Oil

Oil prices rose Friday, posting a second straight year of gains, albeit paltry, in a year marked by limited supplies due to the conflict in Ukraine, a strong dollar and weak demand from the world’s largest crude oil importer China, Reuters reported. Brent crude futures rose 44 cents, or 0.5%, …

The EU’s embargo on Russian oil will trigger demand spike for Azerbaijani crude from the European countries, Philipp Lausberg, Policy Analyst in the Europe’s Political Economy program at the European Policy Centre (EPC) told Trend. “The EU’s embargo on Russian oil will increase European demand for oil from other countries. …

Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell 26 cents, or 0.3 per cent, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, …

Oil dipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap. West Texas Intermediate fell toward $79 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin on February 1 and last until at least …

Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency (APS) said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune, Trend reports citing Reuters. The budget set the market price for crude oil at $70 …

Russia may reduce its oil output by 500,000-700,000 bpd in early 2023 in response to the G-7 price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak. “We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV …

Oil took over from natural gas as the leading fuel for power plants in New England, a significant switch that signals how the grid is desperately trying to keep the lights on in the face of a winter massive storm. The six-state grid relied on oil for at least a …

Oil rallied to a three-week high and clinched a second straight weekly gain after Russia warned it may cut output by as much as 700,000 barrels a day in response to sanctions on the nation’s crude. With trading volumes dwindling heading into the Christmas holiday, Russia’s threat outweighed the impacts …

Crude oil prices were rising for the fourth day in a row today, pushed higher by colder weather in the United States in what has been described as a once-in-a-generation storm. At the time of writing, Brent crude was close to $82.42 per barrel, with West Texas Intermediate at $78.56 …

Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory draw of 5.9 million barrels for the week to December 16. At 418.2 million barrels, U.S. crude oil inventories remain some 7 percent below the five-year average for this time of the year. The latest …