Oil

Brent oil may rise into a range of $73.38-$73.80 per barrel, as it has broken a resistance at $72.71. The break is convincing, as it followed two corrections on June 9 and June 10. The break signals a continuation of the uptrend towards the range of $74.47-$75.55 range. Oil is …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

Investors have set their sights on $100 a barrel for oil as the US Energy Information Administration (EIA) forecast a decline in global oil inventories in the second half of 2021 in its June Short-Term Energy Outlook (STEO). Traders have scooped up call options tied to Brent and West Texas …

Oil posted its third straight weekly rise on improving demand, with the International Energy Agency (IEA) saying that the market would need extra supply next year. Futures in New York rose this week, extending their rally to the highest settle since October 2018. The IEA said that OPEC and its …

Oil demand is set to rise above pre-pandemic levels by the end of next year, the International Energy Agency (IEA) said yesterday, but producers have sufficient capacity rise to the challenge. In its first detailed look at next year in its regular monthly review of the oil market, the IEA …

OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day — or roughly 5% — in the second half of …

Oil majors are under growing pressure to stop drilling for crude to help curb climate change, but companies say they will wean themselves off fossil fuels at their own pace. The demand for change is coming from many sides: lawsuits, shareholders and the International Energy Agency have all turned up …

Baker Hughes Co. on Friday reported the total number of rotary drilling rigs operating in the United States ended the week at 456, representing a one-unit decline from a week ago. The most recent U.S. rig count reflects no change in the number of oil (359) and a one-unit drop …

Oil prices rose on Wednesday after oil cartel Opec and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly during the US summer. US West Texas Intermediate (WTI) crude futures rose 32c, or 0.5%, to $68.05 at …

U.S. crude futures hit their highest level in more than two years after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting. West Texas Intermediate rose as much as 2.6% from Friday’s close to $68.04 a barrel. Global benchmark Brent topped $70 earlier Tuesday. The …