Oil

Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1%, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate …

World oil demand continues to exceed expectations, the International Energy Agency (IEA) stated in its latest oil market report (OMR), which was released recently. “We have slightly revised up our 2023 growth forecast to 2.4 million barrels per day, as U.S. deliveries proved more resilient than indicated by preliminary data …

Oil futures edged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Brent crude futures climbed 66 cents, or 0.8 per cent, to $81.27 a …

While fundamentals took over from the war-risk premium this week, pummeling oil prices, Brent crude was gaining over 4% by midday Friday, but analysts told Bloomberg that there is little chance for oil to top $90 in the current market atmosphere. At 1:49 p.m. ET on Friday, Brent crude was …

The bearish positioning of oil traders in recent weeks has led to a sell-off on the market as speculators reduced bullish bets amid resurfaced concerns about the global economy and oil demand. The bullish sentiment from September, when the market was focused on the OPEC+ supply cuts, gave way to …

A second bumper oil options expiry in less than a month could inject volatility into crude prices Wednesday. There are about 21 million barrels worth of December $80 calls for US benchmark West Texas Intermediate that are due to expire later today. US crude futures are trading close to $78 …

Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlook, while an industry report pointed to an expansion in US stockpiles. Global benchmark Brent traded near $83 a barrel, while West Texas Intermediate was above $78. The International Energy Agency said …

Kazakhstan will transport more Russian oil and gas, the country’s president, Kassym-Jomart Tokayev, told Russian daily newspaper Izvestia on Wednesday, a day before Russian President Vladimir Putin’s visit to the Central Asian nation. The Kazakh leader appeared to be warming to the idea of a “gas union” with Russia, which …

Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel at 0400 GMT, while the U.S. West Texas Intermediate (WTI) …

Iran, which has gained an exemption from OPEC cuts deal due to U.S. sanctions, increased production to 3.05 million barrels per day (bpd) in October, as pipeline issues that affected production and exports in September were resolved, according to a survey conducted by S&P Global Commodity Insights Platts. Production is …