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Oil prices settled around $3 lower on Monday, dragged down by a firmer U.S. dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Brent crude futures settled down $2.85, or 3%, at $93.14 a barrel after gaining 1.1% on Friday. WTI crude futures settled down $3.09, or 3.47%, to $85.87 after advancing 2.9% on Friday. On Friday, commodities prices rallied after China’s National Health Commission adjusted its COVID-19 prevention and control measures to shorten quarantine times for close contacts of cases and inbound travellers. But COVID-19 cases climbed in China over the weekend, with Beijing and other big cities on Monday reporting record infections. “The surge in COVID cases will only lead to more lockdowns in the near term … for now China is not a source of bullish support for the petroleum complex,” said John Kilduff, partner at Again Capital LLC in New York. The U.S. dollar also rose against the euro ...

U.S. crude stockpiles fell, but gasoline and distillate inventories both rose substantially, alleviating a bit of concern about market tightness, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels in the week to Nov. 18 to 431.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel drop. The decline in inventories was tempered by another release of barrels from the U.S. Strategic Petroleum Reserve. The White House decided earlier this year to release 180 million SPR crude barrels after Russia’s invasion of Ukraine caused global prices to surge. Those sales are now largely finished, leaving the SPR at its lowest levels since 1984, and raising concerns about more market tightness in coming months. Refinery crude runs rose by 258,000 barrels per day in the last week, the statistical arm of the U.S. Department of Energy said. Refinery utilization rates rose by 1 percentage point to 93.9 of tota...

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent crude futures were down 29 cents, or 0.3%, to $85.12 a barrel by 15.15 p.m. ET (2015 GMT), while U.S. WTI crude futures rose 2 cents, to $77.96. Trading volumes were thin because of the Thanksgiving holiday in the United States. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow’s ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions c...

Oil prices rose by more than $2 a barrel on Wednesday after data showed a larger-than-expected draw in U.S. crude stockpiles, but gains were capped by a snowstorm that is expected to hit U.S. travel. Brent crude futures for February delivery were up by $2.21, or 2.76%, at $82.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained $2.06, or 2.7%, to $78.29. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Data from the American Petroleum Institute on Tuesday showed a 3.1 million barrel draw in the week to Dec. 16, market sources said. “This report is very bullish, especially with the fact that there’s a draw from the crude oil equation and distillate inventories stopped their streak of builds ahead of the cold blast,” said Phil Flynn, analyst at Price Futures group. Distillate inventories fell by 242,000 barrels, according to EIA ...

Oil fell by more than $1 a barrel on Thursday in choppy trade as the impact of tighter U.S. crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising COVID-19 cases would dent demand. Brent crude futures were down $1.41, or 1.7%, to $80.79 by 1 p.m. EST (1800 GMT), after gaining around 2.7% from the previous session. U.S. West Texas Intermediate (WTI) crude futures fell $1.18, or 1.5%, to $77.11 a barrel. Oil gave up its daily gains after the release of U.S. economic data showed the number of people filing new claims for unemployment benefits increased less than expected last week and the economy rebounded faster than previously estimated in the third quarter. The rosy data increased concerns the Fed would become more likely to intensify its rate hikes in a move that could slow the economy and hamper fuel consumption. “That started to ruin the momentum because of fears the Fed would be back chopping dow...

U.S. crude oil stockpiles last week posted a large build that took analysts by surprise, as inventories in the Cushing, Oklahoma, storage hub gained while the market continued to recover from a winter storm last month, data from the Energy Information Administration showed on Thursday. Winter Storm Elliott last month brought subfreezing temperatures and extreme weather alerts to about two-thirds of the United States, forcing oil and gas well freeze-ins at the time. Crude inventories rose by 8.4 million in the week to Jan. 13 to about 448 million, their highest since June 2021, EIA data showed. Analysts in a Reuters poll had expected a 593,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.6 million barrels to 31.4 million, the highest since January 2022, the data showed. “It’s all a function of the freeze-in still,” Bob Yawger, director of energy futures at Mizuho in New York, said of the build at Cushing. “Nobody is in a hurry to bring back refineries.” “...

U.S. crude and gasoline inventories rose, the Energy Information Administration (EIA) said on Wednesday, on weaker demand for fuel products. Crude inventories rose by a less-than-expected 533,000 barrels in the last week to 448.5 million barrels, compared with forecasts for a million-barrel rise. “The increase was much smaller than anticipated and that’s raising concerns about tightness in supply,” said Phil Flynn, analyst at Price Futures Group. U.S. gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.​ Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day, EIA data showed. Meanwhile, refinery utilization rates rose by 0.8 percentage point, bringing the rate above 80% after falling to the lowest levels lowest since March 2021 the week prior. Refinery crude runs rose by 128,000 barrels per day in the last week, the EIA said, as refiners ramped back up after a winter storm caused plants to idle some production. Distillat...