Oil

Oil prices fell on Tuesday over demand worries in the US due to the debt ceiling crisis, ambiguity about the US Federal Reserve’s (Fed) interest rate policy and recessionary fears. International benchmark Brent crude traded at $76.58 per barrel at 09.52 a.m. local time (0652GMT), a 0.67% fall from the …

Oil prices rose on Monday after US leaders reached a tentative agreement to raise the nation’s debt ceiling following a month-long stalemate. The deal potentially averts a financial crisis in the world’s largest economy and biggest crude oil consumer. Brent, the benchmark for two thirds of the world’s oil, was …

Iraq’s oil exports to the United States have seen a marked contraction, dropping to an average of 136,000 barrels per day (bpd) in the preceding week, data from the US Energy Information Administration (EIA) showed on the weekend. This echoed a trend in the United States’ broader crude oil intake …

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude settled 69 cents, or 0.9%, higher at $76.95 a barrel. U.S. …

Lloyd’s Register has removed the certification of 21 vessels operated by Indian shipping company Gatik Ship Management, which is one of the biggest shippers of Russian oil abroad. “Lloyd’s Register is committed to facilitating compliance with sanctions regulations on the trading of Russian oil,” Lloyd’s Register told Reuters, which reported …

Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway. Should major economies, including the U.S., avoid deep recessions, the foundations for a rally across the commodity complex remain intact, Goldman Sachs analysts wrote …

Iraq is waiting on a final answer from turkey to resume its northern oil exports through the Mediterranean port of Ceyhan, the country’s oil minister said Tuesday. Hayan Abdel-Ghani’s remarks come as oil production in Iraq’s semi-autonomous Kurdistan Regional Government (KRG)-ruled region continues to drop as export flows to Turkey’s …

Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 13 cents, or 0.2 per cent, to $75.71 a barrel by 0850 …

U.S. gasoline and diesel inventories are drawing down and sitting below the five-year average for this time of the year, pointing to resilient fuel demand and supporting both crude oil prices and U.S. refining margins. Although global refining margins have halved since February as Russian oil supply remains elevated despite …

Amidst an ongoing global shift towards greener forms of energy, the International Energy Agency (IEA) has predicted that global oil demand will rise more than previously anticipated, partly due to China’s economic rebound. World fuel consumption will increase by 2.2 million barrels a day in 2023 — about 200,000 a …