Oil

US oil may fall into a range of $70.72-$72.04 per barrel, as pointed to by a falling trendline. The contract is riding on a wave e, the fifth wave of a five-wave cycle from the Nov. 7 high of $93.74. This wave is expected to travel to $70.72. The pattern …

A meeting of European Union government representatives, scheduled for Friday evening to discuss a Group of Seven (G7) proposal to cap Russian seaborne oil prices, was cancelled, EU diplomats said. “There was not enough of a convergence of views,” one diplomat said. “There won’t be a meeting tonight nor this …

Oil prices fell on Nov. 26, recording their third straight weekly losses, amid anticipation of talks about ceiling Russia’s oil prices. The European Union decided to postpone talks on setting a ceil for Russia’s oil prices, due to disagreements between member states, Bloomberg reported. Some European countries, such as Poland, …

Following a bilateral meeting on Thursday, the energy ministers of Saudi Arabia and Iraq reiterated their support for the oil production cut agreed upon last month. At the same meeting, they emphasized the importance of sticking to the agreement until the end of 2023, Saudi Arabia’s Abdulaziz bin Salman said …

Another spike in Covid infections in China is threatening more downward pressure for oil prices, as Chinese authorities reported a new daily record in new infections on Thursday. According to Reuters, China recorded close to 32,700 new infections on Thursday, of which only around 3,000 were symptomatic but this does …

Oil prices rose further on Wednesday after data indicated that U.S. crude inventories shrank substantially in the past week, although the introduction of new anti-COVID curbs in major Chinese cities put a lid on gains. Data from the American Petroleum Institute showed that U.S. crude stockpiles fell a bigger-than-expected 4.8 …

The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd). Initial tracking and estimates suggest that so far in November, Saudi Arabia has reduced its crude oil exports by …

Oil prices fell for a second day in early Asian trade on Thursday (Nov 17) as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. Brent crude futures dropped by 62 cents, or 0.7 per cent, …

Oil prices slid on Wednesday as Covid-19 cases in China continued to climb, sparking worries about lower fuel demand in the world’s top crude importer that outweighed concerns about an escalation of geopolitical tensions and tighter oil supply. Brent crude futures dropped by 60c, or 0.6%, to $93.26 a barrel …

More than 1 million barrels a day of Russian oil exports are set to be upended by Western sanctions expected to come into force within weeks, shipments Moscow will struggle to redirect elsewhere which threatens to further tighten global energy markets, the International Energy Agency said Tuesday. Russian crude oil …