The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest-ever sale from the reserve in 2022 of 180 million barrels to control fuel prices following Russia’s invasion of Ukraine. The US bought 3.5 million barrels from Exxon Mobil (XOM.N), opened a new tab, 2 million from Shell Trading […]
Brent crude futures for November rose 8 cents to $73.73 a barrel by 0015 GMT, while WTI crude futures for October declined 3 cents to $70.88 a barrel. The U.S. central bank cut interest rates by half a percentage point on Wednesday. Interest rate cuts typically boost economic activity and energy demand, but the market […]
Brent crude futures for November were up $1, or 1.4% at $71.61 a barrel at 0632 GMT. U.S. crude futures for October were up 92 cents, or 1.4%, at $68.23 a barrel. Both contracts rose by more than 2% in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut and […]
West Texas Intermediate crude futures rose $1, or 1.48%, to $68.67 a barrel by 0146 GMT. Brent crude futures were up 99 cents, or 1.39%, at $72.05 a barrel. Analysts said the bounce was partly a reaction to a potential hurricane in the U.S. Gulf Coast. A weather system in the southwestern Gulf of Mexico […]
Brent crude futures for November fell 37 cents, or 0.5%, to $73.38 by 0330 GMT, after the previous session’s fall of 4.9%. U.S. West Texas Intermediate crude futures for October were down 41 cents, or 0.6%, at $69.93, after dropping 4.4% on Tuesday. Both contracts fell to their lowest since December on signs of a […]
The Oil and Gas Regulatory Authority (OGRA) has sent a letter to the DG Oil Petroleum Division, revealing conflicts in oil stock figures. While refineries reported having 770,000 tons of diesel as of August 30, OGRA’s figures suggest actual reserves are 664,000 tons. Refineries claim reserves of 759,000 tons, but OGRA asserts that the accurate […]
Brent crude futures for October delivery, which expire on Friday, settled $1.14 lower, or 1.43%, at $78.80 a barrel, marking a decline of 0.3% for the week and 2.4% for the month. U.S. West Texas Intermediate crude futures settled down $2.36, or 3.11%, to $73.55, a drop of 1.7% in the week and a 3.6% […]
Brent crude futures climbed 37 cents, or 0.5%, to $79.39 a barrel by 2300 GMT while U.S. crude futures were at $75.19 a barrel, up 36 cents, or 0.5%. In one of the biggest clashes in more than 10 months of border warfare, Hezbollah fired hundreds of rockets and drones into Israel on Sunday, as […]
According to the Pakistan Petroleum Information Service, the country’s oil production has decreased by 24,000 barrels per day over the past 10 years. In 2015, the daily oil production was 94,500 barrels, which dropped to 70,500 barrels in 2024. Similarly, gas production has also seen a decline of 900 million cubic feet per day over […]
Brent crude futures gained 97 cents, or 1.27%, to $77.27 a barrel by 0354 GMT, while U.S. West Texas Intermediate crude futures climbed $1.14, or 1.56%, to $74.08. On Monday, both benchmarks fell about 1% against a backdrop of falling global stock markets. Oil’s slide was limited by mounting concerns that Iran, a key Middle […]
