Category: Oil

Oil Down on China Outlook, Spotlight on Powell Testimony

Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5 percent, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week. Brent crude futures were trading down 53 cents, or 0.6 percent, at $85.30 a barrel at 0735 GMT. U.S. West Texas…


Police: Illegal Refinery Blast in Nigeria Kills at Least 12

ABUJA, Nigeria—An explosion and fire near an illegal oil refinery site in Nigeria’s Niger Delta region killed at least 12 people Friday, police said, although local residents reported a much higher death toll. The explosion in Emuoha council area of the southern Rivers state occurred along a pipeline targeted by illegal refinery operators who were…


Oil Prices Stable, Heading for Weekly Gain

LONDON—Oil prices held steady on Friday, poised to register a weekly gain as renewed optimism on China’s demand recovery overrode recession worries over growing U.S. crude inventories and tightening monetary policy in Europe. Brent crude futures edged up by 4 cents, or 0.05 percent, to $84.79 a barrel by 0936 GMT. U.S. West Texas Intermediate…


Oil Leak From Sunken Philippine Tanker Prompts Swimming Bans

Oil leaking from a Philippine tanker that sank southwest of the capital has prompted at least seven coastal towns to ban fishing and swimming as authorities scramble to contain the spill, officials said Thursday. The MT Princess Empress, which was carrying 20 crewmembers and a cargo of about 800,000 liters (210,000 gallons) of industrial fuel…


Oil Gains on China Growth, but European Inflation Weighs

LONDON—Oil edged higher on Thursday, though gains made on signs of a strong economic rebound in top crude importer China were kept in check by fears over the impact of potential increases to European interest rates. Brent crude futures rose 43 cents, or 0.51 percent, to $84.74 a barrel by 1017 GMT. U.S. West Texas…


Russia Reducing Dollar Dependence by Relying on Chinese Yuan

Russia is easing its dependence on the U.S. dollar and quickly growing reliant on the Chinese yuan, which could turn out to be either a boon for Moscow or a substantial risk, experts warn. Over the last year, the Russian economy has been restricted from Western financial networks and has faced economic and political sanctions…


Oil Rises on China Growth Optimism

LONDON—Oil prices rose on Tuesday, erasing the previous session’s losses, as Optimism for a solid economic rebound in China offset worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy. Brent crude futures for April, due to expire on Tuesday, were up by 87 cents, or 1.1 percent, to $83.32…


Oil Rises on Russian Supply Jitters

LONDON—Oil prices edged up in volatile trade on Monday, as Russia halted exports to Poland via a key pipeline ahead of a hefty supply cut announced for March, but a stronger dollar and fears of recession capped gains. West Texas Intermediate U.S. crude futures (WTI) traded at $76.68 a barrel, 36 cents, or 0.5 percent…


Russia Halts Pipeline Oil Supplies to Poland, PKN Orlen Says

WARSAW—Russia has halted supplies of oil to Poland via the Druzhba pipeline, the chief executive of Polish refiner PKN Orlen said on Saturday, adding that the company would tap alternative sources to plug the gap. The halt in supplies via the pipeline—which has been exempted from EU sanctions imposed on Russia following its full-scale invasion…


Oil Gains as Russian Output Cuts Offset Rising US Inventories

LONDON—Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity. Brent crude futures rose 89 cents, or 1.1 percent, to $83.10 per barrel by 1042 GMT. On the anniversary of Russia’s invasion of Ukraine,…