing an output increase alongside China tightening its anti-Covid curbs, hurting the outlook for demand. Declines accelerated after the Wall Street Journal reported OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil. Brent’s prompt spread briefly traded in …

Oil prices decline amid fears of a global recession
2 years, 3 months ago

Oil prices decline amid fears of a global recession

India Today  

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. But the IMF also urged central banks to keep up their fight against inflation even as investors worry policymakers could trigger a sharp economic downturn by raising borrowing …

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall
2 years, 3 months ago

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall

The Hindu  

Oil rose about 1% on Wednesday, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID-19 pandemic, despite a tight market and opposition to cuts from the United States and others. Prices also rose on U.S. government data that showed crude and fuel inventories fell last week. The United States was pressing OPEC+ producers to avoid making …

Oil prices ease as nations agree to tap reserves
2 years, 9 months ago

Oil prices ease as nations agree to tap reserves

Al Jazeera  

Both Brent and US crude benchmarks settled down around 13 percent. Both Brent and US crude benchmarks settled down around 13 percent in their biggest weekly falls in two years after US President Joe Biden announced the release on Thursday. Biden announced a release of one million barrels per day of crude oil for six months from May, which at …

Oil prices resume climb after U.S. stockpiles drop in tight market
2 years, 9 months ago

Oil prices resume climb after U.S. stockpiles drop in tight market

Hindustan Times  

Oil prices turned higher on Wednesday, erasing losses from the previous session, after industry data showed U.S. crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow. While prices dipped on Tuesday as it appeared the European Union was unlikely to agree to a ban on Russian oil, …

Brent oil hits $91 a barrel as Ukraine worries persist
2 years, 11 months ago

Brent oil hits $91 a barrel as Ukraine worries persist

Al Jazeera  

Brent oil hit a fresh seven-year high as a robust crude market countered the U.S. Federal Reserve’s indication that it would soon start raising interest rates to quell inflation. Key swaps tied to the North Sea market that helps price much of the world’s oil are trading at their firmest since 2019, while gauges of market strength, known as timespreads, …

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