Oil edged higher on Wednesday on expectations that U.S. President Joe Biden’s administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply. Biden, who was inaugurated on Wednesday, immediately was set to take measures to curb the U.S. oil industry, including a plant to Read more

  Benchmark cash Dubai was near-steady at the Asian close Jan. 20 as the market awaited the outcome of key Asian tenders.S&P Global Platts assessed March cash Dubai at a premium of 48.5 cents/b to the same-month Dubai futures, down 4.5 cents/b from the close on Jan. 19. Similarly, March cash Oman was also valued Read more

  Brent oil rose past $55 a barrel — with some assistance from a weaker dollar — even as the International Energy Agency cut its demand outlook for the rest of the year.Consumption in the first quarter of 2021 will be 600,000 barrels a day lower than previously thought, the agency said as the coronavirus Read more

  “Crude producers continue to grapple with huge uncertainty about where this goes from here,” Tim Gould, the International Energy Agency (IEA) head of energy supply outlooks and investment, told the press last week.   The Organization of Petroleum Exporting Countries (OPEC) agrees. “Uncertainties remain high going forward with the main downside risks being issues Read more

  Oil prices have come under strong pressure last week as the number of new COVID-19 infections rose dramatically following a significant increase in the crude prices in the past few months on the back of bullish expectations with the roll out of coronavirus vaccine across the world.   Oil futures in New York tumbled Read more

  Mumbai: Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and US plans for a large stimulus package.   Brent was down 83 cents, or 1.5%, at $55.59 by 1316 GMT, after gaining Read more

  Crude oil futures rise on spot demandCrude oil prices rose by Rs 17 to Rs 3,888 per barrel on Thursday as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for Thursday delivery traded higher by Rs 17, or 0.44 per cent, at Rs 3,888 per barrel in Read more

  Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.The market did find some support from weekly inventory figures that showed a drop in crude inventories and rising refinery production.   Brent crude prices settled at $56.06 a barrel, down 52 cents, or Read more

  Crude oil prices jumped to pre-pandemic 11-month highs on Tuesday as investors bet the pandemic’s grip on energy demand is coming to an end as the rollout of vaccines and stimulus will keep rebalancing on track.   On the New York Mercantile Exchange WTI crude futures for January delivery rose $1.07 to settle at Read more

  The price of oil has already risen to over $55/barrel for Brent and $51/barrel for WTI after OPEC, together with its partners led by Russia (together OPEC+), has agreed on a new production level for the months of February and March. Nonetheless, strategists at ABN Amro do not expect oil prices to rise much Read more

  Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.   Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas Read more

  TOKYO: Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains.   Brent crude climbed 2 cents to $54.40 a barrel by 0122 Read more

  LONDON: Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was flat at $54.30 a barrel at 1452 GMT after touching $54.90, a fresh high not seen since Read more

    The American Petroleum Institute (API) on Tuesday reported a decrease of 1.663 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 1.   API reported a decrease of 4.785 million barrels of crude oil inventories for the previous week ending Dec. 25, while the U.S. Energy Read more

  They not only stopped a hike, but decided to go a step better: The Saudis’ surprise offer to cut 1 million barrels a day of their oil output in the next two months after convincing Russia not to raise its own production sent crude prices up 5% on Tuesday.   A day after starting Read more