Oil

Global oil prices continued to gain ground above $80 per barrel on Friday, helped by a growing consensus that demand remained surprisingly resilient to the current Omicron-led wave of COVID-19 cases which spooked markets in late 2021. Brent crude futures, which traded close to $83 per barrel earlier on Friday, …

Oil held gains in early Asian trading after OPEC and its allies agreed to a scheduled increase in production for next month, and an industry report pointed to another decline in US crude inventories. Futures in New York traded near $77 a barrel after rising 2.4 per cent over the …

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are poised to revive more halted oil production when they meet on Tuesday (Jan 4) after giving a tighter outlook for global markets. The 23-nation alliance led by Saudi Arabia and Russia is on track to ratify another modest output …

OPEC+ did some surprising things in the past 2 years. 1st, it broke up at the start of the pandemic with its 2 leaders – Saudi Arabia and Russia – turning on each other because of differences of opinion on how the crisis needed to be handled. Then the 2 …

Oil prices slightly increased on Thursday as US crude stocks fell more-than-expected, declining five weeks in a row, however the omicron variant continues to cause negative market sentiments in the coming year. International benchmark Brent crude was trading at $79.24 per barrel at 0635GMT for a 0.03% increase after closing …

US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range. The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into …

Oil climbed as investors weighed a surge in Omicron cases against signs that the new strain is not as severe as previous waves. Brent was 0.39 per cent higher at 9.40am UAE time after losing 0.9 per cent in the previous session. West Texas Intermediate, which didn’t trade on Friday …

Russian Deputy Prime Minister Alexander Novak said oil prices are expected not to change significantly in 2022, and demand would recover to pre-COVID-19 levels in late 2022, Reuters reported. Mosco plans to produce 540-550 million tons of oil in 2022, Novak said. He added that oil market has not yet …

Russian hydrocarbons remain among the most competitive globally and over 50% of total production is profitable even against the oil price of $20-25 per barrel, Deputy Prime Minister Alexander Novak said in his article in the Energy Policy magazine. “Hydrocarbons lifting cost in Russia is among the lowest globally. Over …

Oil was up Wednesday morning in Asia, holding gains as the latest U.S. crude oil supply data showed a bigger-than-expected draw. Trading volumes are also thinning out as the holiday period approaches. Brent oil futures edged up 0.18% to $74.11 by 11:13 PM ET (4:13 AM GMT) and WTI futures …