oil prices

Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains.

Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices.

In Maracaibo, the once wealthy Venezuelan oil city, two innovators are trying to push a new trend: small electric and solar-powered cars that offer an alternative for people fed up with regular fuel shortages and long lines as the gas station.

Oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.

Oil prices slipped early on Tuesday, paring the previous session's 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market's recent slide.

Oil firms operating in Kurdistan have asked the United States to help defuse an upsurge in tension between Iraq's central government and the semi-autonomous region, according to a letter seen by Reuters and three sources.

Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.

Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth "for some time".

Oil prices rose in early trade on Friday on signs of improving fuel demand, though gains were capped as the market awaited clues from the U.S.

Ever since Exxon Mobil found vast deposits of oil off Guyana's coastline in 2015, government leaders have pledged that black gold would transform the fortunes of one of South America's poorest countries.

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 fell on Monday, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.

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.

Stock markets struggled for direction on Tuesday as they grappled with worries over global growth, following weak Chinese and U.S.

Oil prices extended losses Tuesday after weak US and Chinese data reinforced recession expectations.

US oil futures dropped nearly three percent to finish below $90 a barrel.

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 on Friday as recession fears clouded the demand outlook yet remained on track for a weekly rise.

OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.

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

At an industrial yard in southwestern Norway, decommissioned oil platforms are slowly being dismantled for a second life in the circular economy.

Russian oil flows halted to parts of Europe should resume after Hungarian group MOL paid transit fees owed to Ukraine.

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 dropped over $1 a barrel on Tuesday, approaching a multi-month low hit last week.

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.

The West's energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices.

Net profit hit $9.3 billion in the three months to June -- a threefold increase from the same period last year, the company said in a results statement.

Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply.

Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.