Oil futures rose Wednesday, stabilizing after the previous sessions slide, as investors continued to weigh the implications of a standoff between OPEC members over output. West Texas Intermediate crude for August delivery rose 1.48, or 2, to 74.85 a barrel on the New York Mercantile Exchange. September Brent crude, the global benchmark, was up 1.43, or 1.9, […]

LONDON Reuters OPEC brinkmanship has taken oil prices towards 80 a barrel, the highest since 2018, threatening to upend central banks transitory inflation narrative as well as the postpandemic economic recovery. Last years SaudiRussian oil war showed that disputes between OPEC members do not always result in higher prices, but this weeks standoff within the […]

Oil prices slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. 17, or 1.6. Both benchmarks fell around 1 last week but are still not far off highs last reached in October 2018. The spread of coronavirus […]

Oil futures traded mostly higher on Tuesday, finding support on expectations for another decline in U.S. crude inventories, though worries over the spread of the delta variant of the coronavirus that causes COVID19 continued to limit upside, analysts said. Supply continues to fall short of global demand that is recovering even amid a resurgence of […]

Oil prices climbed on Tuesday, reversing some of the previous days losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID19 variant capped gains. Brent crude for September rose 19 cents, or 0.3, to 75.35 a barrel by 0421 GMT, after losing 0.5 […]

Reuters U.S. crude oil stockpiles fell for the eighth straight week last week, as renewed vigor in the U.S. economy continues to drive higher fuel demand, the Energy Information Administration said on Wednesday. The report was delayed for one hour due to technical issues, the EIA said. Crude inventories fell by 7.9 million barrels in […]

Oil is losing for a second consecutive day on fears of oil supply expansion from both OPEC and the US. Despite some contradictory reports, there is still a growing chance that the UAE will agree to a quota increase. The UAE is pushing for an increase in the baseline production level in 2022 from 3.17m […]

Oil prices fell on Thursday, extending losses as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose, raising concerns over demand in the worlds largest consumer. Brent crude dropped 52 cents, or 0.7, to 74.24 a barrel by 0850 GMT and U.S. West Texas Intermediate […]

Oil prices rose on Friday but remained on track for their biggest weekly drop since at least May after expectations of more supply spooked investors. Brent crude was up 37 cents, or 0.5, at 73.84 a barrel by 1000 GMT, heading for a 2.3 fall this week, marking its biggest weekly drop since May. U.S. […]

Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID19 infections. Brent crude futures gained 1.08, or 1.5, to 70.42 per barrel, having hit a session low of […]