Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.
Russia plans to cut its oil output by 500,000 barrels a day next month, following through on a threat to retaliate against western energy sanctions and sending oil prices sharply higher.
Oil prices may exceed $140 a barrel this year if Asian economies fully re-open after Covid-related lockdowns, according to hedge fund manager Pierre Andurand.
Oil is heading for a weekly loss as lingering concerns over an economic slowdown overshadowed signs of improving US demand.
Oil dipped at the end of the week - trimming a seventh weekly gain - as investors weighed Chinaโs bumpy return from virus curbs.
Platts will include WTI Midland in its Dated Brent assessment from June 2023 - the first time a non-North Sea grade will be used to help set oil's most important benchmark.
Oil headed for its third weekly loss in four as lockdowns in virus-hit China dragged on and the Federal Reserve signaled that monetary policy will be tightened aggressively to contain decades-high inflation.
Oil headed for a back-to-back weekly retreat on plans for massive stockpile releases, a demand-sapping virus outbreak in top importer China and a hawkish turn from the US Federal Reserve.
Oil extended gains in Asia after the biggest daily surge in 16 months pushed prices back above $100 a barrel as the Kremlin cast doubt on the progress of peace talks with Ukraine.
Oil rose after a three-day slide as investors weighed the fallout from Russiaโs invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.
Oil is heading for the biggest weekly decline since November, taking a breather after a period of wild trading and a surge in prices that followed Russiaโs invasion of Ukraine.
Oil edged higher after the biggest drop since November as the fallout from Russiaโs invasion of Ukraine continues to rattle markets.
Oil headed for the biggest weekly surge in almost two years after Russiaโs invasion of Ukraine roiled global markets and fueled fears of a supply crunch, driving prices to their highest since 2008.
An Aberdeen economist sees high oil prices sustained in the medium term, as Brent crude prices this week rose above the $90 per barrel mark for the first time since 2014.
BP said the worldโs most important oil benchmark was experiencing โregular dislocations,โ in the harshest criticism ever by an oil major about how the price of Brent crude is calculated.
Higher oil prices look set to drive sustained rig demand in 2022, according to new analysis.
Brent oil has been tipped to continue its upward trajectory after the crude benchmark hit its highest level in around three years.
Oil accelerated losses with workers in the U.S. Gulf heading back following Hurricane Deltaโs landfall and Libya taking a major step toward reopening its biggest field.
As expected, the OPEC meeting concluded in Vienna on 2 June without agreement on a production ceiling.
American drivers will pay the lowest average summer price in more than a decade this year for regular gasoline, according to Energy Information Administration forecasts.