Oil

Oil jumped by 3% early on Monday after the United States and China agreed to slash tariffs on each other, easing concerns about global trade and the economy. As of 6:52 a.m. on Monday, the U.S. benchmark, WTI Crude, was up by 3.13% at $62.93. The international benchmark, Brent Crude, …

Russia saw its budget revenues from oil and gas drop by 12% in April from a year earlier, due to the oil price rout last month, the Russian finance ministry said on Wednesday. Oil and gas revenues for the Kremlin dipped to $13.45 billion (1.09 trillion Russian rubles) in April, …

Oil buckled on concerns of a global glut after OPEC+ agreed to another bumper output increase, adding to supply at a time when demand is challenged by the drag from the trade war. Global benchmark Brent tumbled as much as 4.6% toward $58 a barrel as the week’s trading kicked …

Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas …

Signs have emerged that the U.S.-China trade war is already hitting oil demand in the shipping and aviation sectors, and this weakness could soon move into the U.S. trucking business and reduce diesel demand. Container traffic from China to the United States is plummeting, while U.S. airlines warn of a …

Crude oil prices started trading this week with a gain despite mixed signals from Washington regarding tariff negotiations with China. At the time of writing, Brent crude was trading at $67.03 per barrel, with West Texas Intermediate at $63.22 per barrel, after Treasury Secretary Scott Bessent said on Sunday he …

New oil well drilling in Russia has accelerated to the fastest in five years despite the recent oil price decline, Bloomberg has reported, suggesting the pick-up in activity anticipates a further reversal in OPEC+ production cuts and the possibility for the removal of U.S. sanctions. The current level of drilling …

In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels daily, per official data. China is taking “Drill, baby, …

Taiwan is pledging to buy more U.S. oil and gas, which is a focus of the tariff talks with the Trump Administration, Taiwanese President Lai Ching-te said on Tuesday. “Increasing purchases from the United States, including natural gas, oil, and other essential national energy sources, is not only the next …

Oil prices fell more than 1.5% on Monday as investors once again focused on concerns U.S. tariffs on its trading partners will create economic headwinds that will reduce fuel demand growth. Brent crude futures slipped $1.10, or 1.6%, to $66.86 a barrel at 0255 GMT after closing up 3.2% on …