Oil

Global oil prices closed at more than 12% of weekly gains today, Saturday. Brent crude closed in its last session yesterday, Friday, with a rise of 1.62 dollars, to reach 120.65 dollars, and achieved a weekly profit of 12.72 dollars or 11.79%. US West Texas Intermediate crude also closed up …

Oil ticked higher ahead of a flurry of high-level diplomatic activity over the month-old war in Ukraine that may see fresh curbs on Russia. West Texas Intermediate climbed toward $110 a barrel after giving up early gains on Tuesday to end slightly lower. European Union and NATO leaders are set …

Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former Energy Minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel”. The warning comes as the EU plans to discuss placing an embargo …

Oil was up on Thursday morning in Asia, with oil futures rising in early trading and recovering some of the prior day’s losses. Investors also digested the International Energy Agency (IEA)’s statement that a decline in oil demand due to higher prices would not offset a shut-in of Russian oil …

The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil production fell to 1.417 million barrels per day in the month of February compared to 1.427 for the month of January. OPEC revealed this in its Monthly Oil Market report, warning that disruption to global trade flows …

Oil prices tumbled more than 6 per cent, adding to Monday’s drop of more than 5 per cent, as both the New York- and London-traded benchmarks settled below the key USD 100 per barrel mark for the first time since the start of Russia’s “special military operation” in Ukraine. Crude …

Oil prices fell below the $110 per barrel mark early on Monday after China locked down several cities because of a surge in COVID cases and Russia and Ukraine separately signaled progress in talks that continue today. As of 7:30 a.m. EDT on Monday, WTI Crude was down 5.75% at …

The global oil market was tight even before the Russian invasion of Ukraine, but Putin’s war and its consequences on Russian crude supply and energy prices have the potential to hurl the market into a major supply shock comparable with the 1973 Arab oil embargo. Oil stocks in major oil-consuming …

The number of total active drilling rigs in the United States rose by 13 this week as WTI trades near $109 per barrel. The total rig count rose to 663 this week, while U.S. producers continue to prioritize fiscal discipline over risky investments to boost oil production. Baker Hughes reported …

With WTI at over $107 per barrel, and Brent at $111, energy stocks are setting record highs and buybacks are in the air. Bloomberg reports that a minimum of 21 major North American energy companies engaged in stock buybacks in Q4 2021, and that buybacks continue to gain significant momentum …