Category: Oil

Trump-Era Trends Could Have Yielded 850 Million More Barrels Under Biden: Expert

The United States is producing millions fewer barrels of oil per day—and hundreds of millions fewer in total—than it could have if it had matched trends under President Trump, according to testimony from an energy expert before the House of Representatives. “Had the Biden administration simply mirrored the Trump administration’s production growth rate, daily oil…


Trump-Era Oil Trends Could Have Produced 850 Million More Barrels Under Biden: Expert

The United States is producing millions fewer barrels of oil per day—and hundreds of millions fewer in total—than it could have if it had matched trends under President Trump, according to testimony from an energy expert before the House of Representatives. “Had the Biden administration simply mirrored the Trump administration’s production growth rate, daily oil…


Oil Rises on US Crude Draw, Iraqi Supply Risks

LONDON—Oil prices rose on Thursday on a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq’s Kurdistan region. Brent crude futures rose 40 cents, or 0.51 percent, to $78.68 a barrel at 0926 GMT, while West Texas Intermediate crude rose 52 cents, or 0.71 percent, to $73.49 a barrel. U.S. crude…


Oil Gains for 3rd Day on Kurdish Supply Concern, Easing Banking Fears

LONDON—Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and as easing fears of a global banking crisis supported risk sentiment in the wider markets. Crude exports of 450,000 barrels per day (bpd) from Iraq’s semi-autonomous northern Kurdistan region were halted on…


Oil Extends Gains on Kurdish Supply Risks, Banking Relief

LONDON—Crude prices firmed on Tuesday, extending sharp gains from the previous session amid supply disruption risks from Iraqi Kurdistan and hopes that turmoil in banking is being contained. Brent crude futures gained 61 cents, 0.8 percent, to $78.73 a barrel by 1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or 0.7 percent,…


Oil Gains Some Ground as Investors Assess Banks, Russia

LONDON—Oil prices rose on Monday as investors assessed efforts by authorities to rein in concerns over the global banking system while Russian President Vladimir Putin’s plans to place tactical nuclear weapons in Belarus ratcheted up tensions in Europe. Brent crude futures were up 30 cents, or 0.4 percent, to $75.29 a barrel at 0900 GMT….


Oil Falls as US Holds Off Refilling Strategic Reserve

Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude fell 34 cents, or 0.45 percent, to $75.57 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 32 cents,…


Oil Down After Fed Comments, US Crude Stock Build

LONDON—Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled. Brent crude futures were down 54 cents, or 0.7 percent, to $76.15 a barrel at 0929 GMT, while U.S….


Oil Slips on Demand Fears, Market Awaits Fed Decision

LONDON—Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve. Brent crude futures, which have risen by almost 3 percent this week, were down 30 cents, or 0.40 percent, at $75.02 a barrel at 1026 GMT. U.S. West…


Oil Rises for 2nd Day as Banking Fears Ease for Now

LONDON—Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and reduce fuel demand. Sentiment across financial markets has improved after the UBS takeover of Credit Suisse, announced on Sunday, and after…