SINGAPORE (Bloomberg) –Surging demand, fading omicron fears, and OPEC+’s inability to ramp up output have underpinned an eye-watering rally in oil prices.
Global benchmark Brent crude has jumped 25% to around $88 a barrel since the end of …
LONDON, Jan 19 – Oil prices have risen to their highest for more than seven years, climbing above levels that triggered a U.S.-led release of strategic petroleum reserves last November.
Policymakers may be less likely to respond at this …
Oil prices rose to a seven-year high Tuesday amid ongoing supply concerns and escalating tensions in the Middle East, but Exxon Mobil CEO Darren Woods is confident they will trend lower.
In the immediate future, however, the oil
LONDON (Bloomberg) –OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.
The Organization of Petroleum Exporting Countries …
LONDON – Oil prices that rallied 50% in 2021 will power further ahead this year, analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude above $100 a barrel.
Though the Omicron
Over the span of just two days, what began as protests over spiking fuel prices have snowballed into the most serious unrest the Central Asian nation of Kazakhstan, a major energy producer and long a symbol of stability among …
Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.
U.S. …
(Bloomberg) –Oil eked out a gain, climbing in tandem with equities, as traders weighed the Federal Reserve’s shift to tighter monetary policy to battle inflation.
Futures in New York closed up 0.2%, reversing earlier losses of as much …
LONDON -Oil prices were on track for their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand.
The Brent and WTI benchmarks …
LONDON, Dec 9 – The gamble taken by OPEC and its allies, under pressure from top oil consumer the United States, to raise oil output in January despite its own forecasts of oversupply, appears to be paying off as …
HOUSTON, Dec 7 – Scott Sheffield, the chief executive of top U.S. shale producer Pioneer Natural Resources Co PXD.N, on Tuesday said he worries oil prices could get too high and further roil markets after years underinvestment in …
SINGAPORE (Bloomberg) –Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility.
West Texas Intermediate rallied as much as 4.6% after shedding almost $4 on Tuesday. That selloff was driven by escalating concerns …
(Bloomberg) –Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant.
West Texas Intermediate plunged 3.6% and Brent also tumbled, with the price …
Oil prices could climb higher despite the U.S. and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC.
“It’s not going to work simply because
SINGAPORE (Bloomberg) – The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc.
The U.S. …
Oil prices fell to a six-week low on Friday as new Covid lockdowns sparked demand concerns just as industry players signal a return of supply.
But for consumers looking for some reprieve at the pump, the declines aren’t …
(Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.”
Key to his administration’s response, Biden said …
NEW YORK -Oil prices fell on Friday, wiping out gains from the previous session, on worries that the U.S. Federal Reserve will accelerate plans to boost interest rates to tame inflation.
Brent crude futures fell 87 cents, or 1.1%, …
LONDON, Nov 11 – Oil prices are expected to stabilise near current levels over the next few months, then decline progressively over the course of next year, according to the latest forecasts from the U.S. Energy Information Administration.
The …
LONDON – Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and …
(Bloomberg) –OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices.
On Monday, Kuwait said the cartel should stick …
DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy
Continental Resources Chairman and founder Harold Hamm criticized Biden’s energy plan as the administration’s efforts to tackle climate change conjures up more challenges for the country.
“You know it’s all about economics 101 and it doesn’t have to …
(Bloomberg) –Could the era of cheap oil supply be gone for good? That’s the conclusion of some of the biggest commodities desks on Wall Street, where banks have been lifting their long-term price forecasts, often by $10 or …
(Bloomberg) –Oil continued its advance from the highest close in seven years as the U.S. dollar fell and investors assessed the energy crunch roiling global markets.
Futures in New York surpassed $83 a barrel Tuesday, gaining as much …
(Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic.
OPEC+ cut its production 15% deeper than planned in …
LONDON – The structure of Brent crude oil futures is showing a “scarcity premium” that has widened to the most since 2013 this week, a sign of the tight market underpinning oil’s rally amid a wider energy crunch as …
Oil prices could experience an “off the charts spike” as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC.
OPEC+ — the Organization of the Petroleum Exporting Countries, with …
(Bloomberg) –Saudi Arabia reduced oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases.
State firm Saudi Aramco’s cuts for customers in Asia, …
How high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use?
The strength of a price signal depends on both the real level …
