Oil

Basra crude experienced weekly gains as global oil prices increased for the fourth consecutive week. Basra Heavy crude closed its last session with a rise of 1.45 cents, reaching $77.61. It recorded weekly gains of $4.3, equivalent to 5.87%. Basra Intermediate crude closed its last session with an increase of …

The U.S. upstream oil and gas industry booked its biggest-ever quarter for mergers and acquisitions in the fourth quarter of 2023, with a total of $144 billion worth of deals, Enverus Intelligence Research (EIR) said in a report on Tuesday. The record-setting fourth quarter also pushed the full-year 2023 deal …

China is taking advantage of the slide in oil prices, which began in October, to ramp up its stockpiling of cheaper crude. In December alone, China is estimated to have sharply boosted the volume of crude going to storage for the highest rate of stockpiling in six months, according to …

The oil market appears to be bracing for a weeks-long disruption to shipping in the southern Red Sea, where Houthi militants have for months been attacking merchant vessels in response to Israel’s war in Gaza. Charters of tankers to haul crude and fuels “- which for some vessels are arranged …

Global oil demand is set to rise by 1.2 million barrels per day (bpd) this year compared to 2023, the International Energy Agency (IEA) said on Thursday, raising its 2024 demand growth outlook for a third consecutive month. Although the IEA flagged today in its monthly report a significantly slower …

China’s oil refinery throughput in 2023 rose 9.3 per cent from a year earlier to a record, reversing a rare decline in 2022, as new plants in the world’s second-largest crude consumer bolstered production to meet a post-pandemic recovery in fuel demand. Refiners processed 734.8 million metric tons of crude …

The U.S. oil and gas sector has kicked off the new year on the backfoot with market sentiment as bearish as it was a year ago. Commodity analysts at Standard Chartered have reported that demand pessimism is once again dominating, with traders worried that oil demand will weaken in the …

Both crude benchmarks continued to rally on Monday, with rising tension in the Middle East after the US and the UK carried out strikes on multiple Houthi targets in Yemen last week. The international benchmark crude Brent traded at $78.51 per barrel at 11 a.m. local time (0800 GMT), a …

Oil edged higher as the risk that airstrikes by the US and allies against the Houthis would ignite a wider conflict and disrupt crude flows from the Middle East was balanced by soft fundamentals. Brent crude rose toward $79 a barrel and West Texas Intermediate was near $73 after the …

Oil prices surged four percent on Jan. 12 after U.S. and UK forces launched strikes against Iran-backed Houthi rebels following their attacks on ships in the Red Sea. Tokyo and European stock markets ended the week with strong gains as traders brushed off data showing U.S. inflation rose more than …