Category: Oil

US Fuelmakers More Than Recoup Pandemic Losses in 2022

U.S. oil refiner PBF Energy is closing out one of the best financial years in its history, a wild bounce back from the brink in April 2020 when fuel demand and gasoline prices cratered during the pandemic and the company’s value swooned lower than what it had just paid to buy a California refinery. PBF’s…


Oil Steadies After Early Decline as More Rate Hikes Loom

LONDON—Oil prices steadied on Thursday after early declines as the dollar firmed while the possibility of further increases to interest rates by central banks also heightened demand concerns. Brent crude futures rose 14 cents, or 0.2 percent, to $82.84 a barrel by 1055 GMT and U.S. crude futures added 1 cent to $77.29. Gains in…


Oil Prices up Amid Forecasts of 2023 Demand Uptick

LONDON—Oil prices rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation. Brent crude futures rose 76 cents, or 0.9 percent, to $81.44 per barrel by 1144 GMT, while U.S….


Oil Climbs on Supply Disruptions, Easing COVID-19 Restrictions in China

LONDON—Oil extended gains on Tuesday on supply disruptions and as COVID-19 restrictions eased in China, the world’s largest crude importer. Brent crude futures were up 64 cents, or 0.82 percent, to $78.63 per barrel by 1159 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 39 cents, or 0.53 percent, to $73.56. WTI hit…


Oil Resumes Slide as Weak Economy Outweighs Supply Risks

SINGAPORE/LONDON—Oil prices fell on Monday, deepening a multi-week decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut. Brent crude futures were down 38 cents, or 0.4 percent, at $75.72 a barrel by 0900 GMT. U.S. West…


Exxon, Chevron to Spend Billions More on Oil Projects Next Year

HOUSTON—The two largest U.S. oil companies—Exxon Mobil Corp. and Chevron Corp.—disclosed plans to increase outlays on energy projects next year amid high oil demand and prices. While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has…


Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate

Oil prices were stable on Friday, although both benchmarks headed for a weekly loss on worries over weak economic outlook in China, Europe, and the United States weighing on oil demand. Brent crude futures were at $76.20 a barrel, up 5 cent, at 1216 GMT. Brent hit a 2022 low this week. U.S. West Texas…


Oil Rebounds From 2022 Lows on China Demand Hopes, Tanker Delays

LONDON—Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect. China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since…


Oil Falls Close to 2022 Lows on Economic Worries, Easing Supply Fears

LONDON—Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes…


Russian Oil Sanctions Fuel Boom for Old Tankers

LONDON—The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping…