Oil

Oil hit its highest level in a year on Friday, closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies. New orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing. The U.S. Congress …

The price of OPEC basket of thirteen crudes rose at $56.80 a barrel on Wednesday, compared with $55.13 the previous day, according to OPEC Secretariat calculations. Experts said OPEC rising prices are affected by Brent and US crude oil which also rose today hitting their highest in about a year …

Oil hit an 11-month high on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021. Brent crude futures were up 48 cents, or 0.8%, to $57.94 a barrel at 0839 …

The U.S. oil industry has a message to President Joe Biden’s recent climate executive orders involving the oil and gas sector—restricting America’s oil production would increase its reliance on foreign imports of oil with more emissions than the crude pumped from America’s oilfields. Over the past two weeks, President Biden …

Oil prices rose on Monday, boosted by the start of Saudi Arabia’s production cut of 1 million barrels per day (bpd) and with positive reports on the new coronavirus vaccines. International benchmark Brent crude was trading at $55.38 per barrel at 0654 GMT for a 0.65% rise after closing the …

The optimism around vaccine rollouts has supported oil prices into 2021 – but traders are now focusing on the impact of the pandemic on longer-term demand for the commodity. Brent crude prices closed at $55.04 a barrel in its last trading session, while US crude dripped slightly to $52.14. “We …

Oil output of the Organization of the Petroleum Exporting Countries (OPEC) rose for the seventh straight month in January, with Nigeria recording the biggest output decline, according to a Reuters survey. The output increased by 160,000 barrels per day (pbd) to reach 25.75 million in January compared with the previous …

Oil slid in Asia morning trade on Thursday despite a huge drop in U.S. crude stock, as the strength in the U.S. dollar and fresh fuel demand worries due to travel curbs and delays with coronavirus vaccines weighed on prices. U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, …

Oil prices fell on Tuesday as fading hopes for a rapid approval of new U.S. economic stimulus and mounting new coronavirus cases raised questions over the pace of any recovery in demand, Trend reports with reference to Reuters. Brent crude was down 28 cents, or 0.5%, at $55.60 by 0431 …

Tehran has dismissed allegations that an Iranian-flagged oil tanker has been seized for illegally transferring oil, despite Indonesian authorities claiming the ship was “caught red-handed.” Speaking on Monday, Iranian Foreign Ministry spokesman Saeed Khatibzadeh said they were still waiting for more information from the Indonesian government but claimed a senior …