Oil

Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week. Brent crude futures rose 11 cents, or 0.2%, to $48.95 a barrel by 0746 …

Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an eight-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough …

Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week. Futures surged 1.9% in London after closing at the highest level in nine months on Thursday. The group …

Crude oil prices were down on Wednesday over the double whammy of an increase in US oil inventories and continuing uncertainty about OPEC+ meeting as investors await a decision from OPEC+ regarding their production policy for 2021. International benchmark Brent crude was trading at $47.15 per barrel at 0648 GMT …

Crude oil prices tumbled on Monday, as investors waited for a decision by producer group OPEC+ whether to extend large output cuts to balance global markets, but vaccine hopes helped keep benchmarks on track to rise more than a fifth in November. January Brent crude futures, which will expire later …

Crude oil prices fell on Monday amid investor jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to rise more than a fifth in November. January Brent crude futures, which …

Secretary-General of OPEC Mohammad Sanusi Barkindo said investment in the global oil industry dropped by nearly 30 percent this year, even more than in the 2014-2016 downturn, from which the industry was still recovering when COVID-19 struck. “The oil industry requires $12.6 trillion in investment to reduce volatility and avoid …

Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering …

Oil advanced on Wednesday as market ignored the rise of US crude stockpiles above expectations due to optimism of COVID-19 vaccine, this is its fourth straight session gain. Brent crude was up 38 cents, or 0.8%, at $48.24 a barrel by 06:16 GMT it rose by almost 4% in the …

A week before OPEC is set to decide whether to roll over the current cuts into 2021, reports of renewed tensions within the cartel once again call into question the future of the organization, Goldman Sachs said on Tuesday. “Beyond the outcome of just another quota decision, however, there are …