Oil

Oil falls on higher U.S. oil stocks, inflation data in focus

U.S. consumer price index figures for April due Wednesday Cooler temperatures offer some reprieve for Alberta wildfires POLL-US crude inventories seen down for fourth straight week Coming up: EIA data…

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Oil prices inch up as recession fears begin to fade

By Sudarshan Varadhan SINGAPORE, May 8 (Reuters) - Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down…

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Oil rises but on track for third week of losses due to demand worries

By Arathy Somasekhar and Andrew Hayley May 5 (Reuters) - Oil prices rose in Asian trade on Friday, but were poised for a third straight week of losses after markets…

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Oil prices recover after three-day plunge; demand worries linger

Oil prices fall over 9% so far this week Fed raises rates, opens door to pause in tightening cycle ECB set to raise interest rates for 7th time in inflation…

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Oil prices dip on U.S. rate hike expectations, weak China PMI

By Katya Golubkova TOKYO, May 1 (Reuters) - Oil prices fell on Monday as jitters over the prospect of the U.S. Federal Reserve raising interest rates, which could slow growth…

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Will WTI Midland’s inclusion in dated Brent affect oil markets?

By Arathy Somasekhar and Alex Lawler HOUSTON/LONDON (Reuters) - Oil-index publisher Platts, part of S&P Global Commodity Insights, will add U.S. WTI Midland crude oil transactions into the Platts dated…

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U.S. crude to dominate Brent oil benchmark under index change

By Arathy Somasekhar and Alex Lawler HOUSTON/LONDON (Reuters) - Texas crude is set to assume a key role in the world's most important benchmark - Brent - as oil-index publisher…

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Oil prices find some support after heavy losses on US recession fears

Oil prices settled nearly 4% lower on Wednesday March orders for U.S. capital goods declined sharply Exports of Russian crude from western ports set for 4-yr high By Sudarshan Varadhan…

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Oil rises as falling US inventories refocus market on demand

By Laura Sanicola and Muyu Xu April 26 (Reuters) - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil…

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Russia overtakes Iraq to emerge as top oil supplier to India in 2022/23

NEW DELHI, April 24 (Reuters) - Russia has emerged as a top oil supplier to India on annual basis for the first time in 2022/23, relegating Iraq to the no.…

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UPDATED: Oil prices fall 1% on uncertainty over global outlook, rate hikes

By Florence Tan and Mohi Narayan April 24 (Reuters) - Oil prices fell more than 1% on Monday as concerns about rising interest rates, the global economy and the outlook…

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Turkey top destination for Russian diesel after EU embargo -traders, data

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW (Reuters) - Turkey remains the top destination for Russian diesel exports after…

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Russia remains China’s top crude supplier; record shipments in March

By Andrew Hayley BEIJING, April 21 (Reuters) - Russia maintained its position as China's top oil supplier in March, Chinese government data showed on Friday, as buyers snapped up sanctioned…

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Oil dips on recession fears, slower demand

By Yuka Obayashi and Jeslyn Lerh SINGAPORE, April 21 (Reuters) - Oil prices eased for the third straight day on Friday and looked set for a hefty weekly loss as…

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Oil slips as dollar strengthens and demand concerns weigh

By Andrew Hayley BEIJING, April 20 (Reuters) - Oil prices fell in Asian morning trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data…

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Oil dips as potential Fed rate hike overshadow falling stocks

By Laila Kearney and Muyu Xu April 19 (Reuters) - Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow…

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G7 coalition to keep Russian oil price cap at $60 per barrel

The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by…

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Oil holds above $80/bbl on OPEC+ cuts, traders eye China recovery

By Florence Tan and Emily Chow SINGAPORE, April 17 (Reuters) - Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese…

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Oil falls as investors worry over recession fears

By Yuka Obayashi and Jeslyn Lerh SINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible…

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Oil steady as market awaits key US inflation data

By Muyu Xu April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence…

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Western curbs on Russian oil products redraw global shipping map

By Mohi Narayan and Jonathan Saul NEW DELHI/LONDON (Reuters) - Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and…

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Oil steady as investors weigh tighter supply vs. growth outlook

By Florence Tan SINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns…

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Oil falls as weak US economic data stokes recession fears

By Katya Golubkova and Muyu Xu TOKYO/SINGAPORE, April 6 (Reuters) - Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction,…

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Russia using ship-to-ship diesel transfers for transatlantic exports

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, April 5 (Reuters) - Russia has started to make ship-to-ship (STS) transfers…

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Oil prices edge up as OPEC+ output cuts, U.S. inventories brighten outlook

By Sudarshan Varadhan April 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by…

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Oil price surge changes ECB narrative only at the margins

FRANKFURT, April 3 (Reuters) - An oil production target cut announced by some of the world's top exporters is bad news for the European Central Bank as it tries to…

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OPEC supply target cuts a preemptive measure, J.P. Morgan says

April 3 (Reuters) - Brent oil prices could still end the year at $96 per barrel, J.P. Morgan analysts said, adding they view the surprise OPEC supply target cuts as…

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OPEC+ cuts to tighten Mideast crude supply to Asia, Europe, cut refiners’ profits

By Muyu Xu and Joyce Lee SINGAPORE/SEOUL, April 3 (Reuters) - Middle East crude oil supplies are set to tighten further from May after OPEC+ announced plans to cut output…

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UPDATED: Oil surges as OPEC+ surprise output target cuts shake markets

OPEC+ cuts output by about 1.16 million bpdOil posts biggest daily rise in nearly a year Producer group acted after oil hit $70 a barrelGoldman Sachs raises Brent price forecast…

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Oil down marginally amid uncertainty over imminent US economic data

By Sudarshan Varadhan BEIJING, March 31 (Reuters) - Oil prices were very slightly downin Asian morning trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply…

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Oil lower as dollar firms; market eyes Iraq exports

By Jeslyn Lerh SINGAPORE, March 30 (Reuters) - Oil prices fell on Thursday as the dollar strengthened, with investors keeping close tabs on developments related to the reduction of Iraqi…

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Oil markets steady as investors weigh banking crisis, Russia

By Mohi Narayan and Florence Tan March 27 (Reuters) - Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian…

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USGS discovers two large oil and gas basins between Libya and Tunisia

The Libya Observer reports that the United States Geological Survey (USGS) has announced the discovery of two large oil and gas basins spanning vast areas stretching between Libya and Tunisia.…

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Oil falls as US holds off refilling strategic reserve

By Yuka Obayashi and Trixie Sher Li Yap March 24 (Reuters) - Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm…

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Oil dips after Fed comments, US crude stock build

By Stephanie Kelly and Jeslyn Lerh SINGAPORE, March 23 (Reuters) - Oil prices fell on Thursday following three sessions of gains, after Federal Reserve Chair Jerome Powell highlighted banking sector…

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UPDATED: Oil hits lowest since 2021 on banking fears

By Noah Browning LONDON, March 20 (Reuters) - Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a…

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Oil rebounds 1% as investors take stock of banking crisis

By Florence Tan and Trixie Sher Li Yap SINGAPORE, March 17 (Reuters) - Oil prices rebounded by about 1% on Friday after a meeting between Saudi Arabia and Russia calmed…

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Oil regains a bit of ground as Credit Suisse secures lifeline

By Laura Sanicola and Muyu Xu March 16 - Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat…

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Oil prices rebound after OPEC upgrades China demand outlook

By Yuka Obayashi and Florence Tan TOKYO, March 15 (Reuters) - Oil prices rebounded more than 1% on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook…

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Oil prices tick up on China demand and weaker dollar

BEIJING, March 13 (Reuters) - Oil prices ticked up in Monday Asian late morning trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided…

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Oil headed for worst weekly drop since Feb on U.S. slowdown fears

Brent, WTI down more than 5% this weekAll eyes on U.S. jobs report due on FridayU.S. rate hike fears dominate market moodBy Sudarshan Varadhan and Muyu XuMarch 10 (Reuters) -…

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Oil flat as China hopes, US stock draw contend with economic concerns

Brent, WTI steady after two days of losses China demand hopes offset US recession worries US crude stocks fall larger-than-expected - EIA By Emily Chow SINGAPORE, March 9 (Reuters) -…

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Oil edges up on supply concerns, China demand hopes

Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering.…

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Oil down on China outlook, spotlight on Powell testimony

China's growth outlook down from last year's target Fed Chair to testify to Congress on rate hikes this week U.S. February jobs report also in focus By Mohi Narayan and…

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Oil set for weekly gain as China demand optimism trumps recession fears

By Sudarshan Varadhan and Muyu Xu SINGAPORE, March 3 (Reuters) - Oil prices fell on Friday, but were poised for a weekly gain as renewed optimism on China's demand recovery…

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Oil inches up on China rebound, but global demand concerns weigh

By Emily Chow SINGAPORE, March 2 (Reuters) - Oil prices inched up on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China,…

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Oil gains as Russian supply cuts temper concerns over rate hikes, high stocks

By Andrew Hayley BEIJING, Feb 24 (Reuters) - Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in…

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Oil prices edge higher, WTI pauses from six-day losing streak

By Laura Sanicola and Muyu Xu Feb 23 (Reuters) - Oil edged up on Thursday after Brent crude posted its biggest single-day loss in seven weeks the day before, as…

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Oil falls as expected interest rate hikes to impact fuel demand

U.S. Fed to release minutes of latest meeting on Wednesday Expectations of tighter oil supply, China demand cushion falls By Shariq Khan and Trixie Sher Li Yap Feb 22 (Reuters)…

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Oil price drops on concerns of global economic slowdown

Brent oil fell on Tuesday, reversing the previous day's gain, as fears that a global economic slowdown, and drop in fuel demand, amid aggressive interest rate hikes by the U.S.…

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Oil rises on China demand hopes, concerns on supply outlook

By Emily Chow SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major…

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Oil unlikely to break above $100/bbl this year, J.P.Morgan says

Feb 17 (Reuters) - Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian…

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Oil prices on track to finish week lower on U.S. rate hike worries

By Yuka Obayashi and Sudarshan Varadhan Feb 17 (Reuters) - Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would…

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Oil rises on China optimism, market shrugs off U.S. inventory build

China to account for nearly half of 2023 oil demand growth -IEA 1 mln bpd of output shut by Q1-end due to Russia sanctions -IEA U.S. crude stocks log large…

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Resurgent China will drive 2023 oil demand but deficit could loom -IEA

By Noah Browning LONDON, Feb 15 (Reuters) - China will make up nearly half of this year's oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency…

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Libya aims to increase oil production to 2 mln bpd, NOC says

CAIRO, Feb 15 (Reuters) - Libya's National Oil Corporation (NOC) will increase oil production to 2 million barrels per day (bpd), the company said in a statement on Wednesday. The…

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Oil prices drop as U.S. inventories jump fuels demand worries

API shows U.S. crude stocks rise - market sources OPEC raises 2023 oil demand growth forecast By Laila Kearney and Muyu Xu Feb 15 (Reuters) - Oil prices extend losses…

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