Oil

Oil headed for a third straight weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk. West Texas Intermediate edged higher towards US$69 a barrel on Friday, but the US crude benchmark has still retreated by …

Oil prices rebounded on Thursday, with both benchmarks dropping around 5% in previous trade as supply concerns caused by Iran’s seizure of an oil tanker and renewed tensions between Ukraine and Russia overshadowed demand woes caused by the US Federal Reserve’s (Fed) decision to cut interest rates further. International benchmark …

Oil prices kept to a tight range in early Asian trade on Tuesday as markets hunkered down before a widely expected Federal Reserve interest rate hike and more cues on U.S. monetary policy due later in the week. Crude markets saw increased volatility before the conclusion of a two-day Fed …

Oil prices dropped on Monday as jitters over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month Brent futures for July delivery were down 56 cents, or 0.7%, …

Iraqi oil exports to the US increased by an average of 222,000 barrels per day last week, according to a report by the US Energy Information Administration (EIA) released on Sunday. The report, obtained by Shafaq News agency, also revealed that “the average US crude oil imports from nine countries …

Oil prices are set to rise toward $90 per barrel by the end of this year, driven by Chinese demand and a tightening market following OPEC+’s latest production cuts, a Reuters survey of 40 analysts and economists showed on Friday. According to the experts, Brent Crude prices are expected to …

President Vladimir Putin has backtracked on an earlier move that banned Russian companies from exporting crude oil in compliance with the G7 price cap of $60 per barrel. In a decree issued at the end of December, Putin prohibited Russian producers from exporting crude oil and refined products on terms …

Saudi Arabia and the United Arab Emirates have increased purchases of Russian oil products, Russia’s trade representatives to these countries said at the National Oil and Gas Forum. Russia significantly increased exports of oil products, primarily diesel and fuel oil, to Saudi Arabia in 2022, the trade representative to the …

Record imports of cheap Russian crude into India have undermined OPEC’s share of supply to the world’s third-biggest crude importer so much that OPEC’s share of all Indian oil imports has hit the lowest in at least 22 years, according to a Reuters analysis of data from industry sources. As …

Oil prices started the week on the decline due to demand fears fueled by weak global economic data and the possibility of more interest rate hikes. International benchmark Brent crude traded at $80.44 per barrel at 09.35 a.m. local time (0635 GMT), a 1.25% decrease from the closing price of …