Category: highlights

Oil rises on supply concerns as market awaits clarity on sanctions

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NEW YORK: Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the US, while the market awaits clarity on sanctions as the US attempts to broker a deal to end the war in Ukraine. Brent futures were up 65 cents, or 0.9%, at $76.49 a barrel by 10:38 a.m. EST (1538 GMT), while US West Texas Intermediate (WTI) crude rose 89 cents, or 1.2%, to $72.74. That puts both crude benchmarks on track for their highest closes since February 11.…

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Oil prices steady as market eyes Russia-Ukraine peace deal

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SINGAPORE: Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows. Brent crude futures dipped 1 cent at $74.73 a barrel at 0740 GMT, while US West Texas Intermediate crude was down 7 cents at $70.67 a barrel. The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine. “If negotiations lead…

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OPEC takes long-term view of global oil markets, aims for stability

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NEW DELHI: Decisions from oil producer group OPEC+ take a long-term view of the global markets and are aimed at providing price stability, Secretary General Haitham Al-Ghais said at the India Energy Week conference on Tuesday. The comments came after U.S. President Donald Trump repeatedly called on the producer group to increase oil production to help reduce prices. Iran urges OPEC to unite against potential US oil sanctions The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said earlier this month that it remained…

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Oil prices advance despite concern over more US tariffs

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LONDON: Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald Trump’s latest tariff plans, this time targeting steel and aluminium. Brent crude futures were up $1.05, or 1.4%, at $75.71 a barrel by 1301 GMT. U.S. West Texas Intermediate crude added 1.5%, also rising $1.05 to $72.05. Monday’s gains could be down to bargain hunting after the market posted a third consecutive weekly decline last week, pressured by the concerns over global trade. “It’s tariff uncertainty which is the name of…

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