Oil

Oil prices were steady on Tuesday as weak economic data from China offset expectations of supply cuts. Brent, the benchmark for two thirds of the world’s oil, was trading 0.09 per cent lower at $88.92 a barrel at 9.02am UAE time, while West Texas Intermediate, the gauge that tracks US …

Venezuela’s oil shipments plummeted in August by 38% compared to the three-year high reached in July as state oil firm PDVSA was unable to maintain production at the upgraders that convert the extra heavy oil into grades suitable for shipping, Reuters reported on Monday, quoting PDVSA internal documents and tanker-tracking …

Oil prices recorded a limited decline on Monday as investors profited from the highest oil prices seen since November and on expectations that Saudi Arabia and Russia’s curbs would continue through October. International benchmark Brent crude traded at $88.48 per barrel at 10.21 a.m. local time (0721 GMT), a 0.08% …

India’s import of cheap Russian oil plunged to lowest in seven months in August as monsoon rains dampened demand, industry data showed. The world’s third largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, …

The total number of active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published Friday. The total rig count fell to 631 this week. So far this year, Baker Hughes has estimated a loss of 148 active drilling rigs. This …

Oil prices hit multi-month highs to snap a two-week losing run amid expectations of further supply cuts by Opec+ members. Brent, the benchmark for two thirds of the world’s oil, rose 1.98 per cent, or $1.72, to settle at $88.55 a barrel. It hit a session high of $88.75, its …

A couple of weeks ago, the International Energy Agency reported that global oil demand reached an all-time high of 103mn barrels a day in June. According to the global energy watchdog, robust demand was driven by better than expected economic growth in OECD countries, surging oil consumption in China, particularly …

Slower U.S. shale growth and persistent underproduction from several OPEC+ producers are set to tighten the oil market further in 2024, Barclays said on Wednesday, hiking its Brent price forecast for next year by $8 to $97 a barrel. “Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent …

Oil prices ticked higher on Monday (Aug 28) after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand. Brent crude rose 19 cents, or 0.2 per cent, to US$84.67 …

There is a moderate decline in global oil prices on Thursday morning, Trend reports. Investors’ attention is focused on news related to possible oil supplies from Venezuela in light of ongoing negotiations on easing sanctions measures. The price of October Brent crude futures was slightly down 0.25 percent at $83 …