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Oil prices resume climb after U.S. stockpiles drop in tight market

While prices dipped on Tuesday as it appeared the European Union was unlikely to agree to a ban on Russian oil, the market remains on edge over the prospect of further sanctions on Russia.

(Representational image) (Reuters)
Published on Mar 23, 2022 08:20 AM IST
Reuters |

Oil price hike may be delayed as crude plunges below $100

The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal.

The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. (REUTERS File Photo)
Updated on Mar 16, 2022 04:52 AM IST
ByRajeev Jayaswal, New Delhi

Oil breaches $100 for first time since 2014 on Ukraine attacks

Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes, Foreign Minister Dmytro Kuleba said in a tweet.

Brent crude hit a high of $101.34 a barrel in early Asia trade, the loftiest since September 2014, and was at $101.20 a barrel at 0423 GMT, up $4.36, or 4.5%.(Reuters)
Published on Feb 24, 2022 10:14 AM IST
Reuters |

Oil near 6-week low as China readies crude reserve release

The bid by the US to cool markets, asking China to join a coordinated action for the first time, comes as inflationary pressures - partly driven by surging energy prices - start to produce a political backlash.

Brent crude was down 42 cents, or 0.5%, to $79.86 a barrel by 1217 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.(REUTERS)
Published on Nov 18, 2021 06:10 PM IST
Reuters |

Oil drops after rallying on signs of rising global fuel demand

The coronavirus is still looming over the market, however, with a resurgence in regions such as India and Brazil clouding the near-term outlook. OPEC+ warned earlier in the week that the flare-up could even derail the recovery.

General view of Neste's oil refinery(Reuters File Photo)
Published on Apr 30, 2021 10:38 AM IST
Bloomberg |

Oil holds drop near $62 with virus flare-up looming over market

Futures in New York traded near $62 a barrel after slipping 0.4% on Monday. An OPEC+ technical committee raised its forecast for demand growth in 2021, but cautioned that a resurgent virus in India, Japan and Brazil could derail the oil demand recovery.

The prompt timespread for Brent was 62 cents in backwardation -- a bullish market structure were near-dated contracts are more expensive than later-dated ones -- on Monday.(Reuters/ Representative)
Published on Apr 27, 2021 06:02 AM IST
Bloomberg |

Oil inches lower on concerns over Covid-19 surge in India, Japan

Brent crude futures fell 8 cents, or 0.1%, to $66.03 a barrel by 0058 GMT, following a 1.1% rise on Friday.

US West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $62.10 a barrel, after rising 1.2% on Friday.(Reuters/ Representative )
Published on Apr 26, 2021 07:48 AM IST
Reuters |

Oil prices drop as India's Covid-19 surge dents demand outlook

Brent crude futures for June declined USD 1.14, or 1.7 per cent, to USD 65.43 a barrel at 1250 GMT.

India, also the world's third-largest oil user, on Wednesday reported another record increase in the daily death toll from Covid-19.(Reuters)
Published on Apr 21, 2021 07:34 PM IST
Reuters | | Posted by Srivatsan K C, London

Oil drops toward $62 on concern resurgent virus will sap demand

Oil’s value has risen more than a quarter this year as vaccines are rolled out, paving the way for a relaxation of lockdowns, greater economic activity, and increased mobility.

General view of the Imperial Oil refinery in Canada (Reuters File Photo)
Published on Apr 21, 2021 06:44 AM IST
Bloomberg |

Oil rises on signs of US inventory drawdown, OPEC bullishness

Oil’s sizzling start to the year faltered in mid-March as some regions saw a resurgence in Covid-19 cases, raising concerns about near-term fuel demand.

Imperial Oil refinery, located near Enbridge's Line 5 pipeline in Sarnia, Ontario, Canada March 20, 2021. (Reuters File Photo )
Published on Apr 14, 2021 06:26 AM IST
Bloomberg |

Oil prices hold steady as investors weigh rising supplies, demand outlook

Brent crude futures for June edged down 2 cents to $63.18 a barrel by 0450 GMT, while U.S. West Texas Intermediate (WTI) crude for May was at $59.70 a barrel, up 10 cents, or 0.2%.

Analysts expect global oil inventories to continue to fall, however, as fuel demand accelerates in the second half of this year as the global economic recovery gathers steam.(Reuters)
Published on Apr 09, 2021 01:05 PM IST
Reuters |

Oil prices rise on stronger economic outlook, US stockpile draw

Brent crude futures for June rose by 24 cents, or 0.4%, to $62.98 a barrel by 0403 GMT while U.S. West Texas Intermediate crude for May was up 20 cents, or 0.3%, to $59.53.

Oil prices were buoyed as data on Tuesday showed US job openings rose to a two-year high in February while hiring picked up.(Reuters)
Published on Apr 07, 2021 11:41 AM IST
Reuters |

Oil drops after OPEC+ decides on gradual easing of supply curbs

West Texas Intermediate dipped 0.5%, paring the 3.9% gain seen on Thursday, when the alliance decided to loosen its supply curbs gradually.

Crude has surged this year as the roll-out of coronavirus vaccines paves the way for the reopening of economies, and the decision by the Organization of Petroleum Exporting Countries and its allies was seen as a vote of confidence in the outlook.(Reuters file photo)
Published on Apr 05, 2021 06:56 AM IST
Bloomberg |

Oil fluctuates above $60 in run-up to critical OPEC+ gathering

Oil has pulled back in recent weeks as the Covid-19 situation deteriorates in parts of the world ahead of a widely anticipated demand rebound once enough people are vaccinated.

West Texas Intermediate rose 0.2% after falling 1.6% on Tuesday. In the run-up to the closely-watched ministerial meeting, an OPEC+ panel revised down demand estimates for the year, delegates said.(Reuters)
Published on Mar 31, 2021 01:59 PM IST
Bloomberg |

Oil falls as Suez ship partially refloated, market weighs demand

West Texas Intermediate lost as much as 1.9%, while Brent fell. Crude has been hit by rising volatility in recent sessions, with WTI swinging between gains and losses last week.

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(Reuters)
Published on Mar 29, 2021 10:22 AM IST
Bloomberg |

Oil edges lower near $61 with near-term demand concerns in focus

While oil’s sustained advance this year stalled recently, there is confidence in the longer-term outlook as Covid-19 vaccinations are rolled out worldwide and as the US unleashes significant stimulus.

A crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas. (Reuters File Photo )
Published on Mar 23, 2021 05:58 AM IST
Bloomberg |

Oil slump deepens as Europe faces pandemic lockdowns

Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.

Rising Covid‑19 cases, particularly in Brazil, also weighed on the demand outlook, and a stronger U.S. dollar pressured oil prices.(REUTERS)
Published on Mar 19, 2021 07:46 AM IST
Reuters | , Tokyo

Oil climbs ahead of data on global demand, US economy

Despite the recent retreat, oil is still up almost 34% this year as output cuts from OPEC+ members tighten supply and as the demand outlook improves with the rollout of Covid-19 vaccines.

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(Reuters)
Published on Mar 17, 2021 03:37 PM IST
Bloomberg |

Oil advances above $66 as week opens with recovery in focus

The OPEC+ alliance is wagering its tighter-for-longer policy on supply curbs will buttress higher prices without provoking a resurgence in US shale output.

A crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US. (REUTERS)
Published on Mar 15, 2021 06:20 AM IST
Bloomberg |

Oil flirting with $70 challenges world’s economic recovery

While prices have since pulled back, the impact on inflation and the overall global recovery depends on how sustained the underlying rally proves to be.

The run-up in oil prices comes against the backdrop of a global inflation debate that has heated up over the past month.
Published on Mar 09, 2021 06:02 AM IST
Bloomberg |

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.

FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)(AP)
Published on Mar 05, 2021 05:51 PM IST
PTI | , New Delhi

OPEC+ debates whether to raise or freeze oil output as price recovers

OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.

Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)
Published on Mar 04, 2021 05:54 PM IST
Reuters | , Dubai/moscow

Oil prices climb after progress on huge US stimulus bill

More positive news on the coronavirus vaccination front and signs of an improving Asian economy also boosted prices.

A crude oil pump jack in the Permian Basin in Loving County, Texas, US. (Reuters File Photo )
Published on Mar 01, 2021 07:01 AM IST
Reuters | , Singapore

OPEC+ faces calls to cool oil market frenzy with extra barrels

Prices have rallied to pre-virus levels, while US production has taken a hit from freezing storms.

Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley.(REUTERS)
Published on Feb 28, 2021 12:09 PM IST
Bloomberg |

Oil slumps with wider markets, denting record start to 2021

The demand outlook has improved, with traders and investment banks this week making a series of bullish calls and upward price revisions.

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)
Updated on Feb 26, 2021 06:52 PM IST
Bloomberg |

Oil mixed, US crude hits highest since 2019 as refineries restart

Earlier in the day, an assurance that US interest rates will stay low and a sharp drop in US crude output last week due to the winter storm in Texas, helped boost both US crude and Brent to their highest intraday prices since January 2020.

Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.(REUTERS)
Published on Feb 26, 2021 06:30 AM IST
Reuters | , New York

Oil set for monthly surge with market watching next OPEC+ move

The recovery from the Covid-19 pandemic accelerated this year after Saudi Arabia pledged deeper output cuts, helping to drain bloated stockpiles.

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo(REUTERS)
Published on Feb 26, 2021 06:13 AM IST
Bloomberg |

Oil markets are now balanced, says Russian deputy premier Novak

Brent crude has surged 21% this year to $62.43 a barrel as energy use recovers in the US and China and nations roll out vaccines.

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(REUTERS)
Published on Feb 15, 2021 11:51 AM IST
Bloomberg |

Oil climbs to 13-month highs on output cuts, demand recovery hopes

Investors are also pinning hopes on oil demand recovery when Covid-19 vaccines take effect.

A weak dollar has also helped shored up prices of commodities.(Reuters file photo)
Published on Feb 09, 2021 10:35 AM IST
Reuters | , Singapore

Oil extends rally after OPEC+ pledges to keep clearing surplus

Futures in New York traded above $56 a barrel after closing at the highest level in more than a year. OPEC+ ministers led by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay” amid “uncertain” prospects for oil demand, according to a communique.

Despite the downtrend in stockpiles, a recovery in fuel consumption remains shaky as lockdown measures limit mobility and concerns grow over the spread of several Covid-19 mutations. (Representative Image)(Reuters file photo)
Published on Feb 04, 2021 11:50 AM IST
Bloomberg |
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