Tag: Oil

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel’s retaliatory strike launched Friday.

Oil prices turned lower on Friday, following a brief spike on reports of explosions near the Iranian city of Isfahan.

In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by roughly 100,000 barrels per day (bpd) to 1.2 million bpd.

Oil futures pulled back modestly early Monday after Israel said it withdrew more soldiers from southern Gaza and news reports said both Israel and Hamas had sent delegations to Cairo for cease-fire talks.

Oil futures were slightly higher early Friday, on track for strong weekly gains after a rally that sent the global crude benchmark above $90 a barrel for the first time since October.

The benchmark U.S. oil futures contract traded above $85 a barrel for the first time since October on Tuesday, receiving a lift after a strike a day earlier by Israel on Iran’s embassy in Syria stoked fears of a widening conflict in the Middle East.

Oil prices were largely steady on Tuesday near four-month highs after breaking above range-bound trading last week, but the prospect of rising exports from Russia weighed amid Ukrainian attacks on refineries.

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.