Tag: oil prices

Oil prices gain on US trade optimism, drop in crude inventories

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LONDON: Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. “The U.S. crude inventory draw and the trade efforts are adding some support to prices,” said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the…

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Oil steadies near three-week high on signs of tighter supply

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Oil falls

LONDON: Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed. Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate crude futures climbed 12 cents, also 0.2%, to $68.57. Higher crude imports by China and expectations around U.S. President Donald Trump’s announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. “There is still a perceived tightness…

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Furnace Oil Levies to Slash Local Demand, Boost Exports: Analysts

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KARACHI: The government’s decision to impose petroleum and carbon levies on furnace oil (FO) from July 1 is likely to reduce domestic consumption and push refiners toward exports, according to market analysts. For the first time, a combined levy of Rs79.5 per litre—comprising Rs77 in Petroleum Levy (PL) and Rs2.5 in Carbon Levy (CL)—will be imposed on FO. The move is aimed at discouraging fossil fuel use and generating revenue for green energy initiatives, with the government expecting to collect Rs75 billion in the upcoming fiscal year. Analysts predict the…

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Oil jumps over 7% after Israel strikes Iran

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Oil falls

HOUSTON: Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday’s gains were the largest intraday…

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Oil up on hopes of positive US-China trade talks

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Oil falls

NEW YORK: Oil prices edged up 1% to a seven-week high on Tuesday on hopes trade talks between the US and China – the world’s two biggest economies – will result in a deal that could support global economic growth and boost oil demand. Brent crude futures rose 81 cents, or 1.2%, to $67.85 a barrel by 11:22 a.m. EDT (1522 GMT), while US West Texas Intermediate crude rose 83 cents, or 1.3%, to $66.12. Those gains pushed both crude benchmarks into technically overbought territory for the first time since…

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