Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Progress toward an Iranian nuclear deal has thrown the spotlight onto a sizeable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning a US recession is possible.
The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.
US president Joe Biden has told Indian Prime Minister Narendra Modi that increasing oil imports from Russia is not in India’s interest.
China has no immediate plan to intervene in oil markets following Russia’s invasion of Ukraine, according to the foreign ministry.
President Joe Biden spoke on Wednesday with King Salman of Saudi Arabia about ensuring stable energy prices as well as Mideast security, in light of recent attacks by Yemeni rebels, and the status of talks over Tehran’s nuclear program.
Japan will make sure its own energy demands are met before aiding Europe with shipments of liquefied natural gas (LNG) in the event conflict erupts over Ukraine, according to the nation’s trade minister.
The Biden administration and European allies are searching the world for surplus natural gas to send to Europe in the event conflict erupts over Ukraine, including approaching China about its supplies, according to people familiar with the matter.
Oil slipped from the highest close since 2014 after President Joe Biden pledged to continue trying to lower prices and an industry report pointed to a modest increase in U.S. crude stockpiles.
The US and Saudi Arabia have reached a detente after weeks of hostility about high oil prices, with the OPEC+ cartel announcing a production hike even as the new Covid variant threatens demand.
Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.
Dwindling inventories and concerns over energy security in key Asian economies may hamstring US efforts to arrange for a sizeable and coordinated release of strategic crude reserves in a bid to rein in prices and tackle inflation.
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies meet today to choose whether to heed American demands for more oil.
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
The increasing geopolitical rivalry between the U.S. and China has more than a 50% chance of spilling over into some form of military confrontation in the year ahead. This could involve threats, posturing, or the actual use of force, as well as have serious implications for energy companies and markets.
Oil extended gains after closing at the highest level since August on signs Covid-19 vaccines could be rolled out within weeks and as the start of the U.S. presidential transition process aided markets in general.