Oil

U.S. oil rises to highest since 2014 amid global energy crunch

U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and…

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Oil climbs past $81 with OPEC+ sticking to output increase

Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds across the world. The producer…

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Oil falls ahead of OPEC+ supply policy meeting

Oil fell on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the…

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Oil slips as OPEC+ considers boosting output in tight market

Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring…

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Oil falls after U.S. inventories post surprise gain

Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run…

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Oil falls for second day as supply-driven rally peters out

Oil prices fell on Wednesday after U.S. crude inventories unexpectedly rose as doubts over demand resurfaced, with COVID-19 cases continuing to increase worldwide and some regions facing gasoline shortages. Brent…

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Shell’s UK power retailer to grow by 25% after rival’s default

Royal Dutch Shell's British power retail business will grow by over a quarter after it took on 255,000 customers from a rival supplier that defaulted following the recent surge in natural gas…

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Goldman expects oil prices to hit $90 by year-end as supply tightens

Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit…

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Oil gains for fifth day amid supply constraints

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing…

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Oil climbs on tight supply, renewed risk appetite

Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after…

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Europe’s energy firms locked out of record price bonanza

Several European power firms have been shut out of bumper revenues from record high gas and electricity prices as their sales are largely locked in at lower prices, and face…

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EU not leading by example on green investing, auditors say

The European Union is not doing enough to steer its own spending away from polluting activities or to mobilise private funds for green investments, the European Court of Auditors (ECA)…

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SPECIAL REPORT-BP gambles big on fast transition from oil to renewables

Deep in the Oman desert lies one of BP's more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant's pioneering natural gas extraction technology.…

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Oil giant Shell sets sights on sustainable aviation fuel take-off

Royal Dutch Shell plans to start producing low-carbon jet fuel at scale by 2025, in an attempt to encourage the world's airlines to reduce greenhouse gas emissions. Aviation, accounting for…

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Soaring gas prices, colder winter could boost oil prices, says Goldman

Goldman Sachs said that with the surge in global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, driving a $5 per barrel…

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Oil down on stronger greenback, rising U.S. rig count

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S.…

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China’s oil consumption seen peaking around 2026, Sinopec exec says

SINGAPORE, Sept 17 (Reuters) - China's oil consumption is likely to peak around 2026 at about 16 million barrels per day and that of natural gas by around 2040, according…

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Oil dips as U.S. storm-hit supply makes slow return

Oil prices fell on Friday as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, but both benchmark contracts are on track to post weekly…

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Oil prices extend gains after draw in U.S. stocks

Oil prices climbed on Thursday, extending the previous day's solid gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world's largest oil consumer. Brent crude…

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Oil prices climb after drawdown in stocks, positive demand outlook

Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations…

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Oil hits 6-week high as U.S. Gulf braces for another hurricane

Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the…

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UPDATED: Loading resumes at Libyan oil ports of of Es Sider and Ras Lanuf

Loading operations at the Libyan oil terminals of Es Sider and Ras Lanuf resumed on Friday after a stoppage, National Oil Corporation and two engineers at the ports said. Exports…

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Oil slips on China’s plan to release crude from reserves, airline demand woes

Oil prices dipped on Friday, heading for weekly losses of nearly 2%, after China announced it would release oil from it strategic reserve and some U.S. airlines, key to a…

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Azerbaijan raises assumed oil price for 2022 draft budget

Azerbaijan has increased the assumed average oil price in its 2022 draft budget to $45 a barrel, from a previously envisaged $40 a barrel, the finance ministry said on Thursday.…

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Oil gains for 2nd session as lower U.S. output supports

Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market.…

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Oil climbs amid slow supply return after Hurricane Ida

Oil prices were little changed on Wednesday following overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico providing some…

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OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says

The head of Russia's No. 2 oil producer Lukoil said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by…

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Oil extends losses after deep Saudi price cuts signal demand concerns

Oil prices extended losses on Monday, falling more than 1%, after the world's top exporter Saudi Arabia slashed crude prices for Asia over the weekend, signalling demand concerns and that…

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Libya oil engineers say output normal despite blockade threat

BENGHAZI, Libya, Sept 4 (Reuters) - Engineers at the Libyan oil ports of Es Sider and Zueitina said on Saturday that production was normal despite the announcement by a group…

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Oil steadies ahead of U.S. jobs report, more gains eyed

Oil prices marked time in Asia on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set…

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Oil drops after OPEC+ reaffirms supply return as demand wavers

Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging…

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Oil climbs ahead of OPEC+ meeting, EIA data

Oil prices recovered on Wednesday, after a U.S. industry report showed crude inventories fell more than expected last week, steadying after overnight losses from the impact of Hurricane Ida on…

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Oil price down as US hurricane takes its toll

Oil prices slipped on Tuesday amid concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to…

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OPEC+ likely to keep oil output policy from September unchanged, sources say

OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters. The…

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Oil mixed as Hurricane Ida pounds U.S. crude patch, Louisiana

Oil prices pared early gains on Monday, off more than three-week highs reached earlier in the session as a powerful hurricane ploughing through the Gulf of Mexico forced shutdowns and…

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OPEC+ could reconsider output increase, says Kuwaiti oil minister

KUWAIT, Aug 29 (Reuters) - The 400,000 barrel per day increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept.…

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Oil climbs as storm approaches Gulf of Mexico production hub

Oil prices rose on Friday, on track to post big gains for the week, on worries about near term supply disruptions as energy companies began shutting in production in the…

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Oil prices fall first day in four as virus concerns return

Oil fell on Thursday for the first session this week as renewed concerns about demand recovery amid rising COVID-19 infections cut short a three-day rally. Brent crude was down 37…

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Oil prices rebound from 7-day losing streak as investors snap up bargains

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the…

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Saudi Arabia remains China’s top oil supplier, Malaysian supplies triple

Saudi Arabia remained China's top crude oil supplier for the ninth month in July but its crude arrivals fell 10% on the month, while Russian imports slipped by just 4%.…

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Libya’s NOC says total oil sales reached $2.1 bln in July

Libya's National Oil Corporation (NOC) said its total oil revenues reached around $2.1 billion in July. The amount included about $2 billion from crude oil sales and $81 million from…

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Oil rises but on track for 5% weekly drop amid Delta woes

Oil prices rose on Friday, pulling up from three-month lows, but they were still on track for a weekly loss of over 5% as new lockdowns in countries facing surging…

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Oil prices fall in biggest losing streak since February 2020

Oil prices fell for a sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise…

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Oil steadies, Delta outbreaks cloud demand prospects

Oil prices steadied on Wednesday, after four days of declines with investors still wary about prospects for stronger fuel demand as the use of rail, air and other forms of…

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Oil prices slide as Chinese fuel demand falters

Oil prices fell more than 1% on Monday, dropping for a third session, after official data showed that refining throughput and economic activity slowed in China in an indicator that…

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Drivers accelerate oil demand recovery but road ahead may be bumpy

European and U.S. gasoline stocks have fallen to near pre-pandemic levels as Western holidaymakers hit the roads, but the end of the driving season and the spread of the Delta…

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Oil extends losses as Delta variant stalls demand recovery

Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases…

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OPEC sticks to 2021, 2022 oil demand forecasts despite virus challenges

OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta…

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Oil prices steady after U.S. call for more oil raises supply concerns

Oil prices were steady on Thursday following two days of gains after a call from the United States, the world's top oil consumer, for major producers to boost output reinforced…

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Oil price drops more than 2% on China’s virus curbs, strong dollar

Oil prices fell more than 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China,…

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Saudi oil giant Aramco sees profits soar by almost 300%

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil…

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Oil slumps on China travel curbs, strong U.S. dollar

Oil prices fell nearly 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China,…

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U.S. oil heads for largest weekly loss since Oct as Delta variant fans demand worries

U.S. crude oil futures edged up on Friday, but remained on track for their biggest weekly decline since late October on demand concerns as top consumers impose travel restrictions to…

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Delta outbreak unlikely to derail oil rally this year, UBS says

Investment bank UBS expects oil prices to resume their upward trend despite concerns over a surge in infections of the coronavirus Delta variant and projects Brent crude to trade between…

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Oil prices rise on Mideast tensions; crude stock build caps gains

Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day's losses after a surprise build in crude stockpiles in…

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Oil prices slip, rebound runs out of steam on demand worries

Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment. Brent crude oil futures shed 5 cents,…

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Oil prices drop, but on track for steep weekly gain

Oil prices dropped on Friday but remained on track to post steep weekly gains with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a…

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