Oil Prices News

Oil prices steadied on Tuesday after falling 2% in the previous session, with investors keeping a close eye on peace talks to end Russia's war in Ukraine, concerns about ample supply and a looming decision on U.S. interest rates.Brent crude futures edged 3 cents higher to $62.52 a barrel at 1317 GMT. U.S. West Texas Intermediate crude gained 4 cents at $58.92 a barrel.Both contracts fell by more than $1 a barrel on Monday after Iraq restored production at Lukoil's West Qurna 2 oilfield, one of the world's largest.Ukraine will share a revised peace plan with the U.S.

Oil prices slipped more than $1 on Monday after Iraq restored production at one of its oilfields which accounts for 0.5% of world oil supply, while investors weighed ongoing talks to end the war in Ukraine.Brent crude futures were down $1.07, or 1.68%, at $62.68 a barrel by 11:05 p.m. EDT, while U.S. West Texas Intermediate crude was at $59.07, down $1.01, or 1.68%.Iraq restored production at Lukoil's West Qurna 2 oilfield, one of the world's largest, after a leak on an export pipeline slashed its output…

Turkey sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.Shipments of Urals to Turkey fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed.Turkey has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases…

Oil prices fell over 2% on Tuesday after Ukraine hinted that an intense diplomatic push by the U.S. administration to end Russia's war against it could be yielding fruit.An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow's energy trade, potentially adding more supply at a time when prices have been battered by expectations of a glut next year.Brent crude futures fell $1.45, or 2.3%, to $61.92 a barrel by 11:19 a.m. ET (1619 GMT), while U.S.

Oil prices rose on Tuesday on the impact of the latest U.S. sanctions on Russian oil and optimism that the U.S. government shutdown could end soon, although oversupply concerns limited gains.Brent crude futures were up $1.14, or 1.78%, to $65.2 a barrel at 11:50 a.m. ET (1650 GMT). U.S. West Texas Intermediate crude was at $61.16 a barrel, up $1.03 cents, or 1.03%.Investors continue to assess the fallout from the U.S. sanctions on Russia, and their impact on both crude oil and refined fuel markets.Lukoil declared force majeure at an Iraqi oilfield it operates…

Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted.Brent crude futures rose 43 cents, or around 0.7%, to $64.06 a barrel by 1409 GMT. U.S. West Texas Intermediate crude was at $60.18 a barrel, also up about 43 cents or 0.7%.The U.S. Senate on Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.RISK APPETITE RETURNSU.S.

Oil prices eased on Wednesday after data showing an increase in U.S. diesel stockpiles stoked worries about demand, while investors awaited the U.S. Federal Reserve's decision on interest rates.Brent crude futures lost 25 cents, or 0.37%, to $68.22 a barrel by 1:20 p.m. EDT (1720 GMT) while U.S. West Texas Intermediate crude futures were down 21 cents, or 0.33%, at $64.31.U.S. crude inventories fell sharply last week with a jump in exports and a sharp decline in imports, the Energy Information Administration said on Wednesday.

Oil prices fell on Tuesday as traders thought a possible cease-fire in Russia's war with Ukraine might lead to easing or the end to sanctions on Russian crude oil, which would in turn boost global supply.Brent crude futures were down 50 cents, or 0.75%, at $66.10 a barrel at 10:38 a.m. CDT (1538 GMT). U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were down 72 cents, or 1.14%, at $62.70 per barrel.The more active October WTI contract was down 66 cents…

Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.The U.S., other Group of Seven countries and Australia imposed the price cap in late 2022…

Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil URL-E to be sold to third countries using Western insurance services provided the price was no more than…

Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a U.S. decision to move personnel from the Middle East ahead of talks with Iran over that country's nuclear-related activity.Brent crude futures were down $1.02, or 1.5%, at $68.75 a barrel at 1253 GMT, while U.S. West Texas Intermediate crude fell $1.05, or 1.5%, to $67.10 a barrel.Both Brent and WTI surged more than 4% in the previous session to their highest levels since early April.U.S. President Donald Trump said the U.S.

Oil prices rose more than 1% on Wednesday, with the U.S. barring Chevron from exporting crude from Venezuela and production shut-ins from Canada, while markets anticipated an expected production increase from OPEC+.Brent crude futures LCOc1 rose 93 cents, or 1.5%, to $65.02 a barrel by 1300 GMT, while U.S. West Texas Intermediate crude CLc1 gained $1, or 1.6%, to stand at $61.89 a barrel.The Trump administration has issued a new authorisation for U.S.-major Chevron that would let it keep assets in Venezuela but not export oil or expand activities…

According to its latest market outlook, Wood Mackenzie projects that Brent crude oil prices will average $73.00 per barrel (bbl) in 2025. The forecast considers geopolitical and economic factors, including potential peace talks between Russia and the US regarding the Ukraine conflict, ongoing tariffs, and sanctions against Iran.The outlook anticipates global oil demand to increase by 1.2 million barrels per day (b/d) in 2025, while non-OPEC production is expected to grow by 1.5 million b/d.

Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners face a margin squeeze as their costs of crude and shipping have spiked since Washington earlier this month imposed sweeping new sanctions targeting Russian insurers, tankers and oil producers.Discounts for Canadian crude exported via the Trans Mountain pipeline (TMX) and delivered to China in April have narrowed $1-$2 a barrel from the previous month…

Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.Brent crude futures were down 41 cents, or 0.5%, at $80.87 per barrel by 11:30 a.m. ET (1630 GMT), having gained 1.4% this week. U.S. West Texas Intermediate crude futures were down 89 cents, or 1.1%, at $77.81 a barrel, having climbed 1.6% for the week."Sanctions on Russia are causing tightness of supply in Europe…

The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package.

Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct. 14 and WTI on track for its highest close since Oct.