OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day bpd in 2021, or 6.6, the Organization of the Petroleum Exporting […]

Oil futures traded sharply higher Wednesday, as the International Energy Agency lifted its demand outlook for crude and a U.S. government report revealed a thirdweekly drop in weekly inventories, setting prices up for their highest finish since midMarch. In its monthly report, the International Energy Agency raised its forecast for global oil demand in 2021 by 230,000 […]

Crude climbed on Wednesday after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies of the energy resource. Brent crude futures rose 42 cents, or 0.6, to 64.09 a barrel at 0421 GMT, […]

Oil prices climbed on Tuesday as data from China showed the worlds second largest oil consumers import growth surging and on tensions in the Middle East after the Yemenbased Houthi movement said it fired missiles on Saudi oil sites. Brent crude oil futures were up 31 cents, or 0.5, at 63.59 a barrel by 0356 […]

Oil slipped on Monday in thin trading as rising COVID19 case numbers in some parts of the world kept a lid on prices, even as the Federal Reserve signalled the U.S. economy may soon rebound as vaccinations accelerate. Brent was up 28 cents, or 0.4, at 62.67 a barrel by 0635 GMT, having risen to […]

Oil prices edged down on Friday as investors weighed rising supplies from major producers and the impact on fuel demand from the COVID19 pandemic. Brent crude futures for June edged down 12 cents, or 0.2, to 63.08 a barrel by 0731 GMT, while U.S. West Texas Intermediate WTI crude for May was at 59.59 a […]

Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the worlds biggest oil consumer as crude supplies around the world rise. Brent crude fell 51 cents, or 0.8, to 62.65 a barrel by 0648 GMT. U.S. oil fell 53 cents, or 0.9, […]

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID19 vaccinations and a report that crude inventories in the United States, the worlds biggest fuel consumer, fell. But optimism about talks between the United States and Iran over Irans nuclear programme and an impending increase in supply by […]

Oil prices rose on Tuesday as investors looked for bargains following the previous days plunge of more than 4 on rising output from OPEC while strong economic data from the United States and China brightened recovery prospects. Brent crude futures rose 38 cents, or 0.61, to 62.53 a barrel at 0507 GMT, after falling 4.2 […]

Goldman Sachs said a potential recovery in Iran exports wont come as an exogenous shock to the oil market and full recovery wont occur until summer 2022, as U.S. and Iranian officials were due to begin indirect talks in Vienna on Tuesday on the Iran nuclear deal. With OPEC appearing to manage its exit for […]