LONDON—Oil prices were steady on Monday as traders expected more rate hikes from U.S. and European central banks, but tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel. Brent crude futures rose 4 cents, to $81.11 a barrel by 0644 GMT. U.S. West Texas Intermediate (WTI) crude was at…
Senate Blocks China From Buying US Oil Reserves
The Senate is backing a measure to bar sales of U.S. Strategic Petroleum Reserves to Beijing. The latest development in a Chinese hacking incident involves the targeting of specific U.S. email accounts. Are Chinese self-driving cars collecting American data? Lawmakers are pressing for answers. Plus, the real story of NTD’s founding. Websites were attacked, advertisers…
Oil Edges Higher, Buoyed by Tighter Supplies, China Stimulus
LONDON—Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up 94 cents at $80.58 a barrel by 0955 GMT—rising as high as $1 earlier—while U.S. West Texas Intermediate (WTI) crude also climbed 94 cents to $76.59 a barrel. The supply deficit that had been…
Oil Edges Higher on Lower US Crude Stocks, Cautious Outlook
LONDON—Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious. September Brent futures climbed 6 cents, or 0.1 percent, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3 percent, to $75.56 a barrel….
Brent Oil Hovers Over $80 as Inflation Worries Ease
LONDON—Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon. Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude was up 20 cents to $75.95 per…
Oil Inches Higher as Investors Eye US Crude Supplies
LONDON—Oil prices edged higher on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both contracts fell more than 1.5 percent on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Brent crude was up 51 cent at $79.01 a barrel by 0956 GMT,…
US Deploying Fighter Jets, Navy Destroyer to Gulf After Iran Attempts to Seize Oil Tankers
The United States is sending fighter jets as well as a Navy destroyer to the Strait of Hormuz and the Gulf of Oman in order to bolster security and deter threats to commercial ships, the Defense Department announced on July 17. Deputy Pentagon Press Secretary Sabrina Singh said in a press briefing that the F-35 fighters and F-16…
Oil Slides More Than 1 Percent as Chinese GDP Dents Demand Hopes
LONDON—Oil dropped by more than 1 percent on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world’s second-biggest oil consumer while a partial restart of halted Libyan output also pressured. China’s gross domestic product (GDP) grew 6.3 percent year on year in the second quarter, compared with analyst forecasts…
Brent Oil Hovers Above $81 After Supply Disruptions
LONDON—Global benchmark Brent crude hovered above $81 a barrel on Friday, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria. Both the Brent and U.S. West Texas Intermediate (WTI) contracts had risen for three straight sessions and in early Asian trade on Friday, poised to register a third straight week…
US Oil Reserve Won’t Be Replenished for Several Years: Top Official
July 13, 2023
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Business & Marketseconomic policiesenergyExecutive BranchGold and CommoditiesJennifer GranholmMarketsOilPoliticsUSUS News
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The White House will not refill the Strategic Petroleum Reserve in the near future after millions of barrels were drawn last year, said U.S. Secretary of Energy Jennifer Granholm in a recent interview. It was announced last October by the Biden administration that it would re-buy crude oil when prices reach between $67 and $72 per barrel,…
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