Oil prices rise on hope for demand

Oil prices advanced on Wednesday, uplifted by the progress made in US vaccine rollouts, although uncertainty about OPEC+ Thursday meeting curtailed gains.            US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $5

OPEC says general oil market outlook is positive as energy industry gathers

OPEC sees the oil market’s outlook as positive in general and the uncertainty that dominated last year is easing, the group’s secretary general said.“This is a major turnaround from a year ago,” Mohammad Barkindo was quoted as saying on Twitter on Tuesday.He added that posi

Oil prices up over 3% for week ending Feb. 26

Oil prices increased more than 3% during the week ending Feb. 26 as supply resumed in the US's largest oil-producing area, Texas, following the cold snap that affected much of the central part of the country. International benchmark Brent crude traded at $64.79 at 1318 GMT on Friday, posting a 3.

Oil holds close to 13-month high, supported by sharp drop in U.S. output

Oil prices remained close to 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the storm in Texas. Brent crude for April hit $67.70 a barrel during the session, its highest since Jan

Oil prices climb above $1 as US output struggles

Oil prices rose above $1 on Tuesday, supported by optimism of COVID-19 vaccine rollouts and lower output as US supplies slowly return after a deep freeze in Texas. Brent crude was up $1.10, or 1.7%, at $66.34 a barrel by 04:37 GMT while US crude rose 92 cents, or 1.5%, to $62.62 a barrel. Both be

Oil prices slide due to chill impact on US refineries

Oil prices dropped by 2% on Friday due to concerns about how long US refineries will take before resuming operation. US West Texas Intermediate (WTI) crude futures fell $1.14, or 1.9%, to $59.38 a barrel at 04:21 GMT while Brent crude futures dropped $1.03, or 1.6%, to $62.90 a barrel. According

Oil prices steady amid supply disruptions in Texas

Oil prices steadied on Wednesday as support following disruptions in the US south offsetting expectations that OPEC+ producers may reduce their output curbs after April. US West Texas Intermediate (WTI) crude futures dipped 3 cents to $60.02 a barrel at 05:10 GMT while Brent crude futures gained

Oil prices rise due to US oil wells freezing

Oil prices jumped on Tuesday due to weather affecting wells and refineries in Texas, the world’s biggest oil producer. Concerns of supply in the world’s biggest oil exporter also edged prices higher due to tensions in the Middle East. Brent crude was up 35 cents, or 0.6%, at $63.65 a

Oil prices jump to 13-month highs

Oil prices edged higher on Monday, their highest in 13 months due to tension in the Middle East hope for US stimulus and eased lockdown supporting demand. Brent crude was up $1.09, or 1.8%, at $63.52 a barrel at 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2%,

Oil prices record decline

Oil prices fell on Friday, following OPEC cut of demand forecast and reports from International Energy Agency on market being over-supplied. Brent crude was down 47 cents, or 0.8% at $60.67 a barrel by 03:09 GMT while US oil was down 53 cents, or 0.9% at $57.71 a barrel. Following cut of product

Opec and IEA slash global demand outlook amid tepid recovery

Both the International Energy Agency and Opec slashed their demand outlook citing slow vaccine rollouts, continued lockdowns and ongoing travel restrictions due to Covid-19 in many parts of the world. The IEA cut its demand forecast for 2021 by 200,000 barrels per day, while Opec reduced its esti

Oil hits highest in a year on growth hopes, OPEC+ cuts

Oil hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies. New orders for US-made goods rose more than expected in December, pointing to continued strength in manufacturing. President Joe Biden&r

Oil climbs closer to $60 on growth hopes and OPEC+ supply cuts

Crude prices hit their highest level in over a year on Friday, closing in on $60 a barrel amid economic revival hopes and supply curbs by OPEC and allied producers. International benchmark Brent was up 1.1 percent, at $59.52 as of 14:25 GMT, after hitting its highest since February 20 last year

Oil extends gains, Brent nears $59

Oil prices extended gains on Thursday as OPEC+ maintained its oil output policy in a meeting on Wednesday, Feb. 2, 2021, and as crude stockpiles in the US fell to their lowest levels since March 2020. International benchmark Brent crude was trading up 0.6 percent at $58.80 per barrel, at 7 am Riy

Oil edges up amid decline in US stockpiles

Oil rose on Wednesday as US lawmakers moved closer to approving President Joe Biden’s $1.9 trillion COVID-19 aid bill without Republican support, and amid expectations that global oil stocks will fall back to more normal levels this year. International benchmark Brent crude was trading up 0

Oil price surges as surprise Saudi output cut kicks in

World oil prices leapt toward a 12-month high on Tuesday as the effect of Saudi Arabia’s surprise cut last month took effect in a more optimistic market. The price of a barrel of Brent crude, the global benchmark, nudged $58, where it last stood in early 2020 before the pandemic lockdowns d

OPEC+ committed to achieve 99% of agreed oil cuts

OPEC and its partners expect that the agreed oil-supply curbs will reach 99 percent in January, Bloomberg reported, citing an unnamed delegate. The implementation among the OPEC members was at 103 percent, while it reached 93 percent for non-OPEC partners, including Russia and Kazakhstan, last mo

Libya to open oil hub in London

Libya's National Oil Corp. (NOC) is in the process of opening an office in the UK capital London in an effort to increase the North African state's production, the Times reported the organisation announcing. Talking to the Times, NOC Chairman Mustafa Sanalla said the London office