Oil prices climbed on Tuesday, extending gains triggered during the previous session after the OPEC+ oil producing consortium decided not to ramp up crude production above a trickle despite international calls for a sharper boost. Brent crude was up by 23 cents or 0.3 percent at $81.60 a barrel by 5:29 a.m. New York time,…
Efforts Underway by Land and Sea to Clean Oil Spill Off Huntington Beach
HUNTINGTON BEACH, Calif.—Efforts continued around Huntington Beach Oct. 4 to clean up a massive oil spill from an offshore rig that threatened the lives of fish, birds, and other ocean wildlife, and threatened to keep visitors from enjoying the area for weeks or months. The U.S. Coast Guard was leading the response to the spill,…
OPEC+ Sticks to Plan for Gradual Output Hike, Oil Price Roars Higher
October 4, 2021
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LONDON―OPEC+ said on Monday it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic. The Organization of the Petroleum Exporting Countries, Russia, and allies, known as OPEC+, have…
Oil Steady Ahead of OPEC+ Supply Policy Meeting
October 4, 2021
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LONDON—Oil was steady on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained. Brent crude was down 6 cents or 0.1 percent at $79.22 per barrel by 0935 GMT. It rose 1.5…
Oil Slips to $78 as Sources Say OPEC+ Weighs Further Output Hike
October 1, 2021
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LONDON—Oil fell to around $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Four…
Oil Shrugs Off Higher US Crude Stocks, Strong Dollar
September 30, 2021
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LONDON—Oil prices held steady on Thursday after rising above $80 a barrel this week, shrugging off bearish factors such as rising U.S. crude oil inventories and a strong dollar amid consensus that a supply deficit will stay for coming months. Brent crude for November delivery was up 21 cents at $78.85 a barrel by 0856…
Oil Climbs for Sixth Day on Supply Concerns, Brent Tops $80
September 28, 2021
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TOKYO—Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural gas (LNG) and coal also lent support. Brent crude futures gained $1.05, or 1.3 percent, to $80.58 a barrel at 0645 GMT, after reaching its highest since October 2018 at $80.75 earlier…
Oil Shares Lead Charge as Crude Hits New 3-Year Highs
September 27, 2021
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LONDON—World shares rose on Monday, led by sharp gains in energy shares as crude oil prices soared to three-year highs of almost $80 a barrel while European stocks firmed after Germany’s election results ruled out chances of a purely left-wing coalition. Stock markets benefited too from an ostensible easing in Sino–U.S. tensions and Chinese authorities’…
APPEC: Global Oil Demand Seen Reaching Pre-Pandemic Levels by Early 2022
September 27, 2021
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Global oil demand is expected to reach pre-pandemic levels by early next year as the economy recovers, although spare refining capacity could weigh on the outlook, producers and traders said at an industry conference on Monday. The outlook is in line with a bullish forecast from the Organization of the Petroleum Exporting Countries (OPEC), but…
Oil Gains for Fifth Day Amid Supply Constraints
September 27, 2021
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TOKYO—Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up 92 cents or 1.2 percent at $79.01 a barrel by 0208 GMT, having risen a third consecutive week…
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