Oil

The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, …

Iraq raised pricing for all crude sales to Asia for February, after a similar move by Saudi Arabia, OPEC’s biggest producer. The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a …

Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia’s pledge to cut output continued to buoy market sentiment. Brent crude climbed 13 cents, or 0.2%, to $54.51 a barrel. It touched $54.90 on Thursday, the highest since February, Reuters …

Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets. Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the …

Oil prices were up on Thursday over a more-than-expected decline in US crude oil inventories and on clashes between supporters of US President Donald Trump and the police in the Capitol in Washington, Anadolu Agency reported. International benchmark Brent crude was trading at US$54.80 per barrel at 0706 GMT for …

Oil prices jumped significantly on Wednesday after a more than expected cut in OPEC+ production when Saudi Arabia issued a surprise, major unilateral cut of 1 million barrels per day (bpd). International benchmark Brent crude was trading at $53.87 per barrel at 0647 GMT for a 0.50% rise after closing …

Oil prices rose by around $1 on Tuesday as tension simmered following Iran’s seizure of a South Korean vessel and as the OPEC+ group studied a possible production cut in February. Brent crude futures for March rose 96 cents to $52.05 a barrel by 1206 GMT, while U.S. West Texas …

Global oil prices fell on Monday after OPEC+ members failed to reach agreement on output levels. A majority of members of the producers’ alliance led by Saudi Arabia and Russia rejected proposals to increase supply amid new fears of the economic impact of the COVID-19 pandemic. Brent crude, the global …

Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest …

Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and …