Oil Storage

Crude oil fell early in Asian trading on Monday as investors reduced their expectations of demand growth due to the ongoing US-China trade war. Brent crude futures dropped by 25 cents or 0.4% to $65.61 a barrel at 0024 GMT. U.S. West Texas Intermediate Crude Futures fell 18 cents or 0.3% to $61.87 per barrel. Both benchmarks dropped more than $1 Monday. A majority of economists surveyed said that President Donald Trump’s efforts to reshape the world’s trade by imposing tariffs against all U.S. imported goods has increased the risk that this year’s global recession will be a reality. China,...

The oil prices fell 3% on Tuesday as sources claimed that OPEC+ was considering accelerating their output increases for June. However, losses were reduced following a report stating that U.S. president Donald Trump could reduce tariffs on Chinese imports. Brent crude futures fell $1.92 or 2.85% to $65.52 at 1:42 pm EDT (1742 GMT), while U.S. West Texas intermediate crude dropped $1.99 or 3.13% to $61.68. Three sources familiar with OPEC+ discussions said that several OPEC+ members would suggest to the group that it increase oil production for a second month consecutive in June. Recent tensions have arisen among OPEC+...

Three sources said that the U.S. Department of Energy's statistics division is likely to lose more than 100 employees following the latest round of resignations offered by the Trump Administration. This puts at risk the world's most closely followed energy reports, they added. Energy Information Administration (EIA) publishes data weekly, monthly, and annually on crude and fuel stocks, oil and gas production, and price forecasts. These are used as indicators by energy companies and traders to determine supply and demand. These reports can have a significant impact on global oil prices. Two sources stated that the EIA had about 350...

The oil price dropped to its lowest level in over four years on the back of a rising demand outlook, fueled by a escalating trade war between China and the U.S., the two largest economies on the planet, as well as a looming supply outlook. Brent futures fell $2.38 or 3.79% to $60.44 per barrel at 0423 GMT. U.S. West Texas Intermediate Crude Futures dropped $2.46 or 4.13% to $57.12. Both contracts reached their lowest levels since February 2021. Brent spreads over six months The spread fell to 79 cents - its lowest level since the middle of November -...

Oil prices dropped over 1% Friday and are on track to have the worst week for months due to U.S. president Donald Trump's tariffs. This has stoked fears that a trade war around the world could harm oil demand. Brent futures dropped 76 cents a barrel to $69.38 by 0532 GMT. U.S. West Texas intermediate crude futures declined 78 cents or 0.5% to $66.13. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The impact of Trump's highly anticipated announcement on tariffs was felt more in other...

Oil prices continued to fall in early Asian trading on Friday. They were on course for their worst week in several months due to U.S. president Donald Trump's tariffs. This stoked concerns about a possible global trade war, which could impact oil demand. Brent futures were down 31 cents or 0.4% to $69.83 per barrel at 0157 GMT. U.S. West Texas Intermediate Crude Futures fell 32 cents or 0.5% to $66.63. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The Organisation of Petroleum Exporting Countries (OPEC+),...

The oil prices were stable in a thinly traded session on Wednesday, after dropping in the previous trading session. This was due to concerns that new U.S. Tariffs, which are set to be announced at 2000 GMT on Thursday, could deepen a trade war globally and limit crude demand. Brent futures rose 1 cent to $74.50 per barrel at 0346 GMT, after falling 0.4% on the previous day. U.S. West Texas Intermediate Crude Futures gained 3 cents to reach $71.23 following a 0.4% drop. Prices reached their highest level in five weeks Monday. The White House confirmed Tuesday that President...

The oil prices were stable on Wednesday, after falling the previous day on fears that new U.S. trade tariffs to be announced later in the session could deepen a worldwide trade war and limit crude demand. Brent futures fell 2 cents, to $74.47 per barrel at 0016 GMT on Wednesday after falling 0.4% Tuesday. U.S. West Texas Intermediate Crude Futures rose 1 cent to $71.21 following a 0.4% drop. On Monday, prices rose to the highest level in five weeks. The White House confirmed on Tuesday that President Donald Trump would impose new trade barriers on Wednesday. However, it did...

The price of oil rose slightly on Tuesday, after U.S. president Donald Trump threatened to impose secondary duties on Russian crude as well as attack Iran. However, concerns about the impact of trade wars on global economic growth limited gains. Brent futures rose by 16 cents or 0.2% to $74.93 a bar at 0330 GMT. U.S. West Texas intermediate crude futures climbed by 13 cents or 0.2% to $71.61. A day earlier, the contracts had settled at a five-week high. Market participants are pricing in the risk of tighter oil supply due to U.S. threats to impose secondary tariffs on...

The oil prices fell slightly on Tuesday, as concerns over the impact of a global trade war on growth trumped fears about the supply being affected by threats from U.S. president Donald Trump to impose second-tier tariffs on Russian crude or bomb Iran. Brent futures fell 10 cents or 0.1% to $74.67 per barrel at 0013 GMT. U.S. West Texas intermediate crude futures dropped 11 cents or 0.1% to settle at $71.37 after reaching five-week highs the day before. In March, a poll of 49 economists & analysts predicted that oil prices will remain under pressure due to U.S. Tariffs...

The price of oil rose on Wednesday morning in the early Asia trading on fears that supplies would be tighter after U.S. president Donald Trump threatened to impose tariffs on countries importing gas and oil from Venezuela, and after U.S. inventories dropped more than expected. Brent crude futures increased 25 cents (0.3%) to $73.27 per barrel at 1214 GMT. U.S. West Texas Intermediate Crude futures increased 28 cents (0.4%) to $69.28 per barrel. Trump signed on Monday an executive order allowing his administration to impose a 25% blanket tariff under the 1977 International Emergency Economic Powers Act for imports coming...

Oil prices fell on Wednesday, after Russia accepted the proposal of U.S. president Donald Trump that Moscow and Kyiv temporarily cease attacking each other's infrastructure. Analysts say this could pave the path for Russian oil to eventually enter global markets. Brent crude futures fell 11 cents or 0.16% to $69.97 per barrel at 1130 GMT. U.S. West Texas Intermediate (WTI), which is also known as WTI, was down 12 cents or 0.18% at $66.78. On Tuesday, Russian President Vladimir Putin agreed to stop attacking Ukrainian power plants but did not endorse a 30-day ceasefire as Trump had hoped. Ashley Kelty,...

Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks...

Early trading on Thursday saw oil prices rise on the back of a drop in U.S. gasoline inventories, and an increase in tensions in Middle East. Brent crude futures gained 40 cents or 0.57% to $71.18 a bar by 0213 GMT. U.S. West Texas Intermediate Crude (WTI), however, rose 34 cents or 0.51% to $67.50. Prices rose after U.S. data revealed a greater-than-expected decline in distillate stocks for the last week. Last week, distillate inventories (which include diesel and heating oils) fell by 2.8 millions barrels, which was more than the 300,00-barrel decline expected in a survey. The U.S. crude...

The oil prices fell on Thursday, after a day of highs. Worries about the impact that intensifying tariff wars will have on the global economy and energy demand overshadowed the positive sentiment resulting from the larger than expected drawdown in U.S. gasoline stocks. Brent futures dropped 7 cents or 0.1% to $70.88 per barrel at 0107 GMT. U.S. West Texas Intermediate crude oil futures declined 11 cents or 0.2% to $67.57 per barrel. Both benchmarks rallied about 2% on Wednesday as U.S. government data showed tighter-than-expected oil and fuel inventories. Energy Information Administration (EIA), data released on Wednesday, showed that...

The oil prices dropped on Thursday as a result of expectations that a possible peace agreement between Ukraine and Russia will end the sanctions that have disrupted supplies, while crude stocks in the United States grew. Brent futures fell 68 cents or 0.9% to $74.50 per barrel at 0515 GMT. U.S. West Texas Intermediate crude (WTI), however, dropped 65 cents or 0.9% to $70.72. Brent and WTI both fell by more than 2% after U.S. president Donald Trump claimed that Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskiy had expressed a wish for peace to him in separate telephone...

The oil prices continued to rise on Tuesday, amid fears over Russian and Iranian supply of oil and threats of sanctions. This was despite concerns that trade tariffs would dampen the global economy. Brent crude futures rose 55 cents (0.72%) to $76.42 a bar by 0717 GMT. U.S. West Texas Intermediate crude climbed 50 cents (0.69%) to $72.82. After three consecutive weeks of losses, both contracts saw gains in the previous session. "It is more financial driven, and the price means aversion than fundamental." Brent has gone from $80 per barrel in mid-January to $74 last week, so it's time...

Oil costs rose for a 2nd day on Thursday after a largerthanexpected decrease in U.S. crude oil stockpiles added to provide concerns stired by U.S. sanctions against Russian energy trade. Brent crude futures increased 30 cents, or 0.4%, to $ 82.33 per barrel by 0120 GMT, after increasing 2.6% to its greatest considering that July 26 in the previous session. U.S. West Texas Intermediate crude futures increased 32 cents, or 0.4%, to $ 80.36 a barrel after gaining 3.3% on Wednesday, reaching its greatest considering that July 19. Costs increased after the U.S. Energy Details Administration reported on Wednesday domestic...

Oil prices rose on Wednesday cutting losses from the previous day, as the focus reversed to possible supply disruptions from sanctions on Russian tankers, though gains were capped as the marketplace waited for more clarity on their impact. Brent crude futures edged up 11 cents, or 0.1%, to $ 80.03 a barrel by 0515 GMT, after dropping 1.4% in the previous session. U.S. West Texas Intermediate crude climbed 23 cents, or 0.3%, to $77.73 a barrel after a 1.6% decline. Prices slipped on Tuesday after the U.S. Energy Details Administration forecasted oil would come under pressure over the next two...

Oil costs rose in early Asian trade and were on track for a 3rd straight week of gains with icy conditions in parts of the United States and Europe increasing fuel demand for heating. Brent crude futures climbed 24 cents, or 0.3%, to $ 77.16 a barrel at 0138 GMT. U.S. West Texas Intermediate crude futures gained 26 cents, or 0.4%, to $74.18. Over the three weeks ending Jan. 10, Brent has advanced 5.9%. while WTI has leapt 6.9%. Experts at JPMorgan attributed the gains to growing concern. over supply disturbances due to tightening up sanctions, amid low. oil stockpiles,...

Oil rates rose on Friday, closing the week greater on the back of cold weather in Europe and the U.S. in addition to extra economic stimulus flagged by China. Brent unrefined futures settled 58 cents, or 0.8%,. higher at $76.51 a barrel, the highest level considering that Oct 14. U.S. West Texas Intermediate crude settled 83 cents, or 1.13%,. to $73.96, the highest level considering that Oct 11. Brent notched a 2.4% weekly gain, while WTI climbed up. nearly 5%. Indications of Chinese economic fragility increased expectations. of policy measures to enhance development worldwide's top oil. importer. China just is...

Oil costs pushed higher on Thursday, the first day of trade for 2025, as investors returning from holidays meticulously considered a healing in China's. economy and fuel demand following a promise by President Xi. Jinping to promote development. Brent unrefined futures increased 46 cents, or 0.6%, to. $ 75.10 a barrel by 0128 GMT after settling up 65 cents on. Tuesday, the last trading day for 2024. U.S. West Texas. Intermediate crude futures gained 49 cents, or 0.7%, to. $ 72.21 a barrel after closing 73 cents higher in the previous. session. China's Xi stated on Tuesday in his New...

Oil rates edged higher on Thursday in thin vacation trading, driven by hopes for extra fiscal stimulus in China, the world's most significant oil importer, while an anticipated decrease in U.S. unrefined stocks likewise supplied support. Brent unrefined futures increased 22 cents, or 0.3%, to $ 73.80 a barrel by 0450 GMT. U.S. West Texas Intermediate crude was at $70.34 a barrel, up 24 cents, or 0.3%, from Tuesday's pre-Christmas settlement. China prepares to improve fiscal support for usage next year by increasing pensions and medical insurance coverage subsidies for locals and broadening trade-ins for durable goods, according to a...

Oil costs were up on Tuesday in thin trade ahead of the Christmas Day vacation, with rates supported by U.S. financial data and rising oil demand in India, the world's thirdlargest oil importer. Brent unrefined futures were up 33 cents, or 0.45%, to $ 72.95 a barrel and U.S. West Texas Intermediate unrefined futures increased 29 cents, or 0.42%, to $69.53 a barrel at 0114 GMT. New orders for crucial U.S.-manufactured capital goods surged in November in the middle of strong demand for equipment, while brand-new home sales likewise rebounded in an indication that the U.S. economy is on a...