Oil company BP on Wednesday confirmed that two of its staff were killed after sustaining injuries in a fire at a refinery in Oregon, Ohio. The plant was forced to shut down and remained offline as of Wednesday, officials said. “It is with deep sadness we report that two BP staff injured in a fire…
Oil Refinery in Ohio That Provides Gas for Midwest ‘Shut Down’ After Fire
Oil Prices Surge as Putin Mobilizes More Troops
September 21, 2022
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LONDON—Oil jumped nearly 3 percent on Wednesday after Russian President Vladimir Putin announced a partial military mobilization, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.26, or 2.5 percent, to $92.88 a barrel by 1051 GMT. U.S. West Texas Intermediate crude was at $86.09 a…
Russia’s Surging Oil Exports to China in August Fail to Keep Saudis Down: Data
September 20, 2022
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SINGAPORE—China’s crude oil imports from Russia in August surged 28 percent from a year earlier, official data showed on Tuesday, but it handed back its top supplier ranking to Saudi Arabia for the first time in four months. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments…
Oil Prices Up but Expected Fed Rate Hike Paints Bearish Picture
September 20, 2022
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LONDON—Oil prices ticked up on Tuesday as OPEC and its allies keep producing less than their quotas, but were headed for a fourth monthly decline ahead of an expected further U.S. interest rate hike which may curb economic growth and fuel demand. Brent crude futures for November settlement were up 41 cents, or 0.5 percent,…
Brent Crude Falls 3 Percent on Demand Concerns, Strong Dollar
September 15, 2022
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LONDON—Brent crude oil fell 3 percent on Thursday as expectations of weaker demand and a strong U.S. dollar ahead of a potentially large interest rate increase outweighed supply concerns. The International Energy Agency said this week oil demand growth would grind to a halt in the fourth quarter. The dollar held near recent peaks, supported…
Oil Rises 2 Percent on Supply Concerns, Expectations for Fuel Switching
September 14, 2022
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NEW YORK—Oil rose about 2 percent on Wednesday, rebounding from the previous day’s lows, as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy. Brent crude futures rose by $1.86 a barrel, or 2 percent, to $95.03 by 11:58 a.m….
Oil Slips After Bearish US Economic Data
September 13, 2022
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LONDON—Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude was down 80 cents, or 0.9 percent, to $93.20 a barrel at 1254 GMT, while WTI crude fell 77 cents, or…
Oil Prices Rise as Supply Uncertainty Mounts
September 12, 2022
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LONDON—Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand. Brent crude futures rose 88 cents, or 1 percent, to $93.72 a barrel by 1100 GMT. U.S. West Texas Intermediate crude was up 69 cents,…
Oil Supported by Supply Threats yet Still Set for Weekly Drop on Demand Fears
September 9, 2022
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LONDON—Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook. Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and…
Oil Prices Fall Further as China Extends COVID-19 Curbs
September 8, 2022
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LONDON—Oil prices fell on Thursday, extending sharp losses from the previous session, as China’s extension of lockdown measures to curb the COVID-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand. Brent crude futures lost 40 cents, or 0.4 percent, to $87.60 per barrel by 1002 GMT, near a late-January…
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