Oil muted as price cap proposal eases supply concerns

Oil muted as price cap proposal eases supply concerns

G7 price cap on Russian oil could be above current trading level EIA gasoline stocks data shows higher than expected build COVID-19 controls tighten in China Nov 24 (Reuters) – Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of … Read more

Oil rises 1% as OPEC+ focus on supply cuts outweighs recession concerns

Oil muted as price cap proposal eases supply concerns

EU softens Russian oil price-cap plan -Bloomberg Saudi Arabia, other OPEC producers deny output hike talks Beijing shuts parks and museums as China’s COVID cases rise Coming up: API supply report at 4:30 p.m. EST (2130 GMT) NEW YORK, Nov 22 (Reuters) – Oil prices rose about 1% on Tuesday after top exporter Saudi Arabia … Read more

Oil prices dip on China demand worries

Oil prices dip on China demand worries

LONDON, Nov 8 (Reuters) – Oil prices slipped on Tuesday as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand. Brent crude fell 84 cents, or 0.9%, to $97.08 a barrel by 1006 GMT while U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1%, to … Read more

U.S. to release oil reserves as Biden tackles high pump prices

U.S. to release oil reserves as Biden tackles high pump prices

WASHINGTON, Oct 19 (Reuters) – U.S. President Joe Biden announced a plan on Wednesday to sell 15 million barrels of crude oil from the nation’s emergency supply and begin refilling the reserve as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8. The move came two weeks after the Saudi … Read more

Oil prices stable as economic fears offset supply woes

Oil prices stable as economic fears offset supply woes

LONDON, Oct 18 (Reuters) – Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand. Brent crude futures eased by 7 cents, or 0.08%, to $91.55 a barrel by 1127 GMT while U.S. West Texas Intermediate (WTI) crude futures were … Read more

Biden re-evaluating U.S. relationship with Saudis after OPEC decision

Biden re-evaluating U.S. relationship with Saudis after OPEC decision

WASHINGTON, Oct 11 (Reuters) – President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+ announced last week that it would cut oil production over U.S. objections, officials said on Tuesday. The announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, … Read more

OPEC+ heads for deep supply cuts, clash with U.S.

OPEC+ heads for deep supply cuts, clash with U.S.

VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ looks set for deep cuts to its oil output targets when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about … Read more

Oil edges up from seven-month low as Russia threatens export halt

Oil edges up from seven-month low as Russia threatens export halt

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel Register now for FREE unlimited access to Reuters.com Register U.S. crude stocks jump by nearly 9 million barrels -EIA U.S. weighing need for more oil releases from strategic reserves … Read more

Oil prices slump again, hit by demand concerns

Oil prices slump again, hit by demand concerns

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford Register now for FREE unlimited access to Reuters.com Register U.S. crude, gasoline stockpiles fall – EIA China factory data disappoints OPEC+ looks at output cut NEW YORK, Aug 31 (Reuters) – Oil prices … Read more

Oil settles up more than 4% on prospect of OPEC+ supply cut

Oil settles up more than 4% on prospect of OPEC+ supply cut

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. REUTERS/Heinz-Peter Bader Register now for FREE unlimited access to Reuters.com Register OPEC+ meets on Sept. 5 Potential revival of Iran nuclear deal in focus Libya conflict sparks supply concern U.S dollar hits 20-year … Read more