President of the EU Commission Ursula von der Leyen and NATO Secretary General Jens Stoltenberg visited the Troll A natural gas platform in Norway and called for increasing joint efforts for the security of Europe’s energy infrastructure on Friday. Norwegian Prime Minister Jonas Gahr Store, von der Leyen and Stoltenberg …
Read More »Oil down over Fears that US Fed will Continue to Raise Interest Rates
Oil prices slid on Monday as recent economic data from the US, the world’s largest oil consumer, suggests that the US Federal Reserve will maintain its hawkish stance on interest rates, supporting the dollar near multi-week highs. International benchmark Brent crude traded at $82.31 per barrel at 9.58 a.m. local …
Read More »Oil Prices up with Positive China Demand Outlook
Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading …
Read More »Iraq to Dispatch Fuel to Syria, Turkey after Earthquake Disaster
Iraq will dispatch 60,000 tons of fuel oil to neighboring Syria following last week’s deadly earthquakes that killed thousands. In a statement, the Iraqi government said the aid shipment will be delivered to the Syrian side through Al-Mikhtaf area in the Iraqi territorial waters. The statement said the aid shipment …
Read More »Oil Prices Fall ahead of Crucial Upcoming US Inflation Data
Oil prices fell on Monday ahead of the release of critical US inflation data due later this week, sparking recession fears in the country. International benchmark Brent crude traded at $85.56 per barrel at 09.55 a.m. local time (0655 GMT), down 0.96% from the closing price of $86.39 a barrel …
Read More »EU Ambassadors Agree on Price Cap for Russian Oil Products
EU ambassadors agreed on a price cap Friday for Russian petroleum products, said the Swedish Presidency of the Council of the EU. “EU ambassadors today approved the price caps on petroleum products ahead of final adoption by the EU Council,” it wrote on Twitter. “Important agreement as part of the …
Read More »Oil Prices Increase with Weaker US Dollar
Oil prices rose on Thursday as the US dollar fell and OPEC+ decided to maintain its current production policy. International benchmark Brent crude traded at $83.38 per barrel at 9.08 a.m. local time (0608 GMT), a 0.65% increase from the closing price of $82.84 a barrel in the previous trading …
Read More »Russia’s Ban on Oil Sales to Countries Complying with Price Cap Takes Effect
Russia’s ban on oil supplies to countries and companies that comply with a price cap imposed by the West came into effect on Wednesday. The decree, signed by President Vladimir Putin on Dec. 27, prohibits the supply of Russian crude oil and oil products “at all stages” if contracts directly …
Read More »Oil Prices Retreat on US Recession Fears, Slow Growth in China
Oil prices slightly dropped on Monday underpinned by tentative economic growth in China and potential recession in the US. International benchmark Brent crude traded at $87.51 per barrel at 9.54 a.m. local time (0654GMT), down 0.14% from the closing price of $87.63 a barrel in the previous trading session. The …
Read More »Oil Prices up over Fears of Weak Oil Demand in US
Oil prices slightly rose on Thursday over demand worries after a higher-than-expected increase in oil stockpiles in the US, the world’s largest oil consumer. International benchmark Brent crude traded at $82.75 per barrel at 09.22 a.m. local time (0622GMT), a 0.10% increase from the closing price of $82.67 a barrel …
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