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Oil prices ease as bearish China data fuels demand concerns Oil prices eased in early trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade data, outweighing fears over tighter global supply arising from production cuts by Saudi Arabia and Russia. Brent crude futures fell 17 cents, or 0.2%, to $86.00 a barrel by 0039 GMT. U.S. West Texas Intermediate (WTI) crude was at $82.73 a barrel, down 19 cents, or 0.2%. Both contracts gained nearly $1 the previous day. "Oil prices are struggling to f...
Oil prices ease as bearish China data fuels demand concerns
Oil prices ease as bearish China data fuels demand concerns
Source: Reuters
9/08/2023 8:53:04 AM
Oil rises as Saudi Arabia extends cuts again Oil prices jumped on Thursday after Saudi Arabia extended its voluntary one million barrel per day output cut by another month to the end of September. In June, OPEC+ - the Organization of the Petroleum Exporting Countries and allies - agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut for July. Early last month, Saudi Arabia said it would extend the cut for another month to include August. It had been widely expected to extend the...
Oil rises as Saudi Arabia extends cuts again
Oil rises as Saudi Arabia extends cuts again
Source: Reuters
3/08/2023 7:19:30 PM
Oil rises marginally as markets weigh inventory data, US ratings downgrade Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit. Brent crude futures rose 27 cents, or 0.32%, to $83.47 a barrel by 0001 GMT, while U.S. West Texas Intermediate crude climbed 29 cents, or 0.36%, to $79.78 a barrel. Both benchmarks had been trading at near their highest levels since April ...
Oil rises marginally as markets weigh inventory data, US ratings downgrade
Oil rises marginally as markets weigh inventory data, US ratings downgrade
Source: Reuters
3/08/2023 9:22:32 AM
Oil climbs, fuelled by tighter supplies, China stimulus Oil prices edged higher on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up 71 cents at $80.35 a barrel by 1330 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 69 cents to $76.34 a barrel. Both contracts were up by more than $1 earlier in the session. "The supply deficit that had been looming in the second half of the year is now backed up by hard figures," Commerzbank analysts said, citing rece...
Oil climbs, fuelled by tighter supplies, China stimulus
Oil climbs, fuelled by tighter supplies, China stimulus
Source: Reuters
21/07/2023 7:27:30 PM
Oil steady as weak Chinese economic data offsets gains from lower oil stocks Brent oil prices were little changed on Friday and were set to close flat for the week after three straight weeks of gains, as markets weigh lower U.S. crude inventories and tapering interest rate hikes against weak Chinese economic data that could cap demand. Brent futures rose 3 cents to $79.67 a barrel by 0016 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 9 cents to $75.74 a barrel. Prices closed marginally higher on Thursday. Brent was on track to close down 0.2% for t...
Oil steady as weak Chinese economic data offsets gains from lower oil stocks
Oil steady as weak Chinese economic data offsets gains from lower oil stocks
Source: Reuters
21/07/2023 8:39:31 AM
Oil edges higher on lower U.S. crude stocks, cautious outlook Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious. September Brent futures climbed 24 cents, or 0.3%, to $79.70 a barrel by 1255 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 26 cents, or 0.4%, to $75.61 a barrel. The August WTI contract expires on Thursday. The more active September WTI crude was 31 cents, or 0.4%, higher at $75.60. Prices fell in the previous session af...
Oil edges higher on lower U.S. crude stocks, cautious outlook
Oil edges higher on lower U.S. crude stocks, cautious outlook
Source: Reuters
20/07/2023 7:09:05 PM
Oil prices open lower on dollar strength, profit-taking Oil prices slipped in early Asian trade on Thursday, extending the previous session's losses, as the dollar strengthened and on profit-taking after U.S. crude oil stocks fell less than expected. Brent futures dipped 14 cents, or 0.2%, to $79.32 a barrel by 0001 GMT, while U.S. West Texas Intermediate (WTI) crude fell 15 cents to $75.20 a barrel. Strength in the U.S. dollar index weighed on prices. The dollar bounced on Wednesday after sentiment was boosted by inflation in the United...
Oil prices open lower on dollar strength, profit-taking
Oil prices open lower on dollar strength, profit-taking
Source: Reuters
20/07/2023 8:41:50 AM
Oil steady as investors weigh supply and demand drivers  Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts. Brent crude futures dipped 1 cent at $76.94 a barrel at 0110 GMT, while the U.S. West Texas Intermediate crude futures rose 5 cents at $72.58 a barrel. Both benchmarks settled up by about 1% on Wednesday, supported by Saudi Arabia's plans for deep output cuts, though price gains remain cap...
Oil steady as investors weigh supply and demand drivers
Oil steady as investors weigh supply and demand drivers
Source: Reuters
8/06/2023 9:13:55 AM
Oil prices steady as fears over supply tightness counter demand woes  Oil prices steadied on Wednesday after the previous session's losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts. Brent crude futures were up 9 cents, or 0.1%, at $76.38 a barrel at 0039 GMT. The U.S. West Texas Intermediate crude futures rose 11 cents, or 0.2%, to $71.85 a barrel. Both benchmarks eased about 1% on Tuesday, paring some of Monday's gains that...
Oil prices steady as fears over supply tightness counter demand woes
Oil prices steady as fears over supply tightness counter demand woes
Source: Reuters
7/06/2023 9:00:44 AM
Weekly storage of natural gas in US increases: EIA  Working gas storage in the contiguous US was 2,063 billion cubic feet in the week ending April 28, a net increase of 54 billion cubic feet from the previous week, the US Energy Information Administration (EIA) said in a latest report. The total working gas storage rose by 32.6 per cent from this time last year, or up 19.8 per cent above the five-year average, Xinhua news agency reported, citing the EIA's Weekly Natural Gas Storage Report. The storage of working gas in the US u...
Weekly storage of natural gas in US increases: EIA
Weekly storage of natural gas in US increases: EIA
Source: IANS
5/05/2023 9:55:43 AM
Oil prices slide on Fed rate hike expectations, weaker China PMI TOKYO - Oil prices fell on Monday as jitters over the prospect of the U.S. Federal Reserve raising interest rates combined with weaker Chinese manufacturing data to erase earlier gains. Brent futures for July delivery were down 55 cents, or 0.7%, at $79.78 a barrel at 0009 GMT, while U.S. West Texas Intermediate (WTI) crude lost 54 cents, also a 0.7% drop, to trade at $76.23. U.S. consumer spending was flat in March as an increase in outlays on services was offset by a decline in goods,...
Oil prices slide on Fed rate hike expectations, weaker China PMI
Oil prices slide on Fed rate hike expectations, weaker China PMI
Source: Reuters
1/05/2023 8:48:19 AM
US natural gas production to hit record high in 2023: EIA US natural gas production is forecast to hit a record high in 2023, according to a report issued by the Energy Information Administration (EIA). The country's dry gas production will increase to 100.87 billion cubic feet per day (bcfd) in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022, Xinhua news agency quoted the EIA's April Short Term Energy Outlook as saying. The report also forecast that with inventories remaining above the five-year average in 2023, natural ...
US natural gas production to hit record high in 2023: EIA
US natural gas production to hit record high in 2023: EIA
Source: IANS
12/04/2023 2:42:12 PM
Oil prices firm on China demand optimism Oil prices rose 1% on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected. Brent crude futures rose 78 cents, or 0.9%, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 75 cents, or 0.9%, at $80.90. "China's reopening is supporting demand prospects," said UBS analyst Giovanni Staunovo. "Also, market participants are ...
Oil prices firm on China demand optimism
Oil prices firm on China demand optimism
Source: Reuters
26/01/2023 8:47:55 AM
Oil prices surge around 1% on optimism over China's recovery Oil prices extended early gains to rise around 1% on Wednesday, on optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. Brent crude futures climbed 76 cents, or 0.88%, to $86.68 a barrel by 0721 GMT, following a 1.7% rally in the previous session. U.S. West Texas Intermediate (WTI) crude futures went up 85 cents, or 1.06%, to $81.03, having risen 0.4% on Tuesday. Both crude futures surged by more th...
Oil prices surge around 1% on optimism over China's recovery
Oil prices surge around 1% on optimism over China's recovery
Source: Reuters
18/01/2023 11:26:35 AM
A strategy to combat energy depletion in India Global warming and the energy crunch are the two biggest challenges countries face. With the transportation and industry sectors growing rapidly, energy needs have surged drastically over the last 200 years. In such a scenario, says Ratul Puri, Chairman, Hindustan Power Projects, natural gas, coal, and other energy sources cannot suffice to meet the world's energy requirements, thereby leading to a global energy depletion. As we have witnessed, the prices of natural gas have spiked glo...
A strategy to combat energy depletion in India
A strategy to combat energy depletion in India
Source: IANS
7/01/2023 1:43:27 PM
Oil rebalances on stronger dollar and economic outlook LONDON -Oil prices rebalanced on Friday after an early $1 rally as a stronger dollar and weaker economic outlook weighed while hopes of a Chinese demand boost limited losses. Brent crude futures fell 24 cents, or 0.3%, to $78.45 a barrel by 1231 GMT. U.S. West Texas Intermediate crude futures were down 24 cents, or 0.33%, at $73.43. Both contracts rose by more than $1 earlier in Friday's session but fell as the dollar rose to a one-month high. A stronger dollar can crimp deman...
Oil rebalances on stronger dollar and economic outlook
Oil rebalances on stronger dollar and economic outlook
Source: Reuters
6/01/2023 6:34:43 PM
Oil rebounds from 2022 lows on China demand hopes, tanker delays Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect. China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia's Black Sea ports. Brent crude rose 29 c...
Oil rebounds from 2022 lows on China demand hopes, tanker delays
Oil rebounds from 2022 lows on China demand hopes, tanker delays
Source: Reuters
8/12/2022 9:23:52 AM
Weekly storage of natural gas in US increases: EIA Working gas storage in the contiguous US was 2,694 billion cubic feet in the week ending September 2, a net increase of 54 billion cubic feet from the previous week, the US Energy Information Administration (EIA) has said in a report. The total working gas storage decreased by 7.6 per cent from this time in 2021, or down 11.5 per cent from the five-year average, Xinhua news agency reported, citing the EIA's Weekly Natural Gas Storage Report. The storage of working gas in the US usua...
Weekly storage of natural gas in US increases: EIA
Weekly storage of natural gas in US increases: EIA
Source: IANS
9/09/2022 3:00:28 PM
Rosneft starts production drilling at Payakhskoye field of Vostok Oil project Rosneft has started production drilling at the Payakhskoye field on the Taimyr Peninsula. The Russian energy company plans to drill about 80 wells there by the end of this year. The Payakhskoye field is part of Rosneft's Vostok Oil strategic project. Its licence fund consists of 52 subsoil plots, within which 13 fields have been discovered, four of which have already been put into development using the latest technologies. The project's resource base of 6.2 billion tonnes of oil...
Rosneft starts production drilling at Payakhskoye field of Vostok Oil project
Rosneft starts production drilling at Payakhskoye field of Vostok Oil project
Source: IANS
1/08/2022 2:15:57 PM