Tag: Oil

Oil prices edged higher on Wednesday as concerns about tighter global supply grew following the U.S. threat of tariffs on nations buying Venezuelan crude, along with a larger-than-expected drop in U.S. crude inventories.

Trade of Venezuelan oil to top buyer China stalled on Tuesday after U.S. President Donald Trump’s order threatening tariffs on countries buying from Caracas created fresh uncertainty, days after U.S. sanctions targeting China’s imports from Iran.

Iranian oil shipments into China are set to fall in the near-term after new U.S. sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volumes flowing.

Russia’s oil exports remained near a four-month high ahead of talks between President Vladimir Putin and US counterpart Donald Trump aimed at bringing a halt to the war in Ukraine.

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs.

Oil futures are higher for the week, with cold U.S. weather serving to lift both natural gas and crude.

Analysts at ING noted the North Dakota Pipeline Authority said that oil production is down between 120,000 to 150,000 barrels a day, while natural gas production has also taken a hit as a result of the extreme cold temperatures. These disruptions will likely last until the weekend when warmer weather is forecast in the region, the analysts said.

Oil futures rose Wednesday, finding support on curtailed supply from Russia as traders also monitor talks aimed at ending the war in Ukraine.

Oil futures were lifted Tuesday, finding support after a drone attack by Ukraine on a pipeline carrying crude from Kazakhstan across southern Russia curtailed flows.

Oil rose after US Treasury Secretary Scott Bessent said the Trump administration remains committed to reducing Iran’s oil exports.

China’s retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year.

Oil futures were up sharply Monday after President Trump over the weekend slapped tariffs on Canada, Mexico and China, sparking worries over U.S. crude imports, though upside was limited by concerns a trade war would dent demand.

U.S. crude oil inventories increased for the first time in 10 weeks as exports fell and refineries lowered their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

OPEC+ has yet to react to a call from U.S. President Donald Trump for lower oil prices, with delegates from the group pointing to a plan already in place to start raising oil output from April.

U.S. crude oil fell more than 2% on Tuesday, as President Donald Trump weighs imposing tariffs on key trade partners while vowing to boost domestic energy production.

Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia’s oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data.

Oil prices jumped to their highest in more than four months as wider U.S. sanctions against Russia’s energy industry threaten to disrupt global supplies.

Shandong Port Group issued a notice on Monday banning U.S.-sanctioned oil vessels from calling into its ports on China’s east coast, three traders said.

U.S. President Joe Biden will ban new offshore oil and gas development along most U.S. coastlines, a decision that President-elect Donald Trump, who has vowed to boost domestic energy production, may find difficult to reverse.

U.S. oil inventories fell by 1.2 million barrels last week; Analysts had predicted crude stockpiles would fall by 2.4 million barrels