LONDON—Oil prices rose modestly in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand. Brent crude futures were up 41 cents, or 0.4 percent, at $102.73 a barrel at 1117 GMT, while U.S. West Texas Intermediate contracts were up 18 cents, or 0.2 percent, at $98.72 per barrel. Both…
Oil Rebounds on China Demand Concerns in See-Saw Trading
April 26, 2022
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European Union to Cut Russian Oil and Gas Imports to Zero by 2027
April 26, 2022
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A senior European Union official said Tuesday that the bloc plans to cut Russian oil and gas imports to zero by the end of 2027, with his remarks coming as EU leaders continue to deliberate on moves to accelerate reducing the region’s dependence on Russian energy. EU Economic Commissioner Paolo Gentiloni told Italian daily Il…
Oil Slides as Shanghai Lockdowns Stoke Demand Fears
LONDON—Oil slumped nearly 5 percent to its lowest in almost two weeks on Monday, extending last week’s decline as concern grew that prolonged COVID-19 lockdowns in Shanghai and potential increases to U.S. interest rates would hurt global growth and oil demand. “It seems that China is the elephant in the room,” said Jeffrey Halley, analyst…
Soyoil Surges to Record High as Indonesia Bans Palm Oil Exports
April 23, 2022
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LONDON—Soybean oil prices soared to a record high on Friday as Indonesia’s decision to effectively ban exports of palm oil heightened concerns about already depleted global supplies of alternative vegetable oils. The loss of shipments from Ukraine, the world’s top supplier of sunflower oil, and drought in the world’s top soybean oil exporter Argentina had…
Oil Extends Losses on Growth Concerns and Shanghai Lockdown
LONDON—Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates, and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply. The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve…
CNOOC Has Monster Shanghai Debut, Chinese Oil Giant To Leave US, UK Projects
April 22, 2022
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China National Offshore Oil Corporation, or CNOOC, soared as much as 44 percent in its debut on the Shanghai Stock Exchange on Thursday. After hitting the daily upper limit, trading was suspended amid enormous fluctuation. The stock pared its gains to end the session up 28 percent. Investors jumped at the first opportunity to gain…
Oil Rises as Investors Focus on Lower Supply From Russia, Libya
April 21, 2022
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LONDON—Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market. Brent crude futures rose $1.13, or 1.1 percent, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 81…
Oil Rebounds as Supply Concerns Dominate
LONDON—Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses. Brent crude futures rose $1.46, or 1.4 percent, to $108.71 a barrel by 1139 GMT. The front-month WTI crude futures contract, which expires on Wednesday,…
Oil Could Surge to $185 a Barrel If EU Bans Russian Crude: JPMorgan
April 20, 2022
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Analysts at JPMorgan have warned that a full and immediate ban on Russian oil imports into the European Union could drive the price of crude up to $185 per barrel. Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan, said in a note cited by Bloomberg that if the E.U. decides to expand its limited embargo…
Halliburton’s Profit Jumps, Outlook Improves as Drilling Activity Increases
Oilfield services firm Halliburton Co. on Tuesday posted an 85 percent rise in first-quarter adjusted profit and raised its forecast for customer spending in North America as a rally in oil and gas prices boosted demand. Halliburton said it anticipates North American spending to grow by 35 percent this year due to stronger activity and inflation, revising…
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