Oil

Oil extended gains in early Asian trading after an industry report pointed to another decline in U.S. crude stockpiles that followed an upbeat assessment of the demand outlook from OPEC. Futures in New York rose 0.6% in New York after advancing 0.8% on Tuesday. The American Petroleum Institute reported crude …

Oil was little changed on Monday amid hopes that fuel demand is picking up in the U.S. as the summer driving season approaches and COVID-19 vaccinations there accelerate, although rising case numbers in other countries are keeping a lid on prices. Brent was up 2 cents at $62.97 a barrel …

A year after the pandemic and the disagreement within OPEC+ over supply management crushed oil prices, the industry finds itself at an all-too-familiar crossroads: Will OPEC’s bet that U.S. shale’s “drill, baby, drill” is gone forever be right this time? Analysts seem to concur that this is a safe bet, …

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But optimism over talks between the United States and Iran and an impending increase in supply …

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased Covid-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. Brent crude futures for June rose by 34 cents, or0.5%, to $63.08 a barrel by 0123 …

Oil futures settled sharply lower on Monday, with U.S. prices down almost 5%. The decline follows a decision by the Organization of the Petroleum Exporting Countries and their allies last week to incrementally increase production from May through July. There’s also a “reduced demand outlook with COVID cases rising dramatically …

The international rig count, except for the US and Canada, increased by 14 units month-on-month (MoM) in March 2021, bringing the total count to 715, data of energy services firm Baker Hughes showed. The oil rigs in the Middle East rose by one MoM to 261 in March but declined …

Kuwait’s Oil Minister Oil Mohammad Abdulatif Al-Fares expressed “cautious optimism” on Wednesday that the global oil demand will improve as COVID-19 vaccination programs gather pace and industrial output recovers. Speaking ahead of a joint meeting of the Organization of Petroleum Exporting Countries and other major oil producers, he said the …

Saudi Arabia has not yet decided its position on OPEC+ oil production quotas, a Saudi Arabian source told S&P Global Platts on March 30, two days ahead of the bloc’s meeting to decide on May output levels. The source denied a report that the kingdom was prepared to support extending …

The American Petroleum Institute, the largest fossil-fuel lobby, is joining the call for pricing carbon as one way to lower U.S. emissions and slow global warming. In its release out Thursday, API said it backs “sensible legislation that prices carbon across all economic sectors while avoiding regulatory duplication.” The stance …