Archive for Tag: OIL Market News

Oil prices steady after falling on signs U.S. may release more reserves

Brent Oil was trading 0.06% down at $82.58. Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices. On Wednesday,...

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Oil rises on surprise U.S. crude stockpile decline

Brent Oil was trading 0.48% up at $85.15. Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S Crude stocks unexpectedly fell last week just as near-term travel demand picked up with COVID-19 pandemic curbs easing. Brent crude futures were at $85.22...

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Oil rally resumes as OPEC+ seen keeping supply tight

Brent Oil was trading 0.48% upat $84.03. Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports. Algeria said on...

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Oil drops more than 1% as U.S. stockpiles sap rally

Brent Oil was trading 1.19% down at $84.64. Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world’s largest oil consumer. Brent Oil Futures fell $1.01 cents, or 1.2%, to...

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Oil Mixed, Losses Capped by Solid U.S. Demand, Global Energy Crunch

Brent Oil was trading 0.65% down at  $85.27. Oil was mixed Thursday morning in Asia, giving up some earlier gains as some investors scooped up profits from a recent rally. However, solid demand in the U.S. and a switch to fuel oil from coal and gas amid a global coal...

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Oil drops as China considers intervention to ease coal crunch

Brent Oil was trading 0.98% down at $84.25. Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent Oil futures dropped 73 cents, or...

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Oil hits multi-year high on OPEC+ restraint amid global energy crunch

Brent Oil was trading 1.24% up at $82.26. Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+’s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally. The market later unwound those gains due to an American...

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Oil climbs for sixth day on supply concerns, Brent tops $80

Brent Oil was trading 0.86% up at $79.39. Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural gas (LNG) and coal also lent support. Brent Crude futures gained $1.05, or 1.3%, to $80.58 a barrel...

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Oil prices rise on expected U.S. stocks draw

Brent Oil was trading 0.50% down at $75.69. 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 two hurricanes. Brent Crude rose 9 cents, or 0.1%, to $76.28...

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