LONDON – Oil prices rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.
LONDON – Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks.
Brent crude futures were up 36 cents, or 0.5%, at …
After Exxon’s string of high-quality oil discoveries in offshore Guyana delivered more than 11 billion barrels of oil resources South America started garnering considerable attention from energy investors. This saw South America emerge big oil’s new favorite continent…
Saudi Arabia agreed to take one for the team this weekend and volunteered to cut another 1 million barrels per day off its crude oil production to keep the market in check—and to punish short sellers.
But Saudi …
HOUSTON – U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also …
Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output.
Brent crude futures were down 23 cents, …
Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them.…
STORY: Saudi Arabia on Sunday said it would dramatically cut its crude oil output as part of a deal by OPEC+ nations to tighten supply into 2024 as producers seek to boost falling oil prices.
The Saudi energy minister, …
SINGAPORE – Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets.…
HOUSTON – Exxon Mobil XOM.N Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five-year period using new technologies.
“We are …
(Bloomberg) — Exxon Mobil Corp. and Chevron Corp. shareholders soundly rejected activist demands to take responsibility for curbing emissions by motorists and industries that burn their fuels.Roughly 90% of investors in North America’s two largest oil producers shot …
LONDON – U.S. oil and gas production continued to rise strongly in March – the delayed impact of very high prices that prevailed until the third quarter of 2022. Oil output increased by 171,000 barrels per day (b/d) in …
Oil prices fell on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Brent crude futures for August delivery were last down $1.69, or 2.3%, to $71.85 a barrel. U.S. …
NEW YORK – Oil prices fell by about 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of
The U.S. on Thursday held its first sale of oil and gas drilling rights on federal lands since passage of President Joe Biden’s landmark climate change law, attracting more than $78 million in high bids for leases in New …
Oil prices ticked up on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
Brent crude was last up 53 cents at $76.79 a barrel, while U.S. …
Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver …
LONDON – The number of short positions in oil essentially betting that prices will fall has risen ahead of the next OPEC+ policy meeting on June 4, analysts said, making a surprise decision by producers at those talks more …
Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway.
Should major economies, including the U.S., avoid deep recessions, the foundations …
There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully.
This is according to the International Energy Agency, which commented on a …
Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default.
Brent futures rose 59 cents, or 0.8%, to $76.45 a …
Rising demand in China and the United States sent global oil demand surging by 3 million barrels per day (bpd) in March compared to February and hitting the highest level on record, data from the Joint Organizations Data …
Oil prices were broadly stable on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand.
U.S. West Texas …
Hedging is a popular trading strategy frequently used by oil and gas producers, airlines and other heavy consumers of energy commodities to protect themselves against market fluctuations. During times of falling crude prices, oil producers normally use …
Oil prices rose 2% on Wednesday as optimism on oil demand and U.S. debt ceiling negotiations outweighed supply concerns.
Brent crude futures rose $1.48, or 2%, to $76.39 a barrel. West Texas Intermediate U.S. crude was up $1.50 …
Oil prices up after bullish Saudi comments, falling U.S. stockpiles
CNBC
Oil prices rose on Wednesday after data showed U.S. inventories and fuel supplies tightening and following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts.
Brent crude futures rose $1.42, or …