Oil

Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the US, the world’s biggest consumer of oil and its products. Brent crude was up 13c or 0.2% at $86.12 a barrel by 0427 4.27am GMT, after gaining 0.5% …

Saudi Aramco said that oil-output capacity across the world is dropping quickly and that companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. His comments come with crude prices having soared 70% this year …

Oil prices climbed on Monday, extending preweekend gains to hit multiyear highs as global supply remained tight amid solid fuel demand in the US and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps. US West Texas Intermediate (WTI) crude futures rose 87c, or 1.0%, to $84.63 …

Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration …

Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87c, or 1%, to $85.73 a barrel by …

The US Energy Information Administration (EIA) said on Sunday that Iraqi crude oil exports to the US rose to 188,000 barrels per day (bpd) during the past week. According to a report released by the EIA, “The United States imported crude oil from Iraq at a rate of 188,000 bpd, …

It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on a CNBC panel at the Russian Energy Week on Wednesday. Asked by CNBC’s Hadley Gamble whether the U.S. benchmark could hit …

The global demand for oil will eventually start to decline in the long-term perspective under any scenario of de-carbonization of national economies, the International Energy Agency (IEA) said in its World Energy Outlook 2021, obtained by TASS. The report offers three basic scenarios for the global energy sector, with various …

World oil prices vaulted Monday to fresh multi-year pinnacles on strong demand and tight supplies, fueling inflation worries and weighing on most global stock markets. The spike in energy prices saw West Texas Intermediate oil for delivery in November trading at $80.52 a barrel late Monday, its first time above …

Oil prices rose on Friday, tracking towards a 4.2% gain for the week on signs some industries have begun switching fuel from high priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now. U.S. West Texas Intermediate (WTI) crude futures climbed …