The world’s leading oil producers meet later on Sunday, with observers expecting an agreement to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month. Days of negotiations of the OPEC+ grouping to continue to further ease production cuts ended without agreement on July 5, exposing a row between […]
OPEC
Oil falls on fading pipeline outage fears, Indian Covid-19 crisis
LONDON: Oil prices fell on fading fears of a prolonged outage at the largest US fuel pipeline system while India’s coronavirus crisis and a tech-led sell-off in global stock markets also weighed. Brent crude futures dropped $0.83, or 1.21%, to $67.49 a barrel by 1232 GMT. US West Texas Intermediate (WTI) crude futures fell $0.84, […]
Oil prices rise on expectations of more OPEC output cuts
SEOUL: Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude. International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement. US West […]
IEA cuts 2019 estimate for oil demand growth on global trade worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020. The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate […]
Oil prices up as Middle East tanker attacks heighten supply concerns
Oil futures rose on Monday on increasing concerns about supply disruptions in the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks. Brent crude futures were at $71.71 a barrel by 0912 GMT, up $1.09. US West Texas Intermediate (WTI) futures were at […]
Oil price rises after surprise fall in US crude inventories
Oil futures gained on Wednesday, boosted by a surprise drawdown in US crude stockpiles, but an escalating US-Chinese trade fight limited oil’s gains as investors worried about the global outlook for energy demand. Brent crude futures rose 44 cents to $70.32 a barrel, while West Texas Intermediate (WTI) crude futures rose 57 cents to $61.97 […]
Oil prices near 2019 highs after US ends all Iran sanction exemptions
Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Brent crude futures were at $74.40 per barrel at 0239 GMT, up 0.5 percent from their last close and not far off a 2019 peak of $74.52 reached on […]
Oil rises on tightening supplies; ample US output caps gains
Oil prices edged higher, supported by ongoing OPEC-led supply cuts and a surprise fall in US crude inventories, although gains were capped by strong US production. Brent crude futures were at $71.71 a barrel at 0500 GMT, up 9 cents, or 0.1 percent, from their last close and not far off Wednesday’s five-month high of […]
Indian refiners turn to OPEC to make up Iran oil gap
Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the US to make up for any loss of Iranian oil if the US enforces sanctions more harshly from next month, sources and company officials said. All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other […]
Oil prices rise for a second day on signs of strong China demand
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 21 cents, or 0.29 percent, to $71.93 a […]