Oil gained 2.5% on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production. The comment during U.S. President Joe Biden’s Middle East visit comes at a time …
Read More »Oil Prices Marginally Up amid Volatility
Crude oil prices rose marginally on Thursday amid volatility after the recent steep fall amid recession fears. Around 11.25 am, the September contract of Brent on the Intercontinental Exchange was at $99.80 per barrel, higher by 0.23% from its previous close. The August contract of WTI on the Nymex was …
Read More »China Edible Oil Imports Hit Seven-Year Low as Covid Lingers
China’s imports of edible oils plunged to the smallest in more than seven years on weak demand from the restaurant industry as the impact of Covid lockdowns lingers, and on expectations prices will drop even more. Just 254,000 tons were unloaded in June, the lowest monthly total since February 2015, …
Read More »Russia’s Plan to Cut Off Kazakh Oil Supplies to Europe
The European oil market just received another supply shock ahead of the looming EU embargo on seaborne Russian oil imports. A Russian court has ordered the closure of a key Russian Black Sea export route, through which most of Kazakhstan’s crude oil passes to Europe. The Russian court ruling further …
Read More »China’s Covid Woes Continue to Hold Crude Oil on Leash
The re-emergence of the Covid pandemic in China continued to play a significant role in the price movements of crude oil . At 10.03 am on Tuesday, September Brent oil futures were at $105.61, down by 1.31 per cent, and August crude oil futures on WTI were at $102.41, down …
Read More »Oil Slides on Fears over Recession and China’s Covid-19 Curbs
Oil prices fell about $1 on Monday in volatile trade, reversing some gains from the previous session, as worries about a recession and China’s Covid-19 curbs hitting demand outweighed ongoing concerns about tight supply. Brent crude futures fell 82c, or 0.8%, to $106.20 at 5.14am, after climbing 2.3% on Friday. …
Read More »EIA: U.S. Imported +8 Million Oil Barrels from Iraq in June
U.S. crude oil imports from Iraq averaged 273 thousand barrels per day (bpd) in June, the Energy Information Administration (EIA) said in its monthly report. According to the report, June imports from Iraq amounted to 8.19 million barrels, down from 9.114 million barrels (average 294 thousand bpd) in May. Iraq’s …
Read More »Number of Active US Drilling Rigs Up this Week
The number of active drilling rigs in the United States increased to 752 this week, up by two from the previous week and 273 from this time last year, according to the weekly data released Friday by Houston-based oilfield services company Baker Hughes. These active drilling rigs included 597 oil …
Read More »Oil Rises 2% but Set for Weekly Loss amid Recession Fears
Oil prices rose about 2% in volatile trade on Friday but were still heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies. Central banks around the world are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle …
Read More »Oil Up as Supply Outages Outweigh Demand Fears
Oil prices edged higher on Monday as output disruptions in Libya and planned shutdowns in Norway offset concerns that an economic slowdown would dampen demand. International benchmark Brent crude was trading at $111.92 per barrel at 0705 GMT for a 0.26% increase after the previous session closed at $111.63 a …
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