Oil futures climbed Thursday as traders awaited a decision from the Organization of the Petroleum Exporting Countries and its allies on whether to ease production curbs as they gauge the strength of the global economy. All eyes are on OPEC, as the group as known. Members must decide whether to stick with a plan that […]

OPEC and allies, known as OPEC, are considering rolling over oil production cuts from March into April instead of raising output because of fragile oil demand recovery due to persisting worries about the coronavirus, three OPEC sources told Reuters. OPEC ministers hold a full meeting on Thursday. The market had been widely expecting OPEC to […]

Oil prices rose on Wednesday, boosted by expectations that OPEC producers might decide against increasing output when they meet this week, while signs of progress in the coronavirus vaccine rollout in the United States gave further support. Brent oil rose 80 cents, or 1.3, to 63.50 a barrel by 0942 GMT. U.S. West Texas Intermediate […]

When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts. At the end of February, the volume of refined products held on stationary tankers for over 10 […]

Oil futures inched higher Monday, buoyed by prospects for the passage of the U.S. stimulus bill, ahead of a decision this week by the Organization of the Petroleum Exporting Countries and its allies thats expected to see a loosening of production curbs. The U.S. House early Saturday passed the Biden administrations 1.9 trillion package of COVID19 relief […]

Oil prices rebounded more than 1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a slowdown in Chinas February factory activity growth capped gains. Brent crude futures for May rose 1.24, or 1.9, to 65.66 per barrel by 0718 GMT. The April contract expired on Friday. U.S. West Texas […]

OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies. OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000 […]

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder that the supply situation was tight, just as demand recovers from the depths of the COVID19 pandemic. Brent crude was up 55 cents, or 0.9, at 63.46 a barrel by 0742 GMT, after gaining […]

Oil prices jumped by more than 1 on Tuesday, underpinned by optimism over COVID19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut in crude production last week. Shale oil producers in the southern United States could take at least two weeks to restart the […]

Oil prices edged higher on Wednesday amid continued outages in the United States and a weaker dollar, but a surprise build in U.S. inventories last week capped gains. Brent crude futures gained 52 cents, or 0.8, to 65.89 a barrel at 1109 GMT, after hitting a session low of 64.80. U.S. West Texas Intermediate WTI […]