LONDON—Oil rose to nearly $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery. A lack of capacity in some countries has meant that supply additions by the Organization of the Petroleum Exporting Countries (OPEC) are…
Public Group Wants Role in Talks Over Probe Into Alleged ATCO Illegalities
EDMONTON—A group representing residential power consumers wants a seat at any discussions involving alleged illegal behaviour by one of Alberta’s main power providers and is asking the regulator to release all information involving ATCO’s actions. Jim Wachowich, lawyer for the Consumers’ Coalition of Alberta, said ATCO is trying to “deflect attention” by keeping the matter…
Oil Prices Edge up on Kazakhstan, Libyan Supply Worries
LONDON—Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent crude rose 19 cents, or 0.2 percent, to $81.94 a barrel at 1006 GMT, and U.S. West Texas Intermediate (WTI) crude was up 20 cents, or 0.3 percent, at $79.10…
More Than Oil: China Expands Its Influence in the Middle East
News Analysis As the world’s largest energy importer, the Middle East engages with China through infrastructure investment and trade, as well as nuclear development, in exchange for oil and international political support. Over the past decade the United States has shifted its focus away from the Middle East, concentrating more on China. Ironically, this has…
Oil Price Rises as Kazakh Turmoil Adds to Supply Worries
LONDON—Oil prices rose and were heading for their biggest weekly gains since mid-December on Friday as unrest in Kazakhstan and outages in Libya fuelled concerns over supply. Brent crude climbed 76 cents, or 0.9 percent, to $82.75 a barrel at 0939 GMT. U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1 percent, to…
Oil Extends Rally on Kazakhstan Unrest, Libyan Outages
LONDON—Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. The global benchmark Brent crude futures rose $1.09, or 1.4 percent, to $81.89 a barrel, by 1054 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.17, or 1.5…
Oil Slips Below $80 After OPEC+ Output Hike Decision
LONDON—Oil prices slipped below $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. Brent crude futures were down 18 cents, or 0.23 percent, to $79.82 a barrel by 0945 GMT, while…
Oil Prices Steady Ahead of OPEC+ Meeting
LONDON—Oil prices were largely steady on Tuesday as investors expected major producers to agree to stick to their planned output increase at their meeting later in the day amid diminishing concerns over the spread of the Omicron variant of COVID-19. Brent crude was up 22 cents, or 0.3 percent, at $79.20 a barrel at 0939…
Oil Rises Above $78 on Optimism About 2022 Outlook
LONDON—Oil rose above $78 a barrel on Monday, supported by tight supply and hopes of a further demand recovery in 2022. OPEC and its allies, or OPEC+, are expected on Tuesday to agree to the output hike. The Omicron coronavirus variant has brought record case counts and dampened New Year festivities worldwide, with more than…
Oil Starts 2022 With Rally Towards $79 as Omicron Impact Concerns Ease
LONDON—Oil rose towards $79 a barrel on Monday supported by tight supply and hopes of further demand recovery in 2022 spurred in part by a view that the Omicron coronavirus variant is unlikely to significantly dampen the outlook. Libyan oil output will be cut by 200,000 barrels per day for a week due to pipeline…
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