Oil drops for fourth straight day as demand concerns multiply
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
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Oil drops as more rate hikes overshadow tightening fuel market
Oil fell after Federal Reserve Chair Jerome Powell said interest rates will go higher than earlier projected, overshadowing tightening supply.
PetroChina sees earnings rise as strong oil prices counter covid
PetroChina’s third-quarter earnings rose on stronger oil prices even as China’s strict Covid Zero policy continues to constrain fuel demand.
Oil slips as industry report points to jump in US stockpiles
Oil fell as an industry report showed a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.
Oil rises as reopening of Chinese city offsets slowdown concerns
Oil advanced at the start of the week as the Chinese city of Chengdu ended a two-week lockdown, boosting the outlook for demand.
Oil gets mauled again with demand concerns spurring weekly drop
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.
Oil plunges to lowest since January as demand concerns escalate
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer.
Oil rallies with OPEC+ decision, G-7 cap plan dominating trading
Oil surged on the possibility that OPEC+ may decide to trim production, and as Europe’s energy crisis worsened after the Group-of-Seven nations endorsed a plan to try to cap the price of Russian crude.
Oil holds biggest gain in six weeks with supply risks building
Oil held the biggest gain in more than a month as traders weighed supply concerns, including the possibility of an OPEC+ output cut.
Iran may drain offshore crude oil cache if nuclear deal reached
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 outages in Gulf of Mexico are straining an already tight market
Six oil and gas fields in the Gulf of Mexico have been shut after a leak at a Louisiana booster station halted two pipelines in the region.
Crude oil heads for 10% weekly collapse as slowdown hits demand
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months.
More oil middlemen muscle in to supply India with Russian crude
India is set to get more channels to buy cheap Russian oil, with a new wave of smaller, international traders muscling into its vast market by offering barrels shunned by rivals after the invasion of Ukraine.
Oil drops as concerns over slowdown offset tight crude market
Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.
Oil set for longest run of declines this year in boost for Biden
Oil is headed for a third weekly drop, the longest run of declines this year, on concerns over weaker US gasoline demand and a global slowdown.
Oil drops below $100 as traders assess weak US gasoline demand
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Oil holds above $100 as traders weigh tight market, OPEC+ limits
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Saudis say oil decisions are for OPEC+ as Biden leaves kingdom
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 set to end volatile week below $100 on slowdown concerns
Oil is poised to end the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an economic slowdown.
Russia muscles in on Indian oil market at expense of OPEC titans
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
Crude oil sinks again as spectre of US slowdown alarms investors
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.
Asia imports more seaborne Russian oil than Europe, India takes lion’s share
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
Oil rises to three-month high as Saudis signal demand confidence
Oil extended gains to the highest level in almost three months after Saudi Arabia signalled confidence in the demand outlook by increasing the price of its crude for Asia by more than expected.
Biden sees no quick fix on gas costs, weighs Russian crude price cap
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.
Oil steadies after four-day surge as US product markets run hot
Oil steadied after closing at the highest level in almost eight weeks as traders weighed strength in key products markets and data from China that signalled a possible easing of some anti-virus lockdowns.