Oil

Oil prices fell on Thursday as the possibility of further interest rate increases offset growing optimism over China’s demand outlook. Brent, the benchmark for two thirds of the world’s oil, was trading 0.56 per cent lower at $82.24 at 10.17am UAE time. West Texas Intermediate, the gauge that tracks US …

Lower oil prices and steeper discounts for Russian oil sent Russia’s oil revenues down in November despite the highest export volumes since April this year, the International Energy Agency (IEA) said on Wednesday. Last month, total oil exports out of Russia rose by 270,000 barrels per day (bpd) from October …

Tuesday saw an increase in oil prices for a second day as a major pipeline supplying the United States, the world’s largest consumer of crude, remained closed and on hopes that demand will increase as COVID limits are eased in China, the world’s second-largest consumer of petroleum. Supply has been …

Crude oil began trading this week with a gain, pushed higher by the shutdown of the Keystone pipeline and uncertainty around the consequences of the G7 price cap on Russian oil exports. Brent crude was trading close to $76.50 per barrel at the time of writing, with West Texas Intermediate …

Oil prices rose more than 1 per cent on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures were up 46 cents, or 0.6 per cent, …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …

The oil tanker traffic jam in the Bosphorus and Dardanelles Straits is growing, the Tribeca shipping agency told Reuters on Friday. The number of oil tankers idling in the Bosphorus and Dardanelles Straits waiting to enter Turkish waters has swelled to 28 as of Friday, compared to 20 on Monday. …

China National Offshore Oil Corp (CNOOC) announced on Wednesday that the Enping 15-1 platform, Asia’s largest offshore oil production platform, was put into operation in the Pearl River Mouth Basin in south China’s Guangdong Province. The platform, about 160 meters tall and weighing over 30,000 tonnes, is the largest offshore …

Global oil prices will remain high for all of the year 2023, the U.S. Energy Information Administration (EIA) forecast on Tuesday. Despite the recent drop in crude oil prices due to market concerns about global economic growth, the Brent crude oil price is expected to average 92 U.S. dollars per …

US oil may drop more into a range of $70.72-$72.04 per barrel, driven by a wave C. This wave is capable of travelling into a wide range of $63.20-$70.89, formed by its 100% and 61.8% projection levels. In addition to this set of projection levels, the wave C is well …