Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7, according to the U.S. Energy Information Administration.
In its February short term energy outlook (STEO), which was released on Tuesday, the U.S. Energy Information Administration (EIA) revealed its latest Brent spot price forecasts for 2025 and 2026.
Oil prices are climbing after Trump imposed new tariffs on steel and aluminum, even if they will likely be disruptive for global economic growth
Tough US sanctions on Russian oil are allowing the biggest Middle Eastern producers to raise prices for their main market by the most in years, and may help bring in additional petrodollars to meet crucial funding needs.
West Texas Intermediate slid 2.3% to settle at $71.03 a barrel Wednesday as Trump’s positions on everything from war in the Middle East to tariffs on energy weigh on sentiment. Investors pulling out of crude and fuel markets triggered a $17 billion net outflow in the week ending Jan. 31, JPMorgan Chase & Co. analyst Tracey Allen wrote in a note to clients.
Earlier on Tuesday, China announced retaliatory measures against Trump’s tariffs, temporarily sending futures below where they ended 2024 for the first time this year. Speaking to reporters Tuesday afternoon, Trump said it was “fine” that China responded in kind with tariffs on some American products.
Crude oil prices started trade today with a dip despite the latest news around President Donald Trump who on Tuesday confirmed he would be returning to a maximum pressure approach to Iran, aiming to reduce its oil exports to zero, and said he wants the U.S. to take over the Gaza Strip and develop it.
One thing will have become extremely clear to Saudi Arabia’s Crown Prince Mohammed bin Salman in the lead-up to Donald Trump beginning his second stint as U.S. President.
Oil declined amid risk-off sentiment in wider markets and a solidifying consensus that the Trump administration’s trade and foreign policy will rely more heavily on tariffs than on supply-constricting sanctions.
Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened the demand outlook.Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel by 0930 GMT. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, […]