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Oil Prices Extend Gain by 0.5% After Jerome Powell Signalled Slower Raise on Rates.

Oil prices climbed on Wednesday, extending big gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should support oil demand in the near term. Benchmarks Brent and WTI are trading at their highest levels since the super contagious omicron variant of the coronavirus emerged in late November, as it has not hit fuel demand the way previous variants did. U.S. West...

Oil Gains Steady at $78.67 Amidst New Restrrictions in England

Oil gained more ground on Tuesday with prices trading close to last session’s one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand. Brent crude rose 7 cents, or 0.1%, to $78.67 a barrel, by 0115 GMT. U.S. West Texas Intermediate (WTI) crude rose 18 cents, or 0.2%, to $75.75 a barrel, gaining for a fifth straight session. Both markets were trading close to Monday’s peaks, their...

Oil Prices Edge Higher on Weaker Dollar, Amid Omicron Variant Caution

 Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 a barrel at 0235 GMT after jumping 3.7% on Tuesday. Brent crude futures rose 44 cents, or 0.6%, to $74.42...

Oil Prices Gain 0.8% Despite Worries on the Rapid Spread of Omicron

Oil prices rose on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand. Brent crude futures increased by 59 cents, or 0.8%, to $72.11 a barrel by 0418 GMT while U.S. West Texas Intermediate (WTI) crude futures rose by 73 cents, or 1.1%, to $69.34 a barrel. “After a rough couple of days, crude prices are rebounding as much...

Oil Gains 0.4% Despite Growing Concerns on Europe Lockdowns, China Slowdown

Oil prices extended gains on Thursday on confidence that the omicron coronavirus variant would not dent global growth, even as some governments stepped up curbs to stop its rapid spread. U.S. West Texas Intermediate (WTI) crude oil futures rose 28 cents, or 0.4%, to $72.64 a barrel at 0201 GMT, adding to a 0.4% gain in the previous session. Brent crude futures rose 22 cents, or 0.3%, to $76.04 a barrel, adding to a 0.5% gain...

Oil Reverses Gains as Prices Dip 0.3% on GlaxoSmithkline Vaccine Optimism

Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines. Brent crude futures dropped 25 cents, or 0.3%, to $75.19 a barrel at 0129 GMT, after settling 3.2% higher on Tuesday. U.S. West Texas Intermediate crude was at $71.86 a barrel, down 19 cents, or 0.3%, having gained 3.7% in the previous session. Oil...

Oil Prices Edge Higher, as Investors Focus on OPEC+ Decision Oversupply Policy

Oil prices rose on Thursday, recouping the previous day’s losses, as investors adjusted positions ahead of an OPEC+ decision oversupply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand. Brent crude futures rose 85 cents, or 1.2%, to $69.72 by 0402 GMT, having eased 0.5% in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 85 cents, or 1.3%, to $66.42 a barrel, after a 0.9% drop...

Oil Prices Fall More than 2% after a Report Causes Doubt on the Effectiveness of Vaccines

Oil prices gave up gains on Tuesday, falling more than 2% along with broader financial markets after a media report cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant. The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been against the Delta variant. Both benchmarks tumbled more than $1 on the news. Brent...

Oil Rebounds on Speculation that OPEC+ May Pause Output Increase

 Oil prices rebounded on Monday as investors looked for bargains after Friday’s slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant. Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 GMT, after falling $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $3.47, or 5.1%, at $71.62 a...

Oil Slumps, on Concerns of Surplus Supply in Q1, New Variant

Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors. Brent crude futures extended declines for a third session, falling $1.69, or 2.1%, to $80.53 a barrel by 0327 GMT. U.S. West Texas Intermediate (WTI) crude was down $2.04, or 2.6%, at $76.35 a barrel....

Oil Prices Edge Lower, as Investors Wait for OPEC+ Response on U.S-led Crude Release

Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.1%, to $78.30 a barrel at 0201 GMT, extending an 11 cent loss on Wednesday. Brent crude futures slipped 5 cents to $82.20 a barrel, after losing 6...

Oil Prices Edge Lower, as Investors Watch Out on Joint Reserve Release

Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day. Brent crude futures slid 32 cents, or 0.4%, to $81.99 a...

Oil Prices Lower, on Expected Deal to Tap Emergency Crude Reserves

Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as Covid-19 cases flare-up in Europe. The U.S. Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday, and will be coordinated with other countries, a Biden administration source familiar with the situation said....

Oil Rises as Investors Look Past Possible Reserve Releases

Oil prices rose on Friday, after wild swings the day before, on investor concerns that potential coordinated releases by the world’s major economies of their official crude reserves to try to lower prices may have less of an impact than expected. Brent crude was up 53 cents, or 0.7%, at $81.77 a barrel by 0437 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher. U.S. West Texas Intermediate (WTI)...

Oil Prices Decline as China Readies Release of Crude from Strategic Reserves

Oil prices fell on Thursday, adding to an overnight plunge as China said it was moving to release reserves following a Reuters report that the United States was asking big crude consumers to consider a coordinated release of stocks to lower prices. The bid by the U.S. administration to shock markets comes as inflationary pressures, partly driven by surging energy prices, starts to produce a political backlash, as the world fitfully recovers from the worst...

Oil Prices Edge Higher, on Tight Inventories

Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe. Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT. while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1%, to $81.68 a barrel. “At these oil prices, supply is going to grow but it might take...

Oil Prices Slide as Supply Boost, Weaker Demand Fears Weigh

Crude oil prices skidded on Monday, under pressure from expectations of higher supplies and weakening demand. Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT.  U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel. Both markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices. “The...

Oil Prices Edge Lower Backed by Higher Dollar in Volatile Week

Oil prices slipped on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation. U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.7%, to $81.01 a barrel at 0509 GMT, reversing Thursday’s 25 cent gain. Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel. “The greenback may hold its...

Oil Prices Edge Lower, Fueled by Inflation Fears

 Oil prices slumped on Thursday, hit by a surge in the dollar after U.S. President Joe Biden said his administration was looking for ways to reduce energy costs amid a broader surge in inflation. Brent and U.S. crude futures dropped sharply at the end of the session as traders sold out of riskier assets, including stocks and commodities, driven by expectations that central bankers will take steps to curb rising prices. Consumer inflation data on...

Oil Climbs on Surprise U.S. Crude Stocks Decline

Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3%, to $84.38 a barrel at 0132 GMT, adding to a 2.7% gain on Tuesday. Brent crude futures jumped 36 cents, or 0.4%, to $85.14 a barrel, after rising 1.6% on Tuesday....

Oil Prices Rise More than 1% after Aramco Raises Crude Selling Price

Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies. Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. U.S. oil gained 87 cents or 1.1% to $82.14, having declined almost 3% through Friday. Aramco late on Friday raised its December official selling price to...

Oil Gains Around 1% after OPEC+ Maintained Gradual Supply Plans

Oil prices rose around 1% on Friday, staging a partial recovery after OPEC+ producers rebuffed a U.S. call to raise supply and instead maintained plans for a gradual return of output halted by the pandemic. Brent crude rose 72 cents or 0.9% to $81.26 a barrel by around 0452 GMT, after falling nearly 2% on Thursday. U.S. oil gained 78 cents or 1.0% to $79.59 a barrel, having declined 2.5% in the previous session. OPEC+...

Oil Declines as Iran Nuclear Talks Set to Resume

Oil prices extended declines on Thursday after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of U.S. sanctions on Iranian oil, increasing global supplies. U.S. West Texas Intermediate crude slid for a third day to $80.18 a barrel by 0551 GMT, down 68 cents, or 0.8% after slipping under $80 earlier. Brent crude futures for January fell for a second session to $81.57 a barrel, down...

Oil Prices Edge Lower as Data Shows Unexpected Build in U.S Inventory

Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to a session low of $83.27 earlier. U.S. West Texas Intermediate (WTI) crude futures tumbled $1.10, or 1.3%, to $82.81 a...

Oil Prices Steady on Slow OPEC+ Output Increase

Oil prices were steady on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top crude consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3 cents to $84.74 a barrel by 0507 GMT. while U.S. West Texas Intermediate (WTI) crude futures slipped by 7 cents, or 0.1%, to $83.98 a barrel. “Crude prices still seemed...

Oil Prices Edge Lower on China’s Fuel Reserves Release

 Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 29 cents, or 0.4%, to $83.43 a barrel by 0351 GMT, after gaining 6 cents on Friday. U.S. West Texas Intermediate (WTI) crude futures slid 40 cents, or 0.5%, to $83.17, having...

Oil Slumps to two-week low on U.S. inventory shock, COVID-19 case rise

Oil prices slumped to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery. Brent crude dropped $1.58, or 1.9%, to $83.00 a barrel by 0502 GMT, having hit a two-week low of $82.32 earlier and fallen by 2.1% in the previous session. U.S. oil fell $1.39,...

Oil Prices Decline by 0.8% Amidst Increase in U.S Fuel Stockpiles

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell 69 cents, or 0.8%, to $85.71 a barrel by 0559 GMT after closing at the highest in seven years on Tuesday. West Texas Intermediate (WTI) futures declined 79 cents, or 0.9%, to $83.86 a barrel after gaining 1.1% in...

Oil Prices Edge Higher as Traders Await Stocks Data

Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the United States, the world’s biggest consumer of crude and its products. Brent crude was up 13 cents or 0.2% at $86.12 a barrel by 0427 GMT, after gaining 0.5% on Monday. U.S. oil gained 5 cents or 0.1% to $83.81 a barrel, having finished unchanged the previous session after testing new highs. While...

Oil Prices Edge Higher to Multi-year Highs on Tight Supply

Oil prices climbed on Monday, extending pre-weekend gains to hit multi-year highs as global supply remained tight amid solid fuel demand in the United States and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps. U.S. West Texas Intermediate (WTI) crude futures rose 87 cents, or 1.0%, to $84.63 a barrel at 0342 GMT, after gaining 1.5% on Friday. It touched its highest since October 2014 – $84.76 – earlier in the...

Oil Prices Edge Lower, Brent Crude at $84 ,its First Weekly Dip in Seven Weeks

Oil prices fell on Friday with Brent on track for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild U.S. winter also weighed on the market. Brent crude futures dropped 48 cents, or 0.6%, to $84.13 a barrel at 0502 GMT, extending a $1.21 slump in the previous session. Brent touched a three-year high of...

Oil Prices Mixed, as U.S Demand Underpins Market Sentiments

Oil prices were mixed on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned the market sentiment. Brent crude futures fell 11 cents, or 0.1%, to $85.71 a barrel at 0355 GMT, reversing earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the...

Oil Slips, China Considers Intervention to Ease Coal Crunch

Oil prices slipped on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent crude futures dropped 43 cents, or 0.5%, to $84.65 a barrel at 0506 GMT, paring a 75-cent rise in the previous session, but still lingering close to multi-year highs. U.S. West Texas Intermediate (WTI) crude futures for November, which expires on Wednesday,...

Oil prices Edge Higher on China Energy Demand Concerns

Oil prices rose on Tuesday, recouping earlier losses, as falling temperatures in China, the world’s biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages. Brent crude rose 24 cents, or 0.3%, to $84.57 a barrel by 0541 GMT after falling 0.6% on Monday. The contract is still up nearly 7% this month. U.S. West Texas Intermediate futures gained 35 cents, or 0.4%, to $82.79 a barrel,...

Oil Prices Climb to the highest since 2014 as Recovery from COVID-19 Boost Demand

Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, the highest since October 2014....

Oil Extends Gains on Power Boost, Set for Multi-Week Gains

 Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures rose 62 cents, or 0.7%, to $84.62 a barrel at 0622 GMT, after picking up 82 cents in the previous session. Front-month prices are set to rise for the sixth straight...

Oil Edges Higher, on Expectations Natural Gas Prices May Drive Switch to Oil

Oil prices rose on Thursday, reversing previous losses, on expectations that high natural gas prices as winter approaches may drive a switch to oil to meet heating demand needs. Brent crude futures gained 28 cents, or 0.3%, to $83.46 a barrel at 0107 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 22 cents, or 0.3%, to $80.66 a barrel, after dropping 0.3% the previous day. “Investors bet that surging gas prices will encourage...

Oil Edges Lower on Fears that Inflation may Affect Demand

Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing demand. A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes fuel more expensive for those holding other currencies. U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93...

Oil Prices Decline 0.3%, Amidst Global Energy Crisis

 Oil prices fell for the first time in four days on Tuesday, taking a breather, analysts said, after weeks of gains fuelled by a rebound in global demand that is contributing to energy shortages in economies from Europe to Asia. Brent crude was down 26 cents, or 0.3%, at $83.39 a barrel at 0211 GMT, after touching three-year highs on Monday on the way to a 1.5% advance. U.S. oil fell 33 cents, or 0.4%,...

Oil Prices Jump 0.1% Fueled by Growing Demand on Global Economic Recovery

Oil prices rose on Monday, extending multiweek gains, amid supply restraint from major producers and growing demand for fuels as economies try to recover from the coronavirus pandemic. Brent crude was up 81 cents, or 1%, at $83.20 a barrel by 0212 GMT, after gaining almost 4% last week. U.S. oil was up $1.15, or 1.5%, at $80.50 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday. Prices have risen as more vaccinated populations are brought...

Oil Edges Lower Amidst Unexpected Rise in U.S Crude Inventories

Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. U.S. crude dipped 0.34% to $77.17 a barrel, extending a fall from late on Wednesday after hitting a seven-year high of $79.78 earlier that day. Brent crude was steady at $81.04 per barrel, off its three-year high of $83.47 also hit on Wednesday. “Commercial stockpiles of...

Oil Prices Rise Brent Crude Above $81 as OPEC+ Holds Firm on Supply Restraints

Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the world’s major oil producers announced they had decided to keep a cap on crude supplies. Brent crude was up by 40 cents or 0.5% at $81.66 a barrel by 0341 GMT, having rising 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose 30 cents or 0.4% to $77.92, after gaining 2.3%...

Oil Prices Edge Lower Ahead of OPEC+ Meeting

Oil fell on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and recovery from the COVID-19 pandemic will be sustained. Brent crude was down 14 cents or 0.2% at $79.14 per barrel by 0505 GMT. It rose 1.5% last week, its fourth weekly gain in a row. U.S. oil dropped by 15 cents or 0.2% to $75.73, after gaining for the past...

Oil Prices Drops 0.6% Backed by Drop in U.S Crude Inventories.

Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilized following a recent run of gains. Brent crude was down 11 cents at $78.53 a barrel by 0137 GMT, after falling 0.6% on Wednesday. U.S. oil fell 5 cents to $74.78 a barrel, having also declined by 0.6% in the previous session. U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s...

Oil Edges Lower, Rising COVID-19 Cases Threatens Supply

Oil prices fell for the second straight day on Wednesday as doubts re-emerged over demand, with Covid-19 cases continuing to rise worldwide and gasoline shortages in some regions. Brent crude was down $1.03 or 1.3% at $78.06 a barrel by 0130 GMT, having fallen nearly $2 on Tuesday after touching $80.75, its highest in nearly three years. U.S. oil fell $1.02 or 1.4% to $74.27 a barrel, having dropped 0.2% in the previous session Oil prices have been charging...

Brent Crude Hits a 3-Year High as Oil Extends Gains into Sixth Day

Oil markets rose on Tuesday, reversing earlier losses and extending their rally into a sixth session, amid continued concerns over tight supply at a time when demand is picking up with the easing of COVID-19 pandemic restrictions. Brent crude futures gained 42 cents, or 0.5%, to $79.95 a barrel at 0248 GMT, reaching its highest since October 2018. It surged 1.8% on Monday. U.S. West Texas Intermediate (WTI) crude futures climbed 41 cents, or 0.5%,...

Oil Extends Gains Amidst Supply Constrains

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last...

Oil Extends Gains, Brent Crude Set to Reach a 3-Year High

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid a strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a...

Oil Prices Edge Higher on Tight Supply Outlook

 Oil prices rose on Thursday, extending strong gains overnight with fuel demand growing and crude stocks declining as production remains hampered in the U.S. Gulf of Mexico after two hurricanes. The market was also supported by a broader switch back into risk assets as concerns eased over a potential default by huge property developer China Evergrande (3333. HK) and the possible fallout on the world’s second-largest economy. U.S. West Texas Intermediate (WTI) crude futures rose 13 cents,...

Oil Prices Rise by 1% Amidst Report of Large Draw in U.S Stocks

Oil prices climbed more than 1% on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 88 cents, or 1.2%, to $75.24 a barrel,...

Oil Prices Rise, Brent Crude above $74.44 Amidst U.S Supply Tightness

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up...

Oil Edges Lower, on Stronger Greenback Amidst Rising U.S Rig Count

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel at 0059 GMT, after declining by 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to...

Oil Prices Edge Higher after Drawdown in U.S Stocks Signaling Positive Demand Outlook

Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. Brent crude oil rose 39 cents, or 0.5%, to $73.99 a barrel by 0133 GMT, U.S. West Texas Intermediate (WTI) crude climbed 44 cents, or 0.5%, to $70.90 a barrel. U.S. crude oil, gasoline and distillate stocks all fell last week, according to two...

Oil Hits 6-week High on Fears of U.S. Supply Disruptions From Storm Nicholas

 Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast. Oil prices rallied for a third straight day, with Brent crude hitting the highest since August. 2 earlier in the session. Brent crude was up 40 cents, or 0.5%, at $73.91 a barrel at...

Oil Prices Edge Higher, as U.S Supply Concerns Dominate

Oil prices rose for a second session on Monday as concerns over U.S. output following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 33 cents, or 0.5% to $73.25 a barrel. U.S. West Texas Intermediate (WTI) crude also added 32 cents, or 0.5%, to $70.04at 0436 GMT. Both markets were at their highest since September 3 earlier in the session. About three-quarters of the offshore oil production...

Oil Reverses Losses, as Tight  U.S. Supplies Offset China Reserves Sales Plan

Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6%, to $71.89 a barrel by 0324 GMT. U.S. West Texas Intermediate (WTI) crude futures for October was at $68.49 a barrel, up 35 cents, or...

Oil Edges Higher, as Lower U.S Output Supports Prices

Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market. Brent crude added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to $69.45 a barrel. “U.S. production is struggling to recover from Hurricane Ida. Extensive damage to infrastructure and power outages mean Ida...

Oil Prices Edge Higher on Slow Return of U.S. Supply After Hurricane Ida

Oil prices were little changed on Wednesday following overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico providing some support. U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $68.46 a barrel at 0429 GMT, after sliding 1.4% on Tuesday following the Labor Day holiday. Brent crude futures fell 2 cents to $71.67 a barrel after falling 0.7% on Tuesday. “The market...

Oil Prices Mixed, Fear on Slower Demand for Asia Weighs on Sentiments

Oil prices were mixed on Tuesday in quiet trade as some investors scooped up bargains following the recent losses while growing fears over slower demand after Saudi Arabia’s sharp cuts to crude contract prices for Asia weighed on sentiment. Brent crude futures for November rose 31 cents, or 0.4%, to $72.53 a barrel by 0452 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $69.14 a barrel, down 15...

Oil Prices Edge Lower after Saudi Arabia Announces Price Cuts for Asia

Oil prices extended losses on Monday after the world’s top exporter, Saudi Arabia, slashed crude prices for Asia over the weekend, signalling that global markets are well supplied. Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 0101 GMT, while U.S. West Texas Intermediate crude for October was at $68.73 a barrel, down 56 cents, or 0.8%. State oil giant Saudi Aramco notified customers in a statement on Sunday that it will...

Oil Prices Mixed, Ahead of U.S Job Report

Oil prices were mixed on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set for modest weekly gains ahead of a highly anticipated U.S. monthly jobs report. Brent crude futures were up 13 cents, or 0.2%, to $73.16 a barrel at 0619 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $69.95 a barrel. Both...

Oil Prices Edge Lower as OPEC+ Sticks to Raising Supply Amidst Demand Doubts

Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline. Brent crude was down by 16 cents, or 0.2%, at $71.43 a barrel by 0422 GMT, after dropping 4 cents on Wednesday. U.S. oil fell 23 cents, or 0.3%, to $68.36 a barrel, after...

Oil Reverses Losses Ahead of OPEC+ Meeting

Oil prices recovered on Wednesday after a U.S. industry report showed crude inventories fell more than expected last week, steadying after overnight losses from the impact of Hurricane Ida on U.S. refineries. Prices rose ahead of the OPEC+ meeting at 1500 GMT where the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies are expected to stick to a plan to add 400,000 barrels per day (BPD) each month through December. Brent crude futures...

Oil Prices Slip as U.S Refiners Shutdown due to Effects of the Hurricane Ida

Oil prices fell on Tuesday on concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to raise output. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.6%, to $68.80 a barrel at 0245 GMT, reversing most of Monday’s gains. Brent crude futures for October, due to expire on Tuesday, were down 46 cents, or 0.6%, at...

Oil Prices Mixed as Hurricane Ida Slams U.S Crude Hub Forcing Shutdown of Major Platforms

Oil prices pared early gains on Monday, off more than three-week highs reached earlier in the session as a powerful hurricane ploughing through the Gulf of Mexico forced shutdowns and evacuations of hundreds of offshore crude platforms. U.S. gasoline prices rose more than 3% as power outages added to refinery closures on the Gulf coast. Brent was up 27 cents or 0.4% at $72.97 a barrel by 0337 GMT. It rose more than 11% last...

Oil Prices Rise, Storm Approaches Gulf of Mexico Production Hub

Oil prices rose on Friday, on track to post big gains for the week, on worries about near term supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. U.S. West Texas Intermediate (WTI) crude futures climbed 16 cents, or 0.2%, to $67.58 a barrel at 0111 GMT, clawing back a 1.4% loss on Thursday. WTI is headed for a weekly gain...

Oil Prices Decline ending a Four-day Rally Amidst Rising COVID-19 Concerns.

Oil fell on Thursday for the first session this week as renewed concerns about demand amid rising COVID-19 infections cut short a three-day rally and as production returned in Mexico. Brent crude was down 29 cents, or 0.4%, at $71.96 a barrel by 0649 GMT, rising 1.7% on Wednesday. U.S. oil was down 44 cents, or 0.6%, at $67.92 a barrel, after gaining 1.2% in the previous session. The U.S. Energy Information Administration (EIA) reported...

Oil Reverse Gains but Stays Stable with WTI, Brent Shedding 0.4%

Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak. U.S. West Texas Intermediate (WTI) crude futures fell 25 cents, or 0.4%, to $67.29 a barrel by 0151 GMT, while Brent crude futures dropped 22 cents, or 0.3%, to $70.85. Both benchmark contracts rose by about 8% over the previous two...

Oil Prices Rebound 0.9% Despite Dim Demand Outlook and Surging Covid-19 Cases

Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Brent crude futures climbed 60 cents, or 0.9%, to $65.78 a barrel by 0158 GMT, after hitting the lowest level since May 21 of $64.60 earlier in the session. U.S. West Texas Intermediate...

Oil Prices Decline, Spread of Delta Variant Clouds Demand Prospects

Oil prices steadied on Wednesday after four days of declines with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport remained constrained amid surging COVID-19 cases worldwide. Brent crude was down 5 cents or 0.1% at $68.98 a barrel by 0139 GMT, having fallen 0.7% on Tuesday. U.S. oil lost 6 cents or 0.1% to $66.53 a barrel after dropping 1% in the previous session. “July oil...

Oil Prices Edge Higher on Expectations That OPEC+ will Not Boost Supply Soon

Oil prices rose on Tuesday, recovering from the previous day’s losses, as investors sought bargains and on expectations that major producers will not boost supply soon, though fears of weaker global demand amid surging pandemic capped gains. Brent crude was up 13 cents, or 0.2%, at $69.64 a barrel by 0055 GMT, after falling 1.5% on Monday. U.S. oil climbed by 14 cents, or 0.2%, to $67.43 a barrel, having lost 1.7% the previous day. The rebound comes...

Oil Prices Fall by over 1% Amidst Rising COVID-19 Cases in China

Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy. Brent crude was down 80 cents, or 1.1 per cent, at USD 69.79 a barrel by 0046 GMT, after edging lower last week. US oil fell by 81 cents, or 1.2 per cent, to USD 67.63 a...

Oil Slips for Second Day as EIA Demand Outlook Turns Negative; WTI Drops 0.5%

Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of Covid-19 worldwide has forced governments to revive restrictions on movement. Brent crude was down 31 cents, or 0.4%, at $71.00 a barrel by 0046 GMT, after dropping 13 cents in the previous session. U.S. crude was off by 33 cents, or 0.5%, at $68.76 a barrel, having fallen 0.2% on Thursday....

Oil Prices Steady, U.S Urges Producers to Increase Output

Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. They were also boosted by a pullback in the U.S. dollar, which can send speculative investors into greenback-denominated assets like commodities. Brent crude futures edged higher by 8 cents, or 0.1%, to $71.52 a barrel by 0502...

Oil Extends Gain as Demand Outlook turns Positive; Brent stable at $70

Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for U.S. fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant. Industry data showed U.S. crude oil and gasoline inventories fell last week, while the U.S. Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected. U.S. West Texas Intermediate (WTI) crude futures rose...

Oil Gains 0.4% after Hitting Three Week Low Amidst Rising Concerns of Spread of COVID-19 in Asia.

Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising Covid-19 cases and restrictions in China will dent fuel demand. Brent crude was up by 30 cents, or 0.4%, at $69.34 a barrel by 0106 GMT, after falling 2.3% on Monday. U.S. oil was up by 43 cents, or 0.7, at $66.91 a barrel, having fallen by 2.6% in the previous session. China on...

Oil Slips Further as Crude Output Rises, Brent Drops 1%

Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers. Brent crude oil futures skidded 81 cents, or 1%, to $74.60 a barrel by 0116 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9%, to $73.26 a barrel. “China’s been leading economic recovery in Asia and if the pullback...

Oil Prices Drop but Heads for Strong Weekly Gain on Higher Demand

Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide. Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday....

Oil Prices Slip But Remain above $75 a barrel Despite Large Inventory Drawdown

Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped. Brent crude futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT U.S. West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel. Crude inventories fell by 4.1 million barrels in...

Oil Prices Edge Higher, U.S Crude Inventories Fall Sharper than Expected

Oil prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in Covid-19 cases. U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $72.08 a barrel at 0119 GMT, reversing Tuesday’s 0.4% decline. Brent crude futures rose 38 cents, or 0.5%, to $74.86 a barrel, after shedding 2 cents on Tuesday in...

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