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.
Oil held near a one-month high after industry data pointed to another drop in US crude inventories and traders bet the fast-spreading omicron virus variant would prove to be less severe than earlier waves.
Oil remained close to $85 a barrel as the market turns its attention to a meeting of oil producers on Thursday and a growing clamor for crude among consumer nations.
BP’s (LON: BP) chief executive has hailed “another good quarter” for the oil and gas giant, in no small part due to the spike in commodity prices.
Saudi Aramco is close to claiming the prized position of the world’s most valuable company from Apple.
Oil steadied in Asian trading after rallying to the highest level since 2014 following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch.
The oil price was steady ahead of an OPEC+ meeting on Monday to discuss production policy amid a rapidly tightening market.
The global energy crunch could help propel oil prices above $100 a barrel for the first time since 2014 and spur a global economic crisis, according to Bank of America.
Could the energy crunch get so bad that oil prices hit $200 a barrel? One options trader thinks so.
Brent oil roared above $80 a barrel, the latest milestone in a global energy crisis, on signs that demand is running ahead of supply and depleting inventories.
Oil dropped suddenly after the US called on the OPEC+ alliance to revive production more quickly.
Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand.
The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Oil held the bulk of a three-day advance to trade above $71 a barrel amid optimism that rising demand will tighten the global market.
OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
Oil rose on optimism that fuel demand will keep rising and tighten the market, despite a Covid-19 resurgence in many regions.
The Biden administration is preparing to release a blueprint for limiting sales of US drilling rights that falls short of the outright ban sought by some environmentalists, as the rising oil and gasoline price highlight the risks of curtailing domestic crude production.
Shell shareholders are in line to reap the rewards of the upturn in the oil price after the company confirmed it would be boosting returns.
Oil in New York reversed gains as the U.S. dollar rose Tuesday morning.
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
A rebound in the oil price is unlikely to derail future hydrogen investments, industry experts have predicted.
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
The past year has taken a significant toll on many industries’ bottom line, and oil and gas is no exception. Pushed by excess supplies, price wars, and reduced demand due to the COVID-19 pandemic, oil prices fell to record lows.
Corallian Energy attempted and failed to sell Shell and One-Dyas the “Jackdaw South” prospect ahead of the main development being sanctioned later this year.