World News

Oil holds near multi-year highs amid demand recovery

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or…

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Oil trims gains, but heads for third weekly rise on demand recovery

Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising…

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Libya’s Waha Oil to ramp up ouput after fixing pipeline leak

Libya's Waha Oil Co aims to return to normal output operations on Thursday after fixing a leak on a pipeline that more than halved the company's oil production, an oil…

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Oil skids as start of U.S. summer driving season fails to lift fuel demand

Oil prices fell on Thursday as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the…

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UPDATED: Libya oil leaks hitting output, NOC chief says

The head of Libya's National Oil Corp (NOC) reiterated on Wednesday the need for funds for much needed repairs in the oil industry after corroded pipelines recently hit production. Mustafa…

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UPDATED: Brent oil benchmark hits 2-year high, WTI highest since 2018

Oil prices continued to rally on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state…

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Oil eases as investors await Iran nuclear talks this week

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is…

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Oil prices slip as coronavirus gloom festers

Oil prices dropped on Friday as concerns about the patchy roll-out of anti-coronavirus vaccinations around the globe tempered optimism earlier in the week that demand for fuels was recovering from…

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UPDATED: Oil steady after sharp rise on improved demand picture

Oil prices were little changed on Thursday after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline.…

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Oil prices rise on OPEC+ discipline, strong demand outlook

Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly…

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Oil prices reach $70 as economic optimism grows

Oil prices rose on Tuesday, with Brent topping $70, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer. Prices were…

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Oil prices stay firm as demand to outstrip supply

Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting…

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Brent nudges towards $70 on rosy U.S. data, oil demand outlook

Oil prices pushed higher on Friday, supported by firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about…

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Oil slips on possible return of Iranian supply as nuclear talks progress

Oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe…

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Oil steady with investors focusing on possible return of Iranian supply

Oil inched lower on Wednesday as worries that a possible return of Iranian supply would cause a glut outweighed expectations of improving U.S. fuel demand that were reinforced by a…

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UK declines to rule out new oil exploration despite climate report

LONDON (Reuters) - The United Kingdom will not commit to halting new oil exploration in the North Sea, a government energy body told Reuters, despite a warning from the world's…

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Goldman sees oil hitting $80/bbl despite likely return of Iran supply

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand…

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Oil prices rise as storm forms in Gulf, doubts emerge on Iran deal

Oil prices recouped some of last week's losses on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, with indirect…

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Oil nudges up, set for biggest weekly loss since March on possible Iran supplies

Oil prices edged up on Friday, taking a breather after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world…

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Oil falls for third day on rising coronavirus infections, U.S. stockpiles

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia…

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Oil edges lower as COVID-19 restrictions in Asia fuel demand concerns

Oil prices edged lower on Monday as the recovery of a major U.S. pipeline network eased concerns over supply and a new wave of COVID-19 restrictions in Asia fuelled fears…

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Oil extends loss on India COVID-19 cases, U.S. pipeline restart

Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the…

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Oil drops as India coronavirus crisis tempers rally

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by…

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UPDATED: White House to monitor situation as Colonial restarts pipeline network

The White House said it will stay in close contact with Colonial Pipeline and continue to offer any assistance needed as the company began to restart the nation's largest fuel…

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Oil price falls after US gasoline pipeline likely to remain shut for week

Oil prices fell on Tuesday as the prospect of the main U.S. East Coast gasoline pipeline remaining shut for the rest of this week led some U.S. Gulf Coast refiners to…

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Traders book tankers in Europe to ship gasoline across Atlantic after Colonial shutdown

Traders provisionally booked at least six tankers to ship gasoline from Europe to U.S. destinations following a cyber attack that shut the United States' top fuel pipeline network, Refinitiv Eikon…

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Oil rises 1% after cyber attack forces closure of U.S. fuel ‘jugular’ pipeline

Crude prices climbed more than 1% on Monday after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of…

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Oil prices rise on buoyant China, U.S. economic data

Oil prices recovered after a 1% dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices.…

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Oil prices fall as U.S. gasoline stocks rise for a fifth week

Oil prices rose on Thursday, recouping early losses, as crude stockpiles in the United States, the world's largest oil consumer, fell more sharply than expected as refining output rose and…

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Oil jumps on steep drop in U.S. crude stocks

Oil prices rose nearly 1% on Wednesday, extending overnight gains, after industry data estimated U.S. crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand…

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Oil prices slip as pandemic takes toll on India’s fuel sales

Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound…

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Libyan oil minister seeks budget approval to hit 1.5 mln bpd target

Libya’s oil production target of 1.5 million barrels per day (bpd) by the end of 2021 depends on parliament approving the national budget quickly, Oil Minister Mohamed Oun told Reuters.…

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Oil prices slip from six-week high, on track for monthly gains

Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as economic recovery and bullish summer fuel demand outlook outweighed concerns of wider lockdowns in…

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Oil rebounds, but gains limited amid demand concerns as India reels from COVID-19

Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world's third-biggest crude importer…

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Major oil trading firms stow diesel, jet fuel on supertankers as demand rebound eyed

Major oil trading companies are stowing diesel and jet fuel on newly built supertankers in Asia and Africa in anticipation of COVID-19 vaccinations driving prices higher in the months ahead…

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U.N. Libya mission says concerned over partial oil shutdown

The U.N. Libya mission said it was concerned by a shutdown of oil output at Hariga port and indications of coming production shutdowns elsewhere. It said it was incumbent on…

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Oil edges higher on U.S., Europe demand hopes

Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's…

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Libya oil output falls to 1 mln bpd hit by money troubles

Libya's oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further due to budgetary issues, the National Oil Corporation said on Thursday.…

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Oil falls 3rd day on U.S. stock build, surging COVID-19 cases

Oil prices fell for a third day on Thursday as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that…

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Oil falls for second day as India’s COVID-19 surge to dent fuel demand

Oil prices fell for a second day on Wednesday on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world's third biggest oil importer. Brent…

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Oil prices rise on weaker dollar, likely drawdown in U.S. stocks

Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in…

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Oil falls amid surging coronavirus infections in India, other countries

Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with…

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Oil predicted to hit $40 by 2030 if climate goals are met

Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading…

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Oil holds near one-month highs as demand forecasts raised

Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand…

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Oil rises on drawdown in U.S. oil stocks, OPEC demand outlook

Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil…

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Oil prices climb on favourable outlook for U.S. fuel demand

Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates,…

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Oil edges up on weak dollar; investors weigh rising supplies, demand outlook

Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic.…

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Oil falls after U.S. gasoline inventories unexpectedly surge

Oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the…

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Oil prices rise on stronger economic outlook, U.S. stockpile draw

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's…

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Oil drops below $64 as rising OPEC+, Iranian output weighs

Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and…

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Oil gains ahead of OPEC+ meeting on output policy

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in…

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Oil rises on expectations OPEC+ will maintain supply discipline

Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their…

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Oil prices rebound on fears Suez Canal blockage may last weeks

Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital…

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Oil steadies, recovery stunded by European lockdowns, US stockbuild

Oil prices steadiedr on Wednesday, following the previous day's slump, but the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe…

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Oil price drops as pandemic curbs expected to slow recovery

Oil prices fell 1% on Tuesday on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.…

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Oil falls as European lockdowns douse recovery hopes

Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.…

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Oil steadies but Europe pandemic outlook knocks demand hopes

Oil prices edged up on Friday, but were still down more than 8% for the week as a new wave of COVID-19 infections across Europe spurred fresh lockdowns and dampened…

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