Tag: Oil

Oil futures rose early Monday, finding support as continued attacks by Ukraine on Russian energy facilities were estimated to have idled a significant chunk of Russia’s refining capacity.

Oil futures edged lower early Friday, but remained on track for weekly gains of more than 3% after finding support following a drop in U.S. crude inventories and a stronger demand forecast from the International Energy Agency.

Oil futures rose Thursday, finding support after the International Energy Agency lifted its forecast for oil-demand growth this year and cut its outlook for supply from countries outside the Organization of the Petroleum Exporting Countries.

A measure in the U.S. funding legislation unveiled by congressional leaders on Sunday would block China from buying oil from the Strategic Petroleum Reserve, or SPR.

Global oil benchmark Brent crude was little changed on Monday, hovering around $83 a barrel as festering demand concerns were offset by continuing conflict in the Middle East.

Oil futures edged higher early Wednesday, shaking off weakness seen after industry data showed a large buildup in U.S. crude inventories last week ahead of official government figures.

Oil prices were rising early Friday after a report saying the Organization of the Petroleum Exporting Countries will keep its voluntary output reductions in place.

Saudi Arabia’s state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day.

Saudi Arabia’s cut in official crude oil selling prices to Asia reflects weaker fundamentals of supply and demand, and does not imply a looming shift in OPEC+ policy or a fight for market share, analysts and industry sources said.

Oil prices lost more than 1% on Monday as the Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week.

Oil prices were climbing Friday after a U.S.-led coalition launched strikes on Houthi rebel targets in Yemen. While the strikes were intended to reduce the threat to international shipping, they could escalate conflict in the Middle East.

U.S. crude production will hit records over the next two years but grow at a slower rate, the U.S. Energy Information Administration (EIA) said on Tuesday, as efficiency gains offset a decline in rig activity.

Saudi Arabia and its OPEC+ allies continue to throttle crude output in an effort to support oil prices, but the U.S. — with its record-high production and growing exports — is making that task particularly difficult.

Saudi Aramco on Sunday said it would cut crude prices to all regions, including its largest market in Asia — a move that comes amid weaker global oil prices and increased production by producers outside the Organization of the Petroleum Exporting Countries.

Oil prices rose on Tuesday after Iran dispatched a warship to the Red Sea, as the situation remains tense in the critical waterway for global shipments.

Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to propel prices higher in a year dominated by supply growth outside of the grouping.

The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.

Oil futures extended a decline Thursday after news reports said Angola announced plans to exit the Organization of the Petroleum Exporting Countries after being required to lower its production quota in a contentious meeting earlier this month.

Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.

Oil futures pulled back early Thursday after a build in U.S. petroleum supplies and record domestic production cooled a rally sparked by disrupted shipments in the Red Sea.