CNBC Oil rose around 1% on Wednesday in a second day of gains as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield offset rising U.S. output and worries about economic growth. A report from industry group the American Petroleum Institute added further support as it showed a bigger-than-expected drop in crude
Investing LONDON – Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses. Brent crude futures were up $1.07, or 1.41%, at $77.19 a barrel by 1515 GMT and U.S. West Texas Intermediate crude futures gained $1.12, or 1.58%, to $71.89. At their intra-day peaks both benchmarks were up by
Oil Price Iran seeks higher prices for its crude going to its top customer, China, and has been withholding some supply, Reuters reported on Friday, citing trading and refinery sources. China has continued to buy cheaper crude from Iran even after the U.S. re-imposed sanctions on Iranian oil in 2018. But now Iran is reportedly seeking narrower discounts to Brent for its crude supply
Nasdaq LONDON – Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. Brent crude futures LCOc1 were up 44 cents, or 0.57%, to $78.03 a barrel, while U.S. West Texas Intermediate crude futures CLc1 rose 57 cents, or 0.79%, to $72.76 at 1032 GMT. At its
Oil Price The sovereign wealth funds of the Gulf Cooperation Council members topped $4 trillion last year, which was an all-time high. Called the “Oil Five”, the group of top sovereign wealth funds includes three entities from the United Arab Emirates, one from Saudi Arabia, and the Qatar Investment Authority. The five invested a total $75.6 billion last year, which
Yahoo Finance NEW YORK (Reuters) -Oil prices climbed about 3% on Wednesday after a disruption at Libya’s top oilfield added to fears that tensions in the Middle East could reduce global oil supplies. Brent futures rose $2.44, or 3.2%, to $78.33 a barrel by 11:06 a.m. EST (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.45, or 3.5%,
World Oil (WO) – QatarEnergy has announced a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell). The agreement stipulates the supply of up to 18 MMbbl per annum of Qatar Land and Qatar Marine crude oils to Shell starting January 2024. QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the
Nasdaq LONDON (Reuters) – Oil prices rose slightly on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Brent crude futures LCOc1 were up 40 cents, or 0.5%, to $79.79 a barrel at 1326 GMT. The Ice Brent minute
Oil Price Asian buyers could reduce intake of term supplies from Saudi Arabia in January and look to buy more spot crude cargoes after the world’s top crude exporter reduced the price of its oil to Asia by less than expected, traders and refiners told Bloomberg on Wednesday. On Tuesday, Saudi Arabia cut the price of its flagship crude, Arab Light, loading in January for
Today RIYADH :Russian President Vladimir Putin landed in Saudi Arabia on Wednesday for hastily arranged talks with Crown Prince Mohammed bin Salman on oil, Gaza and Ukraine. It was not immediately clear what Putin, who has rarely left Russia since the start of the Ukraine war, intends to raise specifically about oil or geopolitics in a face-to-face meeting with the crown
Oil Price Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the headquarters of the Ministry of
Investing LONDON – Oil prices firmed on Tuesday after the International Energy Agency (IEA) raised its demand growth forecasts, adding to bullish sentiment from the previous day’s OPEC guidance, while U.S. data showed inflation in the world’s biggest economy was slowing. Brent crude futures were up 61 cents, or 0.7%, to $83.13 a barrel by 1429 GMT. U.S. WTI crude futures
