Tag: Oil

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.

The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S. crude is consumed within the country, which is also the world’s largest oil consumer.

Oil prices lost around 6% on Monday after Iranian energy facilities were not damaged during an Israeli attack over the weekend, with Citi analysts now discounting chances of an escalation that disrupts oil supplies.

Oil futures rose Thursday, taking back losses suffered the previous session following an unexpected increase in U.S. crude inventories, as investors continued to weigh the threat of disruptions to Middle East supply versus concerns over the outlook for demand.

Oil prices fell sharply Wednesday after industry data signaled an increase in U.S. oil inventories, while focus remained on diplomacy efforts by the U.S. to quell tensions in the Middle East.

Oil gained — after losing almost 8% last week — as traders tracked the risk to supplies from tensions in the Middle East and China again moved to bolster its the economy.

Oil futures tumbled Tuesday after a report that Israel will not attack key oil facilities in Iran.

OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group expects demand to grow by 1.6 million bpd in 2025, compared with 1.7 million bpd previously.

Oil futures fell 4% Tuesday after Hezbollah reportedly endorsed efforts by Lebanon to broker a cease-fire between the Iran-backed militant group and Israel. Crude has seen sharp gains this month on fears of a more direct conflict between Israel and Iran that could threaten crude flows from the region.

Oil futures added to gains Friday, on track for a sharp weekly rise as traders awaited Israel’s response to a missile attack by Iran earlier this week.

Israel’s government has vowed a severe response to Iran’s unprecedented missile barrage into Tel Aviv, leaving the Middle East on edge as fears rise over a possible all-out war between the two long-time foes.

U.S. crude oil traded above $70 per barrel on Tuesday, as production in the Gulf of Mexico is still in recovery mode after Hurricane Francine.