The U.S. crude oil supply fell to its lowest level in 45 years relative to demand, highlighting a thinner cushion against potential supply disruptions as the Middle East conflict continued to escalate. In a post on X, Barchart shared a … Read More
Crude oil prices fell to a multi-year low on Monday as OPEC+ confirmed plans to continue unwinding production cuts, accelerating output increases in June. The move is expected to exacerbate a market surplus amid weakening demand driven by escalating US-China … Read More
Shandong Port Group, operator of key oil ports used by China’s independent refiners, has prohibited access and services to tankers sanctioned by the U.S. Treasury, a move that could curb Chinese oil imports and raise costs for local refiners, trade … Read More
Natural-gas prices rally, buoyed by winter storm forecast Oil futures declined Monday, with U.S. prices posting their largest daily drop since November after Saudi Arabia cut its crude selling prices to all regions, raising concerns about the outlook for demand. … Read More
ISLAMABAD, June 12 (Reuters) – Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, the South Asian country’s petroleum minister said on Monday, a significant shift in its U.S. dollar-dominated export payments policy. Discounted crude … Read More
NEW DELHI/LONDON (Reuters) – U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. … Read More
RIYADH: Oil extended gains on Monday, rising about 3 percent after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. Brent crude was up $2.55, or 3.25 percent, at $81.12 a barrel … Read More
Brent crude prices have been on a sharp decline since peaking in June, nearly giving up all the year’s gains. And Credit Suisse says the selloff is not yet over. “The market remains well below its 55-Day Moving Average and … Read More
Dec 23 (Reuters) – Russia may cut oil output by 5%-7% in early 2023, as it responds to price caps on its crude and refined products, and halt sales to the countries that support them, Deputy Prime Minister Alexander Novak … Read More
Supply of Russian crude oil via the Druzhba pipeline to some countries in eastern and central Europe was suspended late on Tuesday, sending oil prices higher. Early on Wednesday, oil prices were down, weighed by a firmer U.S. dollar and … Read More