Oil

Oil steady as demand concerns offset U.S. crude stock drawdown

KUALA LUMPUR, July 27 (Reuters) - Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles. Brent…

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Russia is China’s top oil supplier for 2nd month, Saudi volumes tumble – data

SINGAPORE, (Reuters) - Russia held its spot as China's top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments…

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Oil prices rise as tight supply, geopolitical tensions linger

SINGAPORE, July 22 (Reuters) - Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United…

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Oil prices extend losses as demand concerns outweigh tight supply

July 21 (Reuters) - Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline demand during the peak…

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Oil prices drop more than 1% ahead of U.S. inventory data

July 20 (Reuters) - Oil prices slumped more than $1 a barrel on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories…

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Libya oil chief says full output to resume after deal

Libyan oil output will resume from all shuttered fields and ports, the Tripoli government's newly installed head of National Oil Corporation (NOC) said after meeting groups that have blockaded the…

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Oil rises on prospects of less aggressive U.S. rate hike

SINGAPORE, July 15 (Reuters) - Oil prices rose on Friday amid prospects of a less aggressive U.S. rate hike, although worries about a recovery in demand capped gains. Brent crude futures for September…

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Oil prices rise ahead of potential large U.S. rate hike

SINGAPORE, July 14 (Reuters) - Oil prices rose on Thursday, with Brent breaking above $100 a barrel, as investors weighed tight supplies against the prospect of a large U.S. rate hike that…

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Oil edges higher; market wary of U.S. inflation data

July 13 (Reuters) - Oil edged up on Wednesday, a day after it fell through $100 a barrel for the first time since April, while traders looked towards U.S. inflation data that…

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Oil prices bounce back from Tuesday tumble as supply concerns return

KUALA LUMPUR, July 6 (Reuters) - Oil prices rose as much as nearly 3% on Wednesday before paring some gains as investors piled back into the market after a heavy rout in…

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Oil prices slip as recession fears rumble on, tight supply stems losses

MELBOURNE, July 4 (Reuters) - Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid…

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Biden says Americans will have to stomach high gas prices for “as long as it takes” to beat Putin

U.S. President Joe Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring crude prices when he sees the Saudi king and…

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Libya’s NOC announces force majeure over two ports and oilfield

TRIPOLI, June 30 (Reuters) - Libya's National Oil Corporation (NOC) declared force majeure at Es Sidr and Ras Lanuf ports as well as El Feel oilfield, it said in a statement. The…

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Oil prices ease on recession fears, headed for 3rd weekly loss

TOKYO, July 1 (Reuters) - Oil prices eased on Friday as lingering fears of a recession demand weighed on sentiment, putting the benchmarks on track for their third straight weekly losses. Brent…

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Oil rises as supply concerns outweigh U.S. fuel stocks build

SINGAPORE, June 30 (Reuters) - Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.…

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UPDATED: Oil prices rise for fourth day on supply worries

LONDON, June 29 (Reuters) - Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy. Brent crude futures for August were up 87…

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Powers need to study all oil options, including Iran, Venezuela – EU Presidency

SCHLOSS ELMAU, Germany (Reuters) -The international community should explore all options to alleviate a Russian squeeze of energy supplies that has spiked prices, including talks with producing nations like Iran…

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EU cautious on Russia gold ban, oil price cap – Michel

SCHLOSS ELMAU, Germany, June 26 (Reuters) - The European Union gave a cautious response on Sunday to plans by fellow G7 members to ban imports of Russian gold, and said it needed…

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EU leaders to debate economy woes as Russia squeezes gas supplies

BRUSSELS, June 24 (Reuters) - European Union leaders will turn on Friday from celebration over Ukraine's start on the road to membership of their bloc to consternation over Russia's squeeze on their…

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Oil slumps $6 a barrel as Biden pushes for U.S. fuel cost cuts

June 22 (Reuters) - Oil prices skidded more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on the…

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China May oil imports from Russia soar to a record, surpass top supplier Saudi

SINGAPORE, June 20 (Reuters) - China's crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier,…

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Oil prices inch lower as global economic worries outweigh tightening supply

SINGAPORE, June 20 (Reuters) - Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies. Brent crude futures LCOc1 slipped…

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EXPLAINER-What’s behind Libya’s oil blockade

TRIPOLI, (Reuters) - A new blockade of Libyan oil facilities has greatly reduced production levels, hitting an already tight global market and adding to fears an internal political stalemate could spark new…

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18

Jun

Venezuelan oil exports to Europe set to resume after two years

A 650,000-barrel-cargo of Venezuela's oil chartered by Italy's Eni is about to set sail carrying the first export of crude from the U.S.-sanctioned country to Europe in two years, Refinitiv…

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High fuel prices to persist into 2023, Wood Mackenzie says

LONDON, June 16 (Reuters) - Consumers can expect fuel prices at the pump to remain high into next year due to disruptions to Russian oil supplies and as refineries struggle to meet…

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Global oil demand set to rise 2% to new high in 2023, says IEA

LONDON, June 15 (Reuters) - World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on…

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Oil prices edge higher

SINGAPORE, June 15 (Reuters) - Oil prices made gains on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big…

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Oil falls, spooked by Beijing COVID warning and inflation concerns

SINGAPORE, June 13 (Reuters) - Oil prices slid on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand, while worries about global…

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Oil output at Azerbaijan’s BP-led ACG falls to 8.8 mln T in Jan-May

BAKU, June 10 (Reuters) - Oil production at the BP-led Azeri–Chirag–Gunashli project in Azerbaijan fell 7.4% year on year to 8.8 million tonnes from January through May, the energy ministry said on Friday.…

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Libya oil shutdown expands with threat to close new port

TRIPOLI, June 10 (Reuters) - A blockade of Libyan oil output by groups aligned with forces in the east of the country expanded on Thursday and Friday with the closure of two…

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Oil prices fall as Shanghai’s new partial COVID lockdowns stoke demand worries

SINGAPORE, June 10 (Reuters) - Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels…

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Oil rises on robust China export data, but new lockdowns cap gains

SINGAPORE, June 9 (Reuters) - Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains. Brent crude futures LCOc1 for August…

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Oil prices advance on low oil inventories expectation

SINGAPORE, June 8 (Reuters) - Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.…

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Oil prices sit tight as OPEC+ plan disappoints

MELBOURNE/SINGAPORE, June 3 (Reuters) - Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could…

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Saudi Arabia to raise oil production if Russian output falls under sanctions- FT

Saudi Arabia is prepared to raise its oil production if Russia's output falls substantially because of the western sanctions imposed on it, the Financial Times reported, citing sources. Discussions had…

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Oil prices fall as investors await OPEC+ policy

TOKYO, June 2 (Reuters) - Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia…

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Oil prices nudge higher on EU’s Russian oil ban, end of Shanghai lockdown

SINGAPORE, June 1 (Reuters) - Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown…

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Oil climbs above $121 a barrel as China eases restrictions

Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement…

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UPDATED: Oil prices hit highest in more than 2 months ahead of EU meeting on Russia sanctions

SINGAPORE, May 30 (Reuters) - Oil prices climbed on Monday, hitting their highest in more than two months, as traders waited to see if the European Union would reach an agreement on…

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Brent could push past $150/bbl if Russian oil exports shrink, BofA says

May 27 (Reuters) - Global oil benchmark Brent crude could rise past $150 a barrel if there is a sharp contraction in Russian oil exports, Bank of America (BofA) Global Research said…

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Oil lingers near 2-month high amid global supply concerns

SINGAPORE, May 27 (Reuters) - Oil prices hovered around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in 1-1/2 months, supported by the prospect of…

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Oil prices fall on concerns over recession, China COVID curbs

Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel…

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Oil firms on tight supply as U.S. driving season looms

MELBOURNE, May 23 (Reuters) - Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a…

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Oil steady on the week as oil supply risks meet economic headwinds

LONDON, May 20 (Reuters) - Oil prices edged lower on Friday on course for little change on the week as a planned European ban on Russian oil balanced out investor concerns about weakening economic growth hitting demand. Brent futures…

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Western oilfield service firms look to exit Russia amid sanctions -Kommersant

Western oilfield service companies are looking to exit Russia due to sanctions imposed on Russia, including EU sanctions against Rosneft ROSN.MM and Gazprom Neft, the Kommersant newspaper reported on Wednesday. Since May…

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Oil prices extend gains on China demand optimism

SINGAPORE, May 18 (Reuters) - Oil prices extended gains on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures. Brent crude futures were…

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EU has not yet found agreement on oil embargo against Russia, Borrell says

The European Union has not yet found agreement on a sixth package of sanctions against Russia, its top diplomat Josep Borrell said after a meeting of the bloc's foreign ministers…

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Oil prices slide as investors take profit; supply fear still looms

TOKYO, May 16 (Reuters) - Oil prices fell on Monday, paring early gains as investors took profit from a surge in the previous session, albeit in the shadow of supply fear as…

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EU hopeful for Russian oil embargo deal in May, diplomats say

BRUSSELS, May 13 (Reuters) - The European Union still aims to agree a phased embargo on Russia oil this month despite concerns about supply in eastern Europe, four diplomats and officials said…

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Oil rises but fears of weaker demand limit gains

SINGAPORE, May 13 (Reuters) - Oil prices extended gains on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China's COVID lockdowns slowing global growth offset…

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12

May