SHARM EL SHEIKH, Egypt—The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ energy policies. Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce…
Oil Jumps by 3 Percent as China Eases COVID-19 Curbs
November 11, 2022
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LONDON—Oil prices jumped by about 3 percent on Friday after health authorities in China, the top global crude importer, eased some of the country’s heavy COVID-19 curbs. Brent crude futures rose $2.86, or 3.1 percent, to $96.53 a barrel by 1145 GMT, extending a 1.1 percent rise in the previous session. U.S. West Texas Intermediate…
Oil Prices Dip on China COVID-19 Worries
November 9, 2022
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LONDON—Oil prices slipped on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand. Brent crude futures fell 74 cents, or 0.7 percent, to $94.62 a barrel by 1201 GMT, while U.S. West Texas Intermediate…
Oil Prices Dip on China Demand Worries
November 8, 2022
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LONDON—Oil prices slipped on Tuesday as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand. Brent crude fell 84 cents, or 0.9 percent, to $97.08 a barrel by 1006 GMT while U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1 percent, to $90.83. Both benchmarks…
Oil Stable Below $100/bbl as Market Balances Chinese Data
November 7, 2022
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LONDON—Oil prices were stable on Monday, hovering close to $100 a barrel as support from a weaker dollar and recovering Chinese crude imports met renewed demand concerns linked to China’s stringent COVID-19 containment approach. Brent crude futures rose by 6 cents, or 0.06 percent to $98.63 a barrel at 1026 GMT. U.S. West Texas Intermediate…
US Sells Last Batch of Emergency Reserve Oil From Historic Release
November 4, 2022
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WASHINGTON—The U.S. Department of Energy on Thursday said it sold 15 million barrels of oil from the Strategic Petroleum Reserve to six companies, completing the last batch of the largest-ever release from the stockpile announced by President Joe Biden in March. The contracts were awarded to Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell…
Oil Climbs 3 Percent as Dollar Slips and EU Ban Looms
November 4, 2022
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LONDONO—Oil rose by more than 3 percent on Friday as the dollar eased, with an EU ban on Russian oil looming large. Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48 percent, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2 percent….
Biden’s Windfall Profits Tax Pledge Resembles Carter Administration Policy, Critics Say
President Joe Biden’s pledge to impose a Crude Oil Windfall Profits Tax on U.S. oil and natural gas companies if they don’t increase production to “bring down gas prices” is another failed Democratic policy, critics, including a former Treasury Secretary, argue. In a speech one week before midterm elections, Biden said the companies have “a…
Oil Falls as Fed Rate Hike Raises Fuel Demand Concerns
November 3, 2022
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LONDON—Oil slipped on Thursday as an increase to U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand, though losses were capped by concern over tight supply. Brent crude dropped by $1.19, or 1.2 percent, to $94.97 a barrel by 1135 GMT while U.S. West Texas…
Oil Prices Slip Ahead of Fed, US Crude Stockpiles Seen Falling
November 2, 2022
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LONDON—Oil prices slipped on Wednesday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels. Brent crude dipped 56 cents, or 0.6 percent, to $94.09 a barrel by 1027 GMT, while U.S. West Texas Intermediate (WTI)…
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