Oil extended its biggest drop in more than five weeks after the European Union softened its proposed sanctions on Russian crude exports and as economic growth concerns weighed on sentiment.
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 rebounded after a steep slump that was triggered by prospects for further crude releases from strategic reserves, the outlook for tighter U.S. monetary policy and weaker demand in virus-hit China.
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 Russia’s 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 Russia’s invasion of Ukraine.
Oil edged higher after the biggest drop since November as the fallout from Russia’s invasion of Ukraine continues to rattle markets.
Oil headed for the biggest weekly surge in almost two years after Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch, driving prices to their highest since 2008.
Analysis by Rystad Energy suggests a prolonging of current prices could unlock up to 2.2 million barrels per day (bpd) of US tight oil by next year.
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.
Oil markets rallied alongside a broader market rebound while rising tensions in the Russia-Ukraine conflict caused jitters in the market about potential supply disruptions.
A recent swell in oil prices has driven the valuation of oil and gas giants Shell and BP to levels not seen since before the pandemic.
The world’s physical oil market is running hot, offering a boost to bulls.
Oil fluctuated before an OPEC+ meeting that’s expected to see the alliance agree to another output boost next month.
Oil edged lower amid nervousness around the rapid spread of the omicron virus variant and strength in the dollar.
BP said the world’s most important oil benchmark was experiencing ‘regular dislocations,’ in the harshest criticism ever by an oil major about how the price of Brent crude is calculated.
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.
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.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
Oil extended a powerful rally, with global benchmark Brent closing in on $75 a barrel, after data pointed to a substantial draw in US crude stockpiles and top traders predicted further gains in prices.
Oil declined as investors assessed the International Energy Agency’s reduced forecasts for global oil demand in part due to a slowdown in air travel.
U.S. oil prices aren’t expected to repeat last month’s unprecedented collapse into negative territory, industry experts say, because the nation’s stockpile has slowly decreased, easing a storage crisis, while traders “learned their lesson.”
Oil climbed after losing more than a quarter of its value over the past two days with volatility likely to continue on concern prices may drop below zero again as investors and a major fund exit the June contract.
Share price growth for oil majors BP and Shell boosted the FTSE 100 yesterday, with London’s blue-chip index rising 111.1 points, or more than 1.9%, to 5,958.5.