Category: Oil

List of Global Sanctions Against Russia, the Impact on the Russian Economy, and Companies Fleeing the Country

November 22, 2022
Business & MarketseconomyEuropeGasInternationalOilRussiaRussia-Ukraine WarRussian economysanctionsThe United Statesthe WestWorld
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After Russia invaded Ukraine in late February, the Western world united to impose sanctions against Moscow in a bid to punish the country and force the government to pull back its forces. These sanctions have affected the Russian economy, with the country seeing a drop in imports and exports, as well as international firms shutting…

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Oil Rises as Saudi Comments Outweigh Recession Concerns

November 22, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising COVID-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA…

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Oil Prices Ease to Near 2-month Lows on China Demand Fears, Dollar Strength

November 21, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices slipped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices. Brent crude futures for January had slipped 51 cents, or 0.6 percent, to $87.11 a barrel by 1205 GMT….

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Oil Heads for 2nd Weekly Decline as Demand Concerns Weigh

November 18, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil gave up early gains on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve. China has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive U.S. rate hikes have been dented…

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Oil Falls on Easing Geopolitical Tensions, China Demand Worries

November 17, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil extended declines on Thursday as concerns over geopolitical tensions eased and as rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. Poland and NATO said on Wednesday a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine’s air defenses and not…

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Oil Prices Up After Incident Involving Vessel Off Oman Coast

November 16, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Wednesday, erasing earlier losses, after an incident involving a commercial vessel off the coast of Oman, but rising COVID-19 cases in China capped gains. Brent crude futures gained 65 cents, or 0.7 percent, to $94.51 a barrel by 0854 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 35 cents,…

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Oil Falls by Over $1 a Barrel on Chinese Demand Concerns

November 15, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by more than $1 a barrel on Tuesday as rising COVID-19 cases in China renewed fears of lower fuel consumption from the world’s top crude importer. Brent crude futures fell $1.07, or 1.15 percent, to $92.07 a barrel by 1005 GMT after settling 3 percent lower on Monday. U.S. West Texas Intermediate…

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Oil on the Ballot, Not Democracy

November 14, 2022
democracyinflationJoe BidenMidtermsOilOpinionThinking About China
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Commentary President Joe Biden claimed that democracy was on the ballot while speaking at Union Station in Washington on Nov. 2. “In a typical year, we are not often faced with the question of whether the vote we cast will preserve democracy or put it at risk. But we are this year.” The implication from…

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OPEC Cuts Oil Demand Growth Forecast Again as Economic Challenges Mount

November 14, 2022
Business & Marketseconomic policieseconomyenergyEuropeforecastGold and CommoditiesgrowthInternationalMarketsOilOPECWorld
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LONDON—OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6 percent, the Organization of the…

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Oil Falls $1 on China COVID-19 Surge and Firmer Dollar

November 14, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Monday, dragged down by a firmer U.S. dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Brent crude futures were down $1.01, or 1.1 percent, at $94.98 a barrel by 1030 GMT after gaining 1.1 percent on Friday….

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