oil prices

The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec.

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 dropped on Monday, extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand.

Top Western energy companies are expected to unleash billions in returns to shareholders when they announce what is set be a second-straight quarter of record-breaking profits, lifted by stellar refining margins and high oil and gas prices.

Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped, as traders balanced supply concerns against worries about a recession or China's COVID-19 curbs hitting demand.

The government insists it has already cut fuel duty once, and is offering other financial support for the public, while blaming Russia for igniting the rapid rise in energy prices.

Oil prices fell in early Asian trade on Monday, paring gains from the previous session as fears of global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb.

OPEC's oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members' active rigs posted a modest rebound and new completed wells declined, data from the group showed.

The North Sea's biggest oil and gas producer, Harbour Energy, has told the British government that Britain's planned windfall tax on the energy sector will shrink the company's investment in the country.

Global airlines are grappling with a double whammy from the rare combination of a strong U.S.

Sanctioned Russia becomes China's main source of oil

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

"The focus in oil markets is on the EU summit taking place next week, at which another attempt will be made to agree on an EU-wide embargo on Russian oil,"

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.

Since November, authorities have unrolled a bewildering array of policy measures including subsidies, export permits and a palm oil levy as well as export bans.

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

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

OPEC said inflation was the major factor impacting the world economy and lowered this year's economic growth forecast

The trade sanctions imposed by western nations along with the European Union on Russia for its invasion of Ukraine have meant that one of the biggest oil and gas exporters is now left with additional stocks of the two resources with nowhere to send them to.

Investors were sent running after Putin recognised the independence of two rebel-held areas of Donetsk and Lugansk.

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.