Crude Oil

Oil prices edged up on Tuesday, after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures.

Oil prices are set in dollars, so any rise in the currency makes barrels more expensive for importers using other currencies.

Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures.

BHP Group Ltd reported bumper profits on Tuesday on the back of gains in prices of coal and other commodities, and declined to rule out a second approach in its spurned $6 billion bid for OZ Minerals.

Oil prices dropped for a second session on Monday after the head of the world's top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S.

Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand.

Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.

Oil prices rose nearly 2% on Monday in volatile trading, bouncing off multi-month lows touched last week, as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.

Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.

Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia.

European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago.

Another EU official said the mooted compromise raised questions of fairness on the sanctions burden shouldered by member states.

Market gains have been capped, however, by concerns about China's efforts to crush COVID with lockdowns, even with Shanghai due to reopen on June 1.

Crude gains have been limited this week, with the Brent and U.S. benchmarks mostly trading in a range due to the uncertain path of demand.

Wall Street stock indexes fell on Monday and the dollar hit a two-decade high, making oil more expensive for holders of other currencies.

On Sunday, G7 nations pledged to ban or phase out Russian oil imports, and Washington imposed new sanctions against Gazprombank executives and other businesses.

Core inflation is actually seen rising by 0.4% in April, up from 0.3% the previous month, even as the annual pace dips a bit due to base effects.

Ignoring calls from Western nations to hike output more, OPEC+ agreed to raise June production by 432,000 barrels per day

Crude stocks fell by 3.5 million barrels for the week ended April 29

Oil prices have been volatile as Beijing has shown no sign of easing lockdown measures despite the impact on its economy and global supply chains.

Authorities in Beijing are continuing to crack down on COVID-19 outbreaks

On the supply side, U.S. energy firms added oil and natural gas rigs for a fifth straight week amid high prices and prodding by the government.

Russian oil production has continued to slide in April, declining by 7.5% in the first half of the month from March

Russia is the world's largest oil exporter and supplies more than 25 percent of the EU's crude

The loss of Russia's 5 million barrels could see oil prices double to $200 a barrel and lower economic growth globally.

Oil prices hit seven-year highs in January, with the main international crude contract, Brent, topping $90. Prices are now hovering under $90.

OPEC+'s next meeting has been fixed for February 2, when members will take stock of the fast-moving developments in the pandemic.

President Joe Biden appealed on the sidelines of the G20 summit in Rome over the weekend to OPEC to pump more.

Energy prices have hit multi-year highs in recent days, with oil above $80 a barrel, weighing on households.

The recent decision by OPEC and other major producers not to ramp up output has further strained global supplies.