Oil muted as worth cap proposal eases provide issues

G7 worth cap on Russian oil might be above present buying and selling degree EIA gasoline shares knowledge reveals larger than anticipated construct COVID-19 controls tighten in China Nov 24 (Reuters) – Benchmark Brent oil edged decrease on Thursday whereas West Texas Intermediate (WTI) crude held regular, hovering in sight of two-month lows as the … Read more

Weak dollar, big U.S. crude exports buoy oil markets

Dollar sags, boosting commodities U.S. exports surge to a record – EIA Surge in U.S. exports due to the widened WTI-Brent spread NEW YORK, Oct 26 (Reuters) – Oil prices surged nearly 3% on Wednesday, bolstered by record U.S. crude exports and as the nation’s refiners operated at higher-than-usual levels for this time of year. … Read more

Biden to announce emergency oil sales to prevent price spikes

WASHINGTON, Oct 18 (Reuters) – U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile when prices drop, administration officials said. The plan is intended to add enough supply … Read more

Oil prices stable as economic fears offset supply woes

LONDON, Oct 18 (Reuters) – Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand. Brent crude futures eased by 7 cents, or 0.08%, to $91.55 a barrel by 1127 GMT while U.S. West Texas Intermediate (WTI) crude futures were … Read more

Biden re-evaluating U.S. relationship with Saudis after OPEC decision

WASHINGTON, Oct 11 (Reuters) – President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+ announced last week that it would cut oil production over U.S. objections, officials said on Tuesday. The announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, … Read more

OPEC+ heads for deep supply cuts, clash with U.S.

VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ looks set for deep cuts to its oil output targets when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about … Read more