Oil

Triple-digit oil prices are possible in the next few months as geopolitical risks and “struggling” supply hit global crude markets, said Chevron Corp.’s top executive. Demand for petroleum is growing faster than production as the world transitions away from the worst of the pandemic, Chief Executive Officer Mike Wirth said …

US oil may retest a resistance at $87.86 per barrel, a break above which could lead to a gain to $89.45. The rise on Wednesday confirmed an extension of the uptrend, which is riding on a wave 5. Based on the length of the wave 1, the wave 5 may …

Iraq is already scheduling crude oil shipments for delivery in March thanks to strong demand, the deputy head of the State Organization for the Marketing of Oil, or SOMO, told media in Baghdad, as quoted by Reuters. Ali Nizar also told media that Iraq’s oil exports were stable this month …

Brent oil may retest a support at $85.68 per barrel, a break below could open the way towards $83.04-$84.67 range. There is a strong resistance at $89, which still holds firm under four attacks by bulls. A temporary top may have formed around this level. Due to the slide below …

The oil market is running out of sellers in its surge to almost $90 a barrel. Whether it’s speculators, traders hedging their barrels in storage tanks or U.S. producers, some of the biggest drivers of bearish price movements have all retreated in recent months. As global stockpiles fall to seven-year …

Oil prices jumped on Monday on the back of supply disruption concerns linked to the rise in geopolitical tensions in the Middle East and Eastern Europe, while demand held steady as the impact of the Omicron coronavirus strain eased in some countries. Brent, the global benchmark for two thirds of …

US imports of crude oil from Iraq averaged 434 thousand barrels per day (bpd) last week, the Energy Information Administration (EIA) said on Sunday, amid a growing appetite for the black gold during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports …

Goldman Sachs has raised its oil price forecasts “significantly” through 2023, its latest commodities research note has revealed. The company now sees Brent spot prices at $96 per barrel in 2022 and at $105 per barrel in 2023, according to the research note, which was sent to Rigzone. Goldman Sachs’ …

Oil prices on Tuesday climbed to their highest since 2014 as Yemeni popular forces attacked the United Arab Emirates, warning it could target more facilities. International benchmark Brent crude futures advanced 1.19% to $87.51 per barrel, while US West Texas Intermediate futures settled 2.43% higher at $85.43 per barrel. Both …

Iraq ranks fifth among the countries with the largest crude reserves in the world in 2021, a CNBC survey said. According to CNBC, Venezuela ranked first with a reserve of 303.8 billion barrels, followed by the regional rivals Saudi Arabia and Iran with 258.6 and 208.6 billion barrels, respectively. Iraq, …