Tausi Insider

Oil prices rose by more than $2 per barrel on Friday after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for a second week of gains. Brent crude was up by $2.72, or 3.4 per cent, to $83.70 a barrel at 1:24 p.m. EST (1824 GMT), while U.S. West Texas Intermediate (WTI) crude was at $79.77 a barrel, up $2.28, or 2.9 per cent. Russia may cut oil output by 5 per cent to 7 per cent in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. Russia’s Baltic oil exports could fall by 20 per cent in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations. “The potential cut from Russia could be giving the bulls more fuel,” said Eli Tesfaye, senior market strategist at RJO Futures. “If global demand continues at current pace, that...

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. Brent crude was up 41 cents, or 0.5%, at $84.33 a barrel, while U.S. West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel. Both benchmarks hit their highest level since Dec. 5 earlier in the session. UK and U.S. markets were closed on Monday for the Christmas holiday. Refineries along the Gulf Coast began to resume operations and ramp up production after an Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the U.S. Gulf Coast. The cold also cut oil and gas production from North Dakota to Texas. Output of about 450,000-500,000 barrels of oil per day was curtailed over the Christmas weekend in the Bakken oilfields, the North Dakota Pipeline Authority said, adding that operator...