Oil

Despite an increase in China’s crude oil imports in the first two months of 2024, it’s too early to say how the purchases of the world’s top crude importer will impact global oil demand and prices this year. One thing is certain—the impact, in either direction, will be felt across …

Crude oil prices recently logged their second monthly gain in a row as OPEC+ extended their supply curb deal until the end of Q2 2024. The gains have been considerable, with WTI adding about $7 per barrel over the month of February. Yet a lot of analysts remain bearish about …

Oil prices were little changed on Monday, a day after the widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group. Brent futures were up 19 cents to $83.74 a barrel at 1422 GMT after rising 2.4 per cent last week. U.S. …

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 3 to 629 this week, compared to 749 rigs this same time last year. The number …

Crude oil prices are set to end the week with a modest gain on expectations that OPEC+ will extend its production cap deal, tightening supply further. OPEC initially agreed to reduce combined supply by 2.2 million bpd over the first quarter of the year and meet in early March to …

Crude oil futures inched higher Wednesday as U.S. crude inventories rose while OPEC+ is considering extending its production cuts into the second quarter. U.S. crude stocks rose by 8.4 million barrels last week, according to the American Petroleum Institute. Inventories have been rising in the U.S. as the rate at …

Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the rerouting of cargoes away from the Red Sea and the Suez Canal drags on. European refiners are looking for Atlantic …

Oil prices drifted lower on Monday over strong US dollar pressure as investors await Thursday’s release of the Personal Consumption Expenditures (PCE) price index, the US Fed’s preferred measure of price fluctuations and an importance gauge in its next monetary policy decision. International benchmark Brent crude traded at $80.60 per …

The US Energy Information Administration (EIA) announced, on Sunday, that Iraq’s oil exports to the United States rose last week to 226,000 bpd last week. The EIA mentioned that the average US imports of crude oil during the past week from nine major countries reached 5.642 million bpd, increasing by …

Oil prices fell as investor attention returned to the demand outlook after reports of higher producer prices in the U.S., the world’s biggest oil user, stoked worries that sticky inflation and higher interest rates would limit fuel consumption growth. Brent crude futures were down 61 cents, or 0.7 per cent, …