Saudi Arabia Remains China's Top Crude Supplier
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes…
Oil Extends Slump as Prospect of Second Viral Wave in U.S. Ends Rally
Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel.West Texas Intermediate was down 65 cents, or nearly 2%…
Iranian Tanker Hit by Missiles, Oil Rises
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti…
Oil Rises Above $57 on China-U.S. Trade Talks, OPEC Cuts
Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.The Organization of the Petroleum Exporting Countries cut crude output in December…
Oil Slips Back Toward 18-month Lows
Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.Brent crude oil dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1415 GMT. U.S.
Oil Dives on Fears of Glut, Global Economic Slowdown
Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.U.S. crude oil fell $2.78, or 5.5 percent to trade at $47.10 a barrel by 11:44 a.m. EST (1644 GMT).
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November…
Oil Up as U.S. Imposes Sanctions on Iran
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel.The move is part of a wider effort by U.S. President Donald Trump…
BP, Vitol Go Head to Head in West African Crude Trading
Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners.The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window…
Oil Steady as U.S.-Iran Row Balances Trade Worries
Oil prices steadied on Tuesday as tension between the United States and Iran highlighted risks to supply and trade disputes raised the prospect of slower economic growth and weaker energy demand.Brent crude oil was down 10 cents at $72.96 a barrel by 1328 GMT. U.S. light crude was unchanged…
Oil Falls, OPEC Supply Worries
Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed the possibility of an increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.U.S. crude inventories rose 5.8 million barrels last week…
Morgan Stanley Raises Brent Forecast
Morgan Stanley has raised its Brent crude oil price forecasts saying strong demand for middle distillates will drive up oil prices over the next two years. Oil benchmarks on Wednesday remained close to their November 2014 highs hit on Tuesday, as ongoing production cuts by OPEC and the prospect of U.S.
Shanghai Crude Futures off to Cautiously Good Start
The new Shanghai crude oil futures have been trading for just over a month and have so far managed to build up reasonably strong volumes, but this success may only mask some wider concerns. The yuan-denominated contracts were launched on March 26 by the Shanghai International Energy Exchange (INE) and are enjoying trading volumes averaging around 80…
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High!
Oil on Track for Biggest Weekly Gain Since July
OPEC and IEA see oil markets tightening; China March crude oil imports second-highest on record. Oil prices slipped slightly on Friday but were still heading for their largest weekly gain since July after U.S. President Trump's comments about possible military action in Syria and reports of dwindling global oil stocks.
China's Crude Futures Contract Should Confound the Sceptics: Kemp
China’s new crude oil futures contract, which began trading this week, has a good chance of confounding the doubters and becoming a regional benchmark where other contracts have failed. The history of futures and options trading is littered with new contracts launched amid great fanfare…
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day…
Oil Falls as Market Stays Well Supplied
Oil prices fell on Thursday on signs that the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices. Signs of a deepening political crisis in Washington accelerated the decline in prices with investors becoming increasingly…
Oil up as OPEC Cuts Outweigh U.S. Supply Build
U.S. stocks rise by larger than expected 6.5 mln barrels; production cuts by OPEC and Russia tighten market. Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was…
Oil Steady as U.S. Inventory Rise Slows
U.S. crude pares early losses to trade slightly lower; OPEC, non-OPEC monitoring group meets in Vienna Jan. 21-22. Oil prices steadied on Thursday after a surprise increase in U.S. inventories helped stall an upward trend that has pushed global crude benchmarks to their highest levels since July last year. U.S.
