Oil

Oil prices slid on Tuesday over concerns about economic growth and oil demand in the US, the world’s largest oil consumer, and as weaker US dollar increases traders’ appetite for cheaper dollar-indexed crude oil. International benchmark Brent crude traded at $79.32 per barrel at 9.55 a.m. local time (0655GMT), a …

Following several previous successful years, Norway once again saw record oil and gas profits in 2022, as well as progressing its renewable energy operations. With energy prices soaring last year, in response to the Russian invasion of Ukraine and the subsequent scarcity of oil and gas in Europe, Norway recorded …

If the selloff in oil continues and prices continue down, OPEC may well swing into action, RBC Capital Markets’ head of global commodity strategy Helima Croft told the Australian Financial Review today. “OPEC looks content to stay the course on the current production policy and is seeking to stay out …

Oil prices rose as much as $1 on Friday, extending gains from the previous session, supported by hopes of a China demand boost and after data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year. Brent crude futures were 75 cents, or …

Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy. Brent futures for March delivery fell 13 cents to US$81.97 a barrel, a 0.1 per cent loss, by 1.15pm Singapore time. US crude dropped …

The International Monetary Fund (IMF) has said Nigeria and other oil exporting countries in the Sub-Saharan African countries spend more when oil prices are high, hence find it difficult to save against oil price shocks. The Fund, therefore, advised the concerned countries to target buffers of around five to 10 …

Oil prices rose Friday, posting a second straight year of gains, albeit paltry, in a year marked by limited supplies due to the conflict in Ukraine, a strong dollar and weak demand from the world’s largest crude oil importer China, Reuters reported. Brent crude futures rose 44 cents, or 0.5%, …

The EU’s embargo on Russian oil will trigger demand spike for Azerbaijani crude from the European countries, Philipp Lausberg, Policy Analyst in the Europe’s Political Economy program at the European Policy Centre (EPC) told Trend. “The EU’s embargo on Russian oil will increase European demand for oil from other countries. …

Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell 26 cents, or 0.3 per cent, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, …

Oil dipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap. West Texas Intermediate fell toward $79 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin on February 1 and last until at least …