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 […]
OPEC
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 […]
Two employees from Venezuela’s central bank arrested after meeting Guaido: lawyer
Two people who work at Venezuela’s central bank were arrested on Friday after meeting opposition leader Juan Guaido, who has called on public officials to disavow President Nicolas Maduro, according to the employees’ lawyer and a source familiar with the matter. The attorney, Alonso Medina Roa, said the pair – Deny Albujar and Manuel Alberto […]
Brent nears $70 as oil prices rise for fourth day
Oil prices rose for a fourth day on Wednesday, pushing Brent toward $70 a barrel as support from OPEC-led supply cuts and US sanctions overshadowed a report showing an unexpected rise in US inventories. Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest […]
Oil hits 2019 high on OPEC cuts, concerns over demand ease
Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow. The United States is considering more sanctions against Iran, whose oil exports have been halved […]
OPEC and partners near deal over cuts in production
OPEC ministers presented a “final draft” of an agreement for oil production cuts to a meeting Friday with partner countries including Russia, as oil prices rebounded at news that a deal may be close. The price of Brent, the European benchmark, surged five percent on Friday after reports emerged that OPEC and its non-member partners […]