Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some COVID-19 related restrictions, and OPEC warned it would be impossible to increase output enough to offset lost Russian supply. Brent crude futures were up $1.72, or 1.75%, to $100.20 a barrel, and U.S. West Texas Intermediate contracts Read More
Oil prices dropped by more than $2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China. Brent crude for June delivery was down $2.97, or 2.9%, at $99.78 a barrel. U.S. West Texas Read More
Oil futures fell on Wednesday following a surprising rise in U.S. crude stocks and after news that large consuming nations would also release oil from reserves in conjunction with the United States to counter supply worries. Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves, including 60 million Read More
Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai’s extended lockdown. Brent crude futures were up $1.07, or 1%, at $107.71 a barrel, having fallen to $105.06 earlier in the session. Read More
Oil futures extended gains on Tuesday as the United States and Europe planned new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, adding to concerns about supply disruptions, while Iran nuclear talks stalled. Brent crude futures rose $1.20, or 1.1%, to $108.73 a barrel, while U.S. West Texas Intermediate futures were up $1.25, Read More
Oil prices seesawed on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States. Brent crude futures were up 72 cents, or 0.7%, to $105.45 a barrel, after falling 5.6% on Thursday. U.S. West Texas Read More
Oil prices clawed back heavy losses on Wednesday, amid tight supply and growing prospects of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv. Brent crude futures gained 2.4% to trade at $112.89, reversing a 2% loss in the previous session. U.S. West Texas Intermediate (WTI) Read More
Oil prices fell more than $5 on Monday as fears over weaker fuel demand in China grew after its financial hub of Shanghai launched a planned two-stage lockdown on Monday to contain a surge in COVID-19 infections. The market kicked off another week of uncertainty, buffeted on one side by the ongoing war between Ukraine Read More
Oil slipped below $114 a barrel on Tuesday, giving up some of the previous day’s 7% surge, as European Union members disagreed on a potential oil embargo on Russia, although persistent supply risks limited the decline. European Union foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, Read More
Oil fell below $100 a barrel in a volatile session on Wednesday, as it came under pressure from signs of progress in Russia-Ukraine peace talks and a closely-watched report that cut its forecast of world demand. Ukraine’s president said the positions of Ukraine and Russia were sounding more realistic, but time was needed. Russia’s foreign Read More
