OPEC+ increase in oil prices will halt production growth

MELBOURNE: Oil prices climbed on Tuesday, extending a rebound from last week’s fall on rising hopes major producers halted plans to add crude supplies in January amid uncertainty over the severity of the Omicron coronavirus outbreak. US West Texas Intermediate (WTI) crude futures jumped 99 cents, or 1.4 per cent, to $70.94 a barrel by … Read more

Oil recovers from Friday, Omicron focuses on spread, Iran talks

TOKYO: Oil prices edged higher on Monday, recovering some losses after plunging nearly $10 a barrel on Friday, as investors looked for a bargain, but Omicron remained focused on the coronavirus pandemic and Iran nuclear deal talks. Be careful with Brent crude futures were up $3.05, or 4.2 per cent, at $75.77 a barrel by … Read more

Brent dips below $80 as investors wary of new eds, Q1 surplus

SINGAPORE: Brent fell nearly 4% below $80 a barrel on Friday as a new COVID-19 variant spooked investors, adding to concerns that the release of crude by the United States and others follows the Global supply surplus may increase in Q1. , Oil fell along with other financial markets on fears that the new version … Read more

Stock slips, haven rally as new COVID-19 variant scares investors

SYDNEY: Asian stocks suffered their sharpest fall in two months on Friday after a new and possibly vaccine-resistant coronavirus variant was detected, prompting investors to point to the safety of bonds, the yen and the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, the sharpest decline since September. Casino and beverage stocks … Read more

Goldman Sachs says global oil reserves issue ‘a drop in the sea’

SINGAPORE: Analysts at Goldman Sachs said a coordinated release from government oil reserves led by the United States could deliver about 70 million to 80 million barrels of crude oil, more than the 100 million barrels the market is pricing in. . “On our pricing model, such a release would cost less than $2/bbl, which … Read more

Saudi keeps top oil supplier to China in October: Customs data

Saudi Arabia maintained its position as the biggest supplier of crude to China for the 11th month in a row in October, up 19.5% in volume from a year earlier, customs data showed on Sunday. Saudi oil arrivals totaled 7.1 million tonnes, or 1.67 million barrels per day (bpd), data from the General Administration of … Read more

Oil rises nearly 1% after OPEC+ supply halt

TOKYO: Oil prices rose nearly 1% on Friday after OPEC+ producers turned down US calls to increase supplies and instead maintained plans for a gradual return to output halted by the pandemic. Brent crude rose 72 cents, or 0.9%, to $81.26 a barrel after falling nearly 2% on Thursday. US oil rose 78 cents, or … Read more