International oil prices edged lower on Thursday, with Brent and U.S. crude notching their first losses in three sessions, amid expectations of a major-power-Iran deal over Tehran’s nuclear program that could bring back hundreds of thousands of barrels of Iranian oil on the international market. Traders are also waiting to see whether major oil producers […]
Tag: Oil Market
Iran aims to replace Russian oil in the European market
Iran aims to fill the gap left behind by Russia in the European oil market if the country can secure an agreement with world powers over its nuclear program, Bloomberg reports. Iran’s state oil producer will try to win back customers in countries including Greece, Italy, Spain and Turkey if sanctions targeting the country’s energy […]
Iran aims to replace Russian oil in Europe
Iran aims to fill the gap left behind by Russia in the European oil market if the country can secure an agreement with world powers over its nuclear program, Bloomberg reports. Iran’s state oil producer will try to win back customers in countries including Greece, Italy, Spain and Turkey if sanctions targeting the country’s energy […]
New worries about oil supply are driving prices higher
Oil prices rose on Thursday on rising supply concerns amid disruptions in Russian exports, the possibility of output cuts by major producers and a partial shutdown of a US refinery. Brent was up 59 cents, or 0.6%, at $101.81 a barrel, while West Texas Intermediate was up 42 cents, or 0.4%, at $95.31 a barrel. […]
Oil closed at a high of more than three weeks
Oil closed at its highest price in more than three weeks after a volatile session on Wednesday, as traders weighed reports of developments linked to the European Union’s draft Iran nuclear deal. The news suggests some progress in the negotiations, which may ultimately lead to an increase in oil on the global market. But that […]
Oil lost gains after plunge in US demand
US oil inventories showed a significant decrease again, with those of gasoline remaining unchanged to the surprise of the market, causing new pressures on crude prices. In particular, as informed by the US Energy Information Administration (EIA), in the week ended August 19, US crude inventories fell by 3.3 million barrels, falling to 421.7 million. […]
Over $100 oil again despite plunge in US demand
LAST UPDATE 19:55 A significant reduction was again presented in US oil stocks, but those of gasoline remained unchanged to the surprise of analysts, even though the development did not particularly “scare” the market. In particular, as informed by the US Energy Information Administration (EIA), in the week ended August 19, US crude inventories fell […]
Small fluctuations in oil prices
Oil was flat after an industry report signaled a fresh rise in crude inventories, bolstering prospects for a supply tightening as Saudi Arabia hinted at possible output cuts. West Texas Intermediate settled near $93 a barrel after rising nearly 4% in the previous session. According to sources familiar with the data, American Petroleum Institute crude […]
Crude jumped 3.7%, natural gas fell 5%
Crude posted strong gains on Tuesday, reacting to heavy losses on Monday and after assurances by OPEC that it would step in to restore balance to the market should Iran return to global markets. OPEC sources told Reuters today that while no immediate production cuts are planned, the cuts could coincide with Iran’s return to […]
OPEC: ‘Sees’ production cut if Iran returns to markets
The OPEC production cuts are not immediate, OPEC sources told Reuters, adding that the cuts are expected to coincide with Iran’s return to global markets if Tehran reaches a deal with the West over its nuclear program. OPEC has hinted it is ready to cut production if the deal on Iran’s nuclear program clears the […]