Oil prices rise on prospective US fuel demand

Oil prices surged on Monday on the likelihood of fuel demand increasing in the US as consumers prepare for summer driving season and COVID-19 vaccination roll out picks up pace. Brent was up 2 cents at $62.97 a barrel by 05:10 GMT while US crude gained 1 cent to $59.49 a barrel, after rising as m

Aramco agrees $12.4 billion pipeline deal with EIG

Aramco has agreed a $12.4 billion leaseback deal with a consortium led by EIG Global Energy Partners in one of the biggest energy infrastructure transactions.It represents a continuation of Aramco’s strategy to unlock the potential of its asset base and maximize value for its shareholders, i

Oil prices fall following a spike in US gasoline inventories

Oil prices slipped on Thursday following an increase in US gasoline stocks, causing concerns about demand. Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 01:36 GMT while US Oil fell 38 cents, or 0.6%, to $59.39 a barrel. The United States stocks dropped beyond analysts’ expecta

Oil prices dip after OPEC+ agree to ease output cuts

Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.Brent crude futures for June fell 33 cents, or 0.5 percent, to $64.53 a barrel by 0206 GMT while US West Texas Intermediate

OPEC+ turns the oil taps back on — gradually

OPEC+, the alliance of oil producers led by Saudi Arabia and Russia, has agreed to a gradual increase in supply over the next three months in a move that underlines the cautious approach to global markets still impacted by the coronavirus disease (COVID-19) pandemic. Prince Abdul Aziz bin Salman,

Oil gains ahead of OPEC+ meeting on output policy

Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.Brent crude for June delivery was up by 31 cents,

Oil prices rise on hope of OPEC+ extending output cuts

Oil prices gained on Tuesday as traffic bounced back through the Suez Canal after days of delay and investors keep an eye on OPEC+ meeting this week where supply curbs may be extended. Brent crude was down 21 cents, or 0.3%, at $65.19 a barrel by 04:11 GMT while US oil was up 19 cents, or 0.3%, a

Oil slumps 2% as Suez Canal container ship starts to move

Oil slumped more than 2 percent on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week.Brent oil was down $1.38, or 2.1 percent at $63.19 a barrel by 0511 GMT. US crude fel

Oil prices rise as trade in crude is disrupted by Suez blockage

Oil prices rose during early trading on Wednesday after a large container vessel blocked the Suez Canal, a key passageway for trade in crude and commodities. Brent, the international benchmark under which two thirds of the world's crude is traded, was up 2.11 per cent to trade at $62.07 per barre

Oil falls on new restrictions across Europe

Oil prices declined on Tuesday by 1 per cent on worries about new pandemic restrictions and the slow pace of vaccine roll out will slow recovery in fuel demand. US West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 01:49 GMT while Brent crude

Lower oil price causes slide in Saudi Aramco's net profit

Saudi Aramco, the world's largest oil-exporting company, reported a 44 per cent slide in net profit for 2020 of 183.76 billion Saudi riyals ($49bn). The company attributed the decline to "the impact of lower crude oil prices and volumes sold, and weakened refining and chemicals margins", in 

Global oil demand will return to pre-pandemic level in two years

Global oil demand will return to pre-pandemic levels in two years and reach record heights by 2026 unless governments take swift action to meet climate goals, the International Energy Agency said on Wednesday.Oil markets and the world economy are recovering from the massive collapse in demand caus

WEEKLY ENERGY RECAP: Oil prices remain relatively flat

Oil prices have remained relatively flat since the beginning of March. There is a huge resistance that has kept the price of Brent crude slightly below the $70 per barrel mark. On the week closing, Brent crude decreased slightly and ended the week at $69.22 per barrel. WTI crude prices ended the w

Oil prices rise on economic outlook

Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and US fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm.Brent crude oil futures for May rose 55 cents, or 0.8 percent, to $68.45 a barre

Oil surges above $70 a barrel after attack on Saudi oil site

Brent crude oil surged more than two percent Monday following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers.Brent crude, the international standard, surpassed $70 per barrel for the first time in

Oil prices rally to highest since 2019 after Opec+ rolls over output curbs

Oil prices rallied to their highest since 2019 on Friday after Opec and its allies agreed to roll over existing production cuts until the end of April. Brent, the marker under which two-thirds of global crude is traded, ended the week at $69.36 per barrel. West Texas Intermediate, which tracks US

Oil hits almost 14-month high after Opec+ extends output cuts

Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after Opec and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.Brent crude futures were up $1.75, or 2.6%, at $68.49 a barrel by 1250 GMT and US West Texas Inte

Oil strengthens ahead of key OPEC+ meeting

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories.Brent crude futures added 61 cents, or 1 percent, to $64.68