Oil Price Tankers carrying nearly 9 million barrels of oil from Saudi Arabia and Iraq will delay their deliveries as they have diverted away from the Red Sea/Suez Canal route in recent days, and are now headed on the longer route via Africa, Bloomberg vessel-tracking data showed on Friday. The tankers loaded crude oil and petroleum products at Saudi Arabia’s ports of
Nasdaq 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 sources said. On Jan. 7, Saudi Arabia reduced the February official selling price (OSP) of its flagship Arab Light crude to Asia
Oil Price Hours after targeting a U.S. warship with a cruise missile in the Red Sea, Yemen’s Iran-backed Houthis fired a missile and struck a U.S.-owned merchant vessel in the Gulf of Aden, giving further momentum to the escalation of this conflict. Early on Monday, the Houthis fired a missile at the Marshall Islands-flagged bulk carrier, the Eagle Gibraltar, hitting
CNBC 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. Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after settling up 1.1% on Friday. U.S. West Texas Intermediate crude was at $72.36 a
Oil Price 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 on a major escalation of the conflict in the Middle East in the coming months, considering the fact that fundamentals
Oil Price Iran and Iraq last week agreed to create a series of executive committees aimed at increasing cooperation in all areas of the energy sector and beyond. Given that the U.S. is now the world’s leading producer of crude oil, natural gas, and liquefied natural gas, many Americans may wonder why this matters. The answer is that the world
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%,
