Tag: Oil

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

Oil prices edged up on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers.

Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world’s biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.

US president-elect Donald Trump has warned the EU that it must commit to buying “large scale” amounts of US oil and gas or face tariffs, in his first trade salvo against Brussels since his election victory.

Oil prices fell on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth, reduce fuel demand and strengthen the dollar.

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump to the White House.

OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer group’s fifth consecutive downward revision.

Oil prices were little changed on Thursday as OPEC+ members will delay plans to increase production.

Oil futures rose on Monday, bouncing after losing ground in a choppy November in response to a cease-fire between Israel and Iran-backed Hezbollah.

The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.

Oil rose on signs that the Russia-Ukraine conflict is escalating further.

Oil futures were finding some buying interest Monday morning after a weekend decision by President Joe Biden to allow Ukraine to use U.S.-supplied long-range missiles to strike deeper inside Russia.

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group’s fourth consecutive downward revision in the 2024 outlook.

Oil futures picked up Monday where they left off at the end of last week, under pressure following disappointment out of news from China, the world’s largest crude importer.