Oil rallied after revisions to US data confirmed that inflation is ebbing, boosting confidence that the Federal Reserve will cut interest rates later this year.
West Texas Intermediate rallied above $77 a barrel. Prices have been buoyed by the …
NEW YORK – Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies.
Brent crude futures settled higher by 66 …
Since Saudi Arabia’s announcement that it is scrapping plans to expand its oil production capacity by 1 million barrels per day (bpd), speculation has flourished about the reasons behind the decision.
First, analysts speculate that the outlook on …
(Bloomberg) – Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices.
Exxon rose as much as 1.6% in New York and Chevron climbed …
(Bloomberg) – Oil prices could top $90 per bbl this year if attacks escalate on ships in the Red Sea, according to the top executive at Brazilian state-controlled oil giant Petroleo Brasileiro SA.
LONDON-Oil prices dipped about 2% on Friday after strong U.S. jobs data diminished the odds of interest rate cuts in the short term, setting up both benchmarks for a weekly loss given China’s faltering economy and persistent geopolitical …
LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output.
The Organization …
NEW YORK – Oil prices fell more than a dollar a barrel on Monday as China’s ailing property sector sparked demand worries, causing traders to reassess the supply risk premium from escalating tensions in the Middle East.
(Bloomberg) – A drone strike that killed U.S. troops in Jordan and a separate attack on a fuel tanker in the Red Sea have led to an escalation of tensions in the region key to energy production and …
LONDON -Oil eased on Friday but was heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand sentiment, while Middle East supply concerns added further support.
The United States, the
Oil prices rose by more than 1% early on Thursday, buoyed by a larger-than-expected U.S. crude draw, Chinese stimulus, and continued attacks by the Houthis in and near the Red Sea.
As of 10:50 a.m. ET on Thursday, …
Global oil demand remains pretty solid and could surprise to the upside this year, tightening market balances and potentially leading to higher prices, Claudio Galimberti, head of global oil macro research at Rystad Energy, told Bloomberg in an …
Oil prices were little changed in Asian trading on Wednesday as weak demand and a recovery in supply limited the market’s reaction to mounting geopolitical risk.
The front-month March contract for Brent crude inched up 5 cents to …
NEW YORK – Oil prices inched up Tuesday, as traders weighed production outages in the U.S. and tensions in the Middle East and Europe against rising crude supply in Libya and Norway.
Brent crude futures were up 30
LONDON-Oil prices rose on Monday as traders weighed the impact of wars in the Middle East and Ukraine on oil supply against economic headwinds dampening global oil demand.
Brent crude rose 90 cents to $79.46 a barrel by 1450 …
The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts.
The …
LONDON -Oil rose on Friday and heading for a weekly gain, as Middle East tensions and oil output disruptions caused by cold weather in the U.S., the world’s biggest producer, balanced concerns about the health of the Chinese …
Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle …
(Bloomberg) –OPEC’s top official said forecasts that oil demand is heading toward a peak will prove just as misguided as earlier predictions that supply was reaching its zenith.
“Ultimately, peak oil supply has never come to pass, and …
LONDON – Saudi Arabia’s cut in official crude oil selling prices to Asia reflects weaker fundamentals of supply and demand, and does not imply a looming shift in OPEC+ policy or a fight for market share, analysts and industry …
U.S. homes and businesses used a record amount of natural gas on Tuesday as demand for the fuel for heating and power generation soared during an Arctic blast that also cut gas output to near a 13-month low by …
Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite.
Brent crude futures fell $1.23, or …
NEW YORK – Developers of renewable energy projects selling unused U.S. tax credits to other companies now account for a market worth between $7 billion and $9 billion, buoyed by legislation in 2022 that made these trades possible, a …
DAVOS, Switzerland – The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday.
Hollub, who spoke on the …
Oil prices slipped on Monday with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea.
Recent builds in U.S. distillate stocks have pushed inventories to normal levels for the first time since early 2022, a sign that analysts say may indicate that markets are steadying after several years of wild price fluctuations.
Refiners have …
While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early spring.
It looks like some speculators are betting …
