Tag Archives: Business Day

Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer, Aramco, raised the official selling price for its crude, suggesting demand remains strong amid tighter supplies. Brent crude was up by 90c, or 1.1%, at $83.64 a barrel, after dropping nearly 2% last week. US oil gained 87c or …

Oil prices were steady on Tuesday as producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3c to $84.74 a barrel by 5.07am …

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% …

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 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 …

Saudi Arabia’s state-run energy firm is splitting its gas production division in two, as the fuel becomes increasingly important for expanding its chemicals business and amid efforts to position itself for the energy transition. The Saudi Arabian Oil Company (Saudi Aramco) will create two new divisions, named Southern Area Gas …

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the Delta coronavirus variant kept sentiment cautious. Brent crude futures climbed $1.16, or 1.8%, to $66.34 a barrel by 6.30am, after …

Oil prices steadied on Wednesday after a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share. Brent crude was up 3c at $74.56 a barrel by …

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 …

Oil prices fell on Thursday but stayed within the tight range set this week, with optimism about the northern hemisphere summer driving season in the US and Europe offsetting concern about demand in India and a potential increase in Iranian supplies. Brent fell 57 US cents, or 0.8%, to $68.30 …