Oil

Oil slips, retreats from gains notched on strong Chinese data

Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers. Crude benchmarks have steadily climbed throughout 2021 as…

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Oil prices rise on expected economic recovery, likely drawdown in oil stocks

Oil prices rose on Tuesday on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in…

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Oil down more than 1% on Chinese fuel demand doubts, OPEC supply concerns

Oil prices fell more than 1% on Monday as fears that Chinese oil crude consumption is slowing and that OPEC may increase global supply following a meeting this week. Brent crude settled at…

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Oil prices jump more than $1 as U.S. output struggles to fully restart

Oil prices jumped by more than $1 on Tuesday, underpinned by optimism over COVID-19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in…

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Oil price rises slightly after OPEC+ confirms cuts

Oil ticked up on Thursday on strong U.S. economic data, falling inventories and the OPEC+ decision to stick to its output cuts, but a stronger U.S. dollar limited the gains. Brent…

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China’s New Year travel restrictions slow, but don’t stop oil demand recovery

China's efforts to keep people from travelling for Chinese New Year because of several clusters of COVID-19 infections are forcing analysts to revise first-quarter fuel demand estimates, but are not…

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Oil steady as supply cuts offset demand worries on stalled vaccine rollouts

Oil prices were steady on Friday, sticking to ranges seen over the past three weeks, as investors looked for signs of changing supply and demand fundamentals. A cut in Saudi Arabia's oil supply…

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Oil price slides continues as hopes for rapid approval of US stimulus plan fades

Oil prices fell on Tuesday as fading hopes for a rapid approval of new U.S. economic stimulus and mounting new coronavirus cases raised questions over the pace of any recovery in…

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Oil prices drop further after China lockdown

Oil prices were lower on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world's biggest crude importer…

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Oil prices go lower with rising virus cases

Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed losses.…

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OPEC+ deadlocked over raising oil output, to resume talks today

OPEC+ will resume talks today after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for…

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Special Report: UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions

In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s…

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2020: A challenging year for oil

This year was like no other for oil prices. Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility.…

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Oil rises to touch $52 after Trump signs aid bill

LONDON, Dec 28 (Reuters) - Oil rose to hit $52 a barrel on Monday as U.S. President Donald Trump's signing of a coronavirus aid package and the start of a…

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Oil drops as new coronavirus strain triggers demand recovery fears

Oil prices dropped further on Tuesday, adding to steep losses from the previous session, as a new strain of the novel coronavirus in the United Kingdom triggered concerns over fuel demand…

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Oil price drops again as new restrictions imposed in Europe

Renewed restrictions in Europe and the United States to combat the coronavirus have slowed down the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has…

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Oil prices down as US election uncertainty grups invetors

Oil prices slipped on Tuesday as concerns over surging coronavirus cases around the world and political uncertainty ahead of the U.S. election offset hopes that major producers would hold back from…

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Oil prices recover some of lost ground

Oil prices registerd small gains on Tuesday after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.…

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Oil prices down again as resurgence of coronavirus cases threatens recovery

Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from…

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Libyan oil producer wants demilitarisation of facilities before resuming operations

The Libyan National Oil Corporation (NOC), which operates Libya's energy sector, said it would not resume exports until oil facilities were demilitarised. The NOC was reacting to a statement by…

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Oil prices struggle to break through to demand uncertainty

Oil prices were little changed on Monday, with Brent slipping from a five-month high as global demand struggled to return to pre-COVID levels in a well supplied market. Brent crude…

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Oil stable as production cuts in US weigh against rising coronavirus cases

Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.…

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Oil refiners shut plants as demand losses seen continuing

Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the…

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Oil prices fall further as OPEC prepares to boost output

Oil prices fell on Monday on fears about the economic fallout from rising COVID-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind…

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Saudi oil exports down by nearly $12 billion year-on-year in May

The value of Saudi Arabia's oil exports dropped by 65% year-on-year in May, or a fall of nearly $12 billion, official data showed on Thursday. Compared with April, total exports…

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Oil falls as virus infections rise, eyes on EU recovery plan

Oil prices fell as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit…

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Oil prices drop as exports from Libya expected to resume

Oil prices slipped on Tuesday as traders took profits after sharp gains in the previous session and Libya's state oil company flagged progress on talks to resume exports, potentially boosting supply. The more-active…

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Oil prices attempt sluggish recovery with easing of lockdowns

Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing. Brent crude futures rose…

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Oil prices edge up slightly but remain below $40

Oil prices edged up slightly this morning, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected…

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Oil drops on worse than feared rise in U.S. fuel stocks

Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery…

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Oil slips on demand worries, Hong Kong tensions

Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative…

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Oil price steadies, but still 45% down this year

Oil prices edged up on Monday in sluggish trading with holidays in Singapore, London and New York, as rising concerns over demand recovery offset supply cuts. Brent rose to $35.81…

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Oil prices rise to highest since March after U.S. stock drawdown

Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut,…

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Petrogas drops out of deal to buy Total’s North Sea oilfields

French oil major Total said on Wednesday that it had revised a previously agreed deal to sell its British North Sea oilfields, which would result in Oman's Petrogas pulling out…

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Exxon revives sale of stake in giant Azeri oilfield

Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from…

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Oil prices jump more than $1 ahead of WTI June contract expiry

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel…

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Oil extends gains amid signs of China demand pickup

Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes…

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Oil prices inch higher but outlook remains bleak

Oil prices were lifted on Thursday by an unexpected drop in U.S. crude stocks, but gains were capped by both a bleak outlook for the world's no. 1 economy as…

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Kuwait tells oil buyers to load less crude on ships in June

Kuwait Petroleum Corp (KPC) has told customers they will have to load less crude oil in June as it has set operational tolerance at minus 5% for all crude cargoes,…

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Oil falls amid concerns about new coronavirus outbreaks

Reuters reports that oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave…

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Oil prices advance slightly after Saudi Arabia announces production cuts

Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global…

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China buys crude oil as prices collapse

China, the world’s biggest energy consumer, is building up stockpiles of crude oil as global prices plunge due to the coronavirus outbreak. Imports rose 4.5% in March over a year…

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UK petrol prices to stay steady despite global oil price slump

British motorists are likely to miss out on petrol prices below £1 a litre despite an unprecedented oil market crash triggered by the coronavirus lockdown. The price of…

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Brent crude oil hits 21-year low

Oil prices have fallen sharply after an unprecedented collapse in the value of US oil that saw costs fall into negative territory for the first time. Brent crude, the international…

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US oil price plunges to 20-year low

US oil prices crashed to a more than two-decade low as the coronavirus pandemic hits global demand for crude and raises concerns about storage facilities being overwhelmed. In early Asian…

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Top oil producers agree on ‘historic’ cuts to boost prices

Top oil-producing countries agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers…

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Oil prices fall again despite Opec+ deal to cut production

Oil prices dropped on Friday as traders feared that an Opec deal to slash global supplies by 10% would not offset a historic drop in demand due to the coronavirus outbreak.…

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Oil slips on oversupply fears

Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths…

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US Crude Oil price falls below $20 a barrel

US crude oil prices fell below $20 a barrel shortly after trading reopened on Sunday, close to the lowest level in 18 years, as traders bet production will need to…

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Australia to sign deal with US to boost emergency stockpile of oil and petrol

The federal government will sign a new agreement with the United States to boost Australia’s emergency fuel stockpiles. The energy minister, Angus Taylor, will sign a deal in Washington to…

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Oil price crash sends shockwaves through financial markets

Stocks and US government bond yields tumbled after oil prices crashed by almost a third, as the prospect of a crude price war hit global markets already reeling from the…

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Libya says oil shutdown losses close to $2.6 billion

Economic fallout continues from a protracted blockade of Libya’s vital oil fields and ports, with losses close to $2.6 billion, the national oil corporation announced, intensifying the pressure on a…

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Warning that China virus outbreak could hurt oil prices

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per…

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Oil prices jump after Iraq missile attacks

Oil prices have jumped after at least two airbases hosting US troops in Iraq were hit by ballistic missiles. There was also another tragic development hours after a Ukrainian Boeing…

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Oil industry braces for Mideast turmoil after Soleimani killing

The US assassination of one of Iran's most powerful generals has the oil industry bracing for something it has long feared and anticipated - direct military confrontation between the two…

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Brent jumps nearly $3 after U.S. air strike kills Iranian top official

Brent crude futures jumped close to $3 on Friday to their highest since September after a U.S. air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating…

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OPEC meeting breaks up without agreement

A meeting of the OPEC group of major oil-exporting countries broke up late Thursday without agreement on cutting production to head off pressure on prices from abundant reserves and…

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