OPEC+ members are set to meet on Sunday to discuss production policy, and unnamed sources have claimed that the group will be discussing further production cuts.
Saudi Aramco reports a profit decline but exceeds analyst expectations and maintains large investor dividends.
Brent crude futures rose 55 cents, or 0.65%, to US$85.44 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude was at US$81.14 a barrel, up 63 cents, or 0.78%
WTI crude prices slid on Tuesday morning to just above $70 per barrel—an important psychological threshold for the U.S. crude oil benchmark.
WTI Midland, the light sweet US grade, is being blended with heavy Brazilian grades to produce a cheaper Nigerian lookalike, which is undercutting the Nigerian crude grades in Europe and pushing down buying interest for Nigerian cargoes, multiple trading sources told S&P Global Commodity Insights.
Crude oil prices turned around on Thursday, erasing most of the week’s earlier losses despite the latest EIA report that indicated crude oil inventories rose more than expected.
Oil prices rose by 2% early on Monday, with the U.S. benchmark up above $70 a barrel again, driven up by a halt to Kurdistan’s 400,000-bpd of crude exports and signs of easing concerns about the global banking sector.
After shedding 8% last week, crude oil prices are trading up over 1.7% by midday Monday.
Crude oil prices were on the rise early on Friday morning on continuing fears that the oil markets remain tight with the G7 agreeing on a fixed price capping mechanism on Russian crude.
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes