Oil

Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the U.S. economy. Brent crude futures rose 86 cents, or 0.9 per cent, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 …

Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the Financial Times reported on Sunday (24 September) citing data from analytics company Kpler. The European Union, G7 countries and Australia introduced a price cap of $60 a barrel on Russian …

This week, Goldman Sachs raised its oil price target to $100 again. The bank cited lower OPEC output combined with higher demand, which taken together, “more than offset significantly higher U.S. supply.” The average gas price in the U.S. on September 20 was $3.875, slightly lower than a day earlier …

Oil prices retreated further from 10-month highs on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and …

Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 99 cents, or 1.1%, to $92.47, by 0400 GMT, …

The Ministry of Finance revealed on Sunday that Iraq’s financial revenues in the federal budget exceeded 65 trillion dinars over seven months, confirming a rise in the oil contribution to the budget to 95%. However, an economic expert believes that non-oil revenues “will not improve.” Shafaq News Agency examined data …

Iraq, OPEC’s second largest exporter, has had its crude oil supplies to the US, the world’s second largest importer, increased, data by the Energy Information Administration (EIA) showed this weekend. In the span of a week, the volume rose from 100,000 barrels daily to a 248,000 barrels — a jump …

Oil prices have soared to a 10-month high on Wednesday, with a surprise build in U.S. crude inventories failing to dampen expectations of tight supplies for the rest of the year. Front-month November Brent crude closed +1.5% at $92.06/bbl, its best settlement since November 16 while U.S. front-month Nymex crude …

Oil prices rebounded on Thursday as concerns over tightening oil supply gained ground over heightened demand fears caused by a rise in US crude stockpiles. International benchmark crude Brent traded at $92.48 per barrel at 9.50 a.m. local time (0650 GMT), a 0.65% gain from the closing price of $91.88 …

Czechia has dramatically increased its reliance on Russian oil, with imports via the Druzhba pipeline reaching 65% this year, up from 56% in the previous year, Barbora Putzová, the spokesperson for the state-owned firm Mero, told the Czech News Agency. Even with the EU’s significant sanctions on Russia, Czechia recorded …