(BOE Report)– Oil prices posted modest rises on Wednesday, extending gains from the previous session, supported by robust U.S. economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 4 cents, or 0.06%, to $62.42 a barrel by 0117 GMT, while U.S. West Texas Intermediate crude added 3 cents, or 0.05%, to $58.41. Oil
(Investing)– Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States weighed and investors assessed stronger-than-expected U.S. economic data. Brent crude futures fell 8 cents to $61.99 a barrel by 11:15 a.m. ET (1615 GMT). U.S. West Texas Intermediate (WTI) crude was down 2 cents at $57.99. Prices had risen by more than 2% on
(Investing)– Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers. Brent crude futures rose 6 cents to $62.13 a barrel by 1221 GMT. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $58.03. Prices had risen by
(Investing)– Oil prices rose in early European trade on Monday after reports said the U.S. was pursuing a third Venezuelan oil tanker after seizing another tanker over the weekend. A potential resurgence in tensions between Israel and Iran also provided some risk premium, after reports said Israel was planning to brief the U.S. over attacking Iran, amid concerns over Tehran’s
(BOE Report)– Venezuela’s debt crisis is one of the largest unresolved sovereign defaults in the world, the legacy of years of economic collapse and U.S. sanctions that severed the country from international capital markets. The country has been in default since late 2017, when it missed payments on international bonds issued by the government and state oil company PDVSA. Since
(BOE Report)– Oil prices ticked down on Friday and were set to close lower for a second straight week, as rising prospects of a Russia-Ukraine peace deal offset concerns over supply disruptions from a blockade of Venezuelan oil tankers. Brent crude futures fell 9 cents, or 0.2%, to $59.73 a barrel by 0456 GMT, and U.S. West Texas Intermediate crude
(Oil Price)– Venezuela may be forced to start shutting in oil production as it runs out of storage space amid the U.S. tanker blockade, Bloomberg has reported, citing unnamed sources. According to the sources, the biggest oil storage hub and tankers at Venezuelan ports could fill up within 10 days, prompting production curbs. Earlier this week, Reuters reported that some 11 million
(BOE Report)– U.S. crude futures rose more than 1% on Wednesday as U.S. President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela. U.S. crude futures were up 1.3%, or 72 cents, to trade at $55.99 at 0022 GMT. Oil prices settled near five-year lows in the previous session on progress in
(BOE Report) – Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal. Brent crude futures rose 43 cents, or 0.70%, to $61.71 a barrel by 0352 GMT, and U.S. West Texas Intermediate crude was
(Investing) – HOUSTON – The oil supertanker Skipper that was seized by the U.S. near Venezuela this week as part of an increased pressure strategy against President Nicolas Maduro, is heading to Houston, two sources said on Friday. The Very Large Crude Carrier, which is carrying about 1.85 million barrels of Venezuela’s Merey heavy crude according to satellite images analyzed by
(Oil Price) – A loss of Venezuelan oil production in case of a U.S. military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude—the bulk of Caracas’ crude exports, according to Rystad Energy. Venezuela is estimated to pump about 1.1 million barrels per day (bpd) of crude oil at present. If the U.S.-Venezuela tension escalation
(BOE Report) – Venezuela’s oil exports rose slightly to some 921,000 barrels per day (bpd) in November, the third-highest monthly average so far this year, as the country used more diluents to produce exportable grades, according to shipping data and documents. The OPEC producer is under increasing political pressure from the U.S., which has struck a score of alleged drug-smuggling
