Oil Prices Fall as Ukraine Signals Support for Peace Deal
Oil prices fell over 2% on Tuesday after Ukraine hinted that an intense diplomatic push by the U.S. administration to end Russia's war against it could be yielding fruit.An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow's energy trade, potentially adding more supply at a time when prices have been battered by expectations of a glut next year.Brent crude futures fell $1.45…
Oil Prices Settle 1.5% Lower as US-China Trade Tensions Persist
Oil prices fell on Tuesday, settling 1.5% lower as the International Energy Agency warned of a huge supply glut in 2026, and as trade tensions persisted between the U.S. and China, the world's two biggest economies.Brent crude futures fell 93 cents, or 1.5%, to settle at $62.39 a barrel. U.S. West Texas Intermediate crude was down 1.3%, or 79 cents, at $58.70. Both contracts were at a five-month low.In the previous session, Brent settled 0.9% higher, and U.S.
EIA: US crude and fuel stocks rise due to lower demand
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate inventory levels increased last week, as demand and refining activity slowed. The EIA reported that crude inventories increased by 1.8million barrels, to 416.5million barrels for the week ending September 26. This was compared to analysts' expectations in an online poll of a one-million barrel increase.
Oil Prices Rise by Nearly 2% After Drone Strike on Russian Terminal
Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks.The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight, an official…
Oil Prices Steady as Ukraine Peace Process Stalls
Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices remaining on track for their first weekly gain in three weeks.Brent crude futures were down 3 cents at $67.64 a barrel as of 1:00 p.m. EDT (1700 GMT). West Texas Intermediate (WTI) crude futures gained 5 cents to $63.57.Both contracts gained more than 1% in the previous session.
EIA reports that the US has become a net crude exporter to Nigeria for first time.
In February and March the United States became an exporter of crude to Nigeria, due to a slowdown in demand for crude on the U.S. East Coast, which was caused by refinery maintenance. The Dangote refinery also increased Nigeria's need for inputs. This is according to a Tuesday note from the U.S. Energy Information Administration. It is the first instance that the U.S. exported more crude to Nigeria than they imported.
EIA: US crude stocks fall as refiners increase output
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped last week, as oil refiners increased production to coincide with the start the summer driving season. Fuel inventories, however, rose due to a weaker demand. The EIA reported that crude inventories dropped by 4.3 millions barrels, to 436.1 million in the week ending May 30. This was in contrast with the analysts' polled expectations of a draw of 1 million barrels.
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels.
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources…
Oil Climbs After US Crude Stocks Fall
Oil edged up on Wednesday after a drop in U.S. crude inventories, and as investors eyed a potential interest rate cut by the U.S. Federal Reserve while weighing its projections for 2025.Brent futures were up 62 cents, or 0.85%, to $73.81 a barrel at 10:40 a.m. ET, while U.S. West Texas Intermediate crude was up 86 cents, or 1.23%, to $70.94.U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec.
Oil Rises on Lebanon Fears, possible OPEC cuts
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov.
EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing…
Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures CLc1 gained 0.1%…
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m. ET (1832 GMT) . Global benchmark Brent crude futures LCOc1 fell 2.3%…
Oil Outshines Stocks and Dollar in 2022
Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight market.The two major crude futures contracts are up about 30% so far this year, while the All Country World Index (ACWI) is down about 15%, Refinitiv Eikon…
Oil Barrels Toward $79 to Start '22
Oil rose towards $79 a barrel on Monday supported by tight supply and hopes of further demand recovery in 2022 spurred in part by a view that the Omicron coronavirus variant is unlikely to significantly dampen the outlook.Libyan oil output will be cut by 200,000 barrels per day for a week due to pipeline maintenance. OPEC and its allies, known as OPEC+, are expected to stick to a plan to raise output gradually at a meeting on Tuesday.Brent crude rose 95 cents…
Markets: Oil Rises as Inventories Expected to Fall
Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%…
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87…
Oil Rises on Vaccine Hope, Weak Dollar
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents, or 0.6%, at $48.16 a barrel by 1211 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 24 cents…
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%…