Day: September 9, 2022

Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s Covid-19 curbs weighed on demand. Brent crude futures rose 27 cents, or 0.3 per cent, to $89.42 a barrel by 0330 GMT. US West Texas Intermediate (WTI) crude futures climbed 15 cents, or 0.2pc, to $83.69. “I think the selloff in oil prices may come to a pause for now due to a…

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Countries are rushing to fill their underground facilities ahead of the winter season in a bid to prevent widespread industrial paralysis and more energy poverty. The need to store gas has become a national security priority in the wake of Russia’s war in Ukraine, with the possibility of a complete suspension of Russian flows looming over the EU.The indefinite shutdown of the Nord Stream 1 pipeline has only raised fears of an imminent worst-case scenario, driving prices further up. Governments are now going on a shopping spree to stock as…

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Crude prices edged up about 1% on Thursday after dropping to a seven-month low in the prior session after Russia threatened to halt oil and gas exports to some buyers. That price increase came despite a surprise build in U.S. crude inventories last week and concerns that China’s extension of COVID-19 lockdown measures would slow global economic activity and hit fuel demand. U.S. crude stockpiles surged by nearly 9 million barrels last week due to a combination of increased imports and ongoing releases from government emergency reserves, the Energy Information…

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