Oil pared gains before an OPEC+ meeting on supply strategy, after earlier stretching an advance that followed the European Union’s announcement Wednesday of a phased ban on Russian imports.
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Exxon Mobil tripled its share-buyback program to as much as $30 billion after profits surged amid Russia’s invasion of Ukraine and a rally in worldwide energy prices.
Chevron posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel.
Oil advanced for a second day as the US and Europe prepared to impose a fresh wave of sanctions on Russia for alleged atrocities committed by its forces against civilians in Ukraine.
Oil slid below $100 a barrel and is heading for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of strategic U.S. reserves to tame rampant prices
Oil soared to the highest price level since 2008 as buyers continued to shun crude from Russia following its invasion of Ukraine, while OPEC+ is doing its best to ignore the war started by one of its key members.
OPEC and its allies agreed to revive more halted oil production, yet the group’s increasingly obvious struggles to fulfill its supply pledges left markets fearful of a potential shortfall.
Oil climbed ahead of an OPEC+ meeting that may endorse another modest lift in output, with traders speculating that the actual increase delivered by members could again fall short of the headline figure.
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.
Brent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the omicron virus variant eased.
Oil was steady in Asian trading after OPEC and its allies agreed to a scheduled increase in production for next month, and an industry report pointed to another decline in US crude inventories.
Oil futures in New York dipped after their longest run of gains since February, as the market weighed a series of supply outages against smaller quotas in China, the world’s largest crude importer.