Oil

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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Oil falls a fifth day lower after U.S. inventories rise

Oil prices dropped for a fifth straight day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand…

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U.S. becomes India’s second biggest oil supplier, Saudi plunges to No. 4

The United States overtook Saudi Arabia as India's second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data…

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Brent crude heads toward $70 as China energy demand outlook brightens

Oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China's economic recovery accelerated at the start of 2021, boosting the energy demand outlook at…

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Brent crude eases, but stays near $70 as demand optimism lends support

Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the…

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Oil prices rise on economic outlook, drawdown in fuel stocks

Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories…

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Oil slips for third session before U.S. inventories EIA data

Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices…

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Total CEO sees oil prices at around $50-60 a barrel

Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic and that oil prices were unlikely to remain at…

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Brent jumps past $70 for first time since pandemic began

Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years,…

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Oil prices firm on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent…

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Oil rises on demand hopes after days of sell-off

Oil prices rose on Wednesday, boosted by demand hopes on progress made in U.S. vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its…

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Oil prices climb after progress on huge U.S. stimulus bill

Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a drop in China's February factory activity growth capped gains.…

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Nigeria losing 200,000 barrels a day to theft, vandalism

Nigeria is losing 200,000 barrels of crude oil a day because of theft and vandalism, the head of the state oil company said, underscoring how insecurity is causing vast financial…

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Oil set for steady gains as economies shake off pandemic blues

Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top…

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Oil prices fall on rising U.S. dollar, expectations for supply gains

Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more…

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Oil prices hit 13-month high

Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the…

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Saudi oil export value falls nearly 30% in December – official data

The value of Saudi Arabia's oil exports in December dropped nearly 30%, or 19.5 billion riyals ($5.2 billion), compared with the year before, official data showed on Wednesday. The value…

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Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners

Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries…

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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 gains as U.S. production slowly returns after freeze

Oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from…

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Oil drops as investors gauge big chill impact on U.S. refineries

Oil prices slid by up to 2% in early trade on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze…

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Oil prices extend gains as Texas cold snap cuts U.S. output

Oil prices rose as much as a dollar on Thursday, extending this week's gains and hitting 13-month highs, as a cold snap sweeping Texas and surrounding regions shut at least…

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Oil retreats on rising U.S. dollar, though Texas supply choked

Oil prices fell in early trade on Wednesday as the U.S. dollar climbed, retreating after a two-day rally that was driven by an Arctic blast curbing output from oil and…

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