Oil rallies, settles at multi-month high on US crude draw, Russia sanctions
Oil prices rose more than 2% on Wednesday, supported by a large draw in U.S. crude stockpiles and potential supply disruptions caused by new U.S. sanctions on Russia, while a Gaza ceasefire deal limited gains.
Russian Oil Products Trapped at Sea by US Sanctions, LSEG Data Shows
Nearly 500,000 metric tons of Russian oil products are trapped on tankers hit by U.S. sanctions, LSEG data showed on Wednesday. On Jan. 10, new Russia-related sanctions targeted more than 180 vessels and insurance companies,
India Rushes to Pay for Russian Oil Ahead of Sanctions Cutoff
India’s state refiners are rushing to speed up payments for Russian crude, hoping to complete their trades before a dramatic expansion of Washington’s curbs on Moscow’s oil industry effectively comes into force next month,
Oil prices remain near 4-month highs as Russia sanctions weighed
Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh U.S. sanctions on Russian oil remained the market's key focus. Brent futures slipped 28 cents, or 0.4%, to $80.73 a barrel by 0400 GMT,
Oil Eases as Market Weighs U.S. Sanctions on Russia
Oil eased slightly in early trade after rallying to a multi-month high as the market weighs the impact of U.S. sanctions on Russian supplies.
Oil Freight Traders Pile In as Russia Sanctions Push Rates Up
Oil-freight derivatives trading surged to the highest in at least a decade as the Biden administration’s sanctions on Russia continued to propel supertanker rates higher.
Oil prices end higher as traders weigh demand prospects, supply risks
Oil futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part ...
US Crude oil stocks excluding SPR fall to 2-year low, EIA says
U.S. crude oil stocks excluding the Strategic Petroleum Reserve (SPR) fell last week to their lowest since April 2022 as ...
Gas prices will fall in the next 2 years as global oil supply outpaces demand, EIA says
US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up ...
Oil is no longer an energy security challenge as critical minerals take center stage, Saudi minister says
"Countries are racing to access critical minerals and secure their own supply chain," the Saudi energy minister told ...
Chevron says no commercial oil, gas found at Namibia exploration well
Chevron said on Tuesday that it did not find commercial hydrocarbon reserves in an exploration well in Namibia's Orange Basin ...
Why Oil Industry Jobs Are Down, Even With Production Up
The industry is pumping ever more oil and natural gas, but it is doing so with only about three-quarters as many workers as ...
Finland had 12 minutes left to stop a Russia-linked oil tanker from dealing 'much worse' damage to its undersea cables, president says
"Had it continued for another 12 minutes, the carnage would have been much worse than the four basic cables that were there," ...
2025 U.S. Oil Outlook: Don’t Count On A ‘Drill Baby Drill’ Mentality
Administrations can only do so much when it comes to global supply and demand dynamics, and there is probably going to be ...
IEA Cuts 2025 Oil Demand Growth Forecast Moderately
The International Energy Agency on Wednesday lowered its projection for 2025 oil demand growth though the organization said ...
IEA Trims Oil-Demand Outlook, But Still Expects Stronger Growth This Year
The International Energy Agency slightly lowered this year’s global oil-demand outlook, but said it still expects growth to ...
How Shifting Presidential Policies Affect the Oil And Gas Industry
In the U.S., energy policies can change dramatically with each new president, creating a lot of uncertainty for industries ...
Oil Prices Are on a Tear. It’s a Short-Term Headache for Inflation.
Consumers are likely to see higher prices on gasoline front-loaded in the first half of 2025 and then see a slowdown start to ...