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Oil prices settled higher on Friday but fell week-on-week after health authorities in China eased some of the country’s heavy COVID-19 curbs, raising hopes for improved economic activity and demand in the world’s top crude importer. Brent crude futures settled up $2.32 at $95.99 a barrel, extending a 1.1% rise from the previous session but falling 2.6% on the week. U.S. West Texas Intermediate (WTI) crude futures settled up $2.49, or 2.9%, at $88.96 a barrel, after climbing 0.8% in the previous session but down nearly 4% on the week. The easing curbs include shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers. The benchmark oil contracts fell during the week due to rising U.S. oil inventories, and lingering fears over capped fuel demand in China, but late-week gains limited the losses. “China’s changing response to stubbornly high COVID-19 cases has added to the oi...

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 ...

Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising COVID-19 cases in China weighed on sentiment. Brent crude futures settled a dollar lower at $92.86 a barrel, down 1.1%. U.S. West Texas Intermediate (WTI) crude futures slid by $1.33, or 1.5%, to settle at $85.59 a barrel. The market gave up early gains after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage. The market later recovered some losses after U.S. crude stocks fell more than expected on the back of heavy refining activity. The Energy Information Administration said U.S. crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop. In addition, tanker-tracker Petro-Logistics said in a report that exports from the Organization of Petroleum Exporting Countries (OPEC) have fallen significantly so ...

Oil prices fell more than 3% on Thursday, with demand squeezed by mounting COVID-19 cases in China and fears of more aggressive hikes in U.S. interest rates. Brent crude fell $3.08 to settle at $89.78 a barrel, down 3.3%. U.S. West Texas Intermediate (WTI) crude slid $3.95, or 4.6%, to settle at $81.64 per barrel. “It’s kind of a triple whammy. We’ve got COVID-19 cases rising in China, interest rates are continuing to rise here in the U.S. and now we’ve got technical weakness in the market,” said Dennis Kissler, senior vice president of trading at BOK Financial. St. Louis Federal Reserve President James Bullard said a basic monetary policy rule would require interest rates to rise to at least around 5%, while stricter assumptions would recommend rates above 7%. The dollar also rose as investors digested U.S. economic data. A stronger dollar makes dollar-denominated oil more expensive for holders of other currencies. China reported rising daily COVID-19 infections and Chinese refiners...

Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices. Brent crude futures for January had slipped 65 cents, or 0.7 per cent, to $86.97 a barrel by 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were at $79.71 a barrel, down 37 cents or 0.5 per cent, ahead of the contract’s expiry later on Monday. The more active January contract was down 50 cents or 0.6 per cent to $79.61 a barrel. Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 per cent and WTI 10 per cent lower. “Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng. “Risk sentiment becomes fragile as all the recent major countries’ economic data point to a rece...

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 seesawed on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures dropped 17 cents to trade at $85.17 a barrel by 11:25 a.m. EST (1625 GMT), having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 3 cents at $77.91 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes remained low. “Because there’s light volume after the holiday, we’re giving up some of the gains here a bit,” said Phil Flynn, an analyst at Price Futures group. Both contracts were headed for their third consecutive weekly declines after hitting 10-month lows this week. Brent was set to end the week down 2.6 per cent, while WTI was on track to fall 2.5 per cent. Brent and WTI’s market structure implies current demand is softening, with backwardation, defined by front-month prices trading above contracts for later...

Oil prices settled largely narrowly mixed on Thursday, retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major Chinese cities. Brent Crude futures settled 9 cents lower at $86.88 a barrel. U.S. West Texas Intermediate crude futures settled at $81.22 a barrel, up 67 cents or 0.8%. Both benchmarks remain on target for their first weekly gains after three consecutive weeks of decline. On Monday, Brent touched $80.61, lowest since Jan. 4. “We came into the session bullish but we’re not going to get to $100 no matter what city reopens,” said Eli Tesfaye, senior market strategist at RJO Futures. Tesfaye said he expects oil to trade in the $70-$90 a barrel range and gradually stabilize after higher volatility in recent weeks. The shift in China’s zero-COVID strategy raised optimism about a recovery in oil demand there. The cities of Guangzhou and Chongqing announced an easing of COVID-19 curbs on Wednes...

Oil futures were broadly stable on Friday, but were poised to end the week up, ahead of a meeting by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude oil kicking in on Monday. Brent crude futures were up 14 cents, or 0.2 per cent, at $87.02 per barrel by 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures inched up 5 cents, or 0.1 per cent, to $81.27 per barrel. Both Brent and WTI had dipped earlier in the session, but were on track for their first weekly gains – the biggest in two months at around 4 per cent and 6 per cent, respectively – after three consecutive weeks of decline. Sending bullish signals, China is set to announce an easing of its COVID-19 quarantine protocols within days, sources told Reuters, which would be a major shift in policy in the world’s second biggest oil consumer, though analysts warn a significant economic reopening is likely months away. Also underpinning oil prices, the U.S. dol...

Global oil prices slid to their lowest since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures for February delivery were down $2.35, or 2.8 per cent, to $80.33 a barrel at 11:38 a.m. EDT [1638 GMT], the lowest since Jan. 10. West Texas Intermediate crude (WTI) fell $2.01, or 2.6 per cent, to $74.92. “In this market, the sentiment is more negative,” said Eli Tesfaye, senior market strategist at RJO Futures. “We could be looking at $60-a-barrel WTI the way that things are going. I think $80s are going to be the new high, and I would be very surprised to see any higher than that.” Service-sector activity in China recently hit a six-month low, and European economies have slowed due to the high cost of energy and rising interest rates. Crude futures on Monday recorded their biggest daily drop in two weeks after U.S. services industry data indicated a strong U...

Oil prices edged lower on Thursday on the prospect of a major crude pipeline that shut after a leak resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears. Brent crude lost 50 cents, or 0.7 per cent, to $76.67 a barrel by 1:37 p.m. EST (1837 GMT), while U.S. West Texas Intermediate (WTI) crude shed 16 cents, or 0.2 per cent, to $71.85. Canada’s TC Energy said it shut its 622,000 barrel-per-day Keystone pipeline, which is the primary line shipping heavy Canadian crude from Alberta to the U.S. Midwest and Gulf Coast, after a spill into a Kansas creek. Oil prices rose after the company announced the closure, which occurred at about 8 p.m. CT Wednesday (0200 GMT Thursday), but market sentiment has since shifted. “The concern about the Keystone situation is just not there anymore, and I think that will get back up and running in no time so it won’t be a material loss of crude...,” said John Kilduff,...

Oil prices were stable on Friday but both benchmarks were headed for a weekly loss on worries over weak economic outlooks in China, Europe and the United States weighing on oil demand. Brent crude futures were at $76.16 a barrel, up 1 cent, at 0919 GMT. Brent hit a 2022 low this week. U.S. West Texas Intermediate crude inched up 7 cents to $71.53 a barrel. The contracts are set for weekly losses of around 10% each, their worst weekly drops in percentage terms since August and April, respectively. The market structure for Brent contracts has switched to contango, meaning contracts for near-term delivery are cheaper than for delivery in six months, indicating that traders see weaker demand. News of a leak closing Canadian firm TC Energy’s Keystone pipeline in the United States prompted a brief rally on Thursday. However, prices finally eased as the market took a view that the closure would be brief. The market similarly shrugged off a queue of oil tankers being held up by Turkish autho...

Oil extended gains on Tuesday on supply disruptions and as COVID-19 restrictions eased in China, the world’s largest crude importer. Brent crude futures were up 90 cents, or 1.15 per cent, to $78.89 per barrel by 1020 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 67 cents, or 0.92 per cent, to $73.84. WTI hit a low of $70.25 on Monday, close to the $70 theoretical buyback price at which U.S. President Joe Biden aimed to replenish U.S. crude stocks. This offered support on Tuesday. Further support followed “relaxations of COVID-19 curbs in China, the threat of lower Russian output in response to the G7 price cap, an outage on the keystone pipeline in the U.S.,” said Craig Erlam, senior market analyst at OANDA. A timetable to restart TC Energy Corp’s Keystone Pipeline, which ships 620,000 barrels per day (bpd) of Canadian crude to the United States, remains unclear after a rupture last week. The closure has raised expectations that U.S. crude inventories will decli...

Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes, and is poised to end the week higher after a series of positive oil demand forecasts. Brent crude futures rose 36 cents or 0.4% to $81.57 per barrel by 0109 GMT. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 per barrel. Both benchmarks are poised to end the week more than 7% higher. The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd). The agency raised its 2023 oil demand growth estimate to 1.7 million bpd. OPEC on Tuesday stuck to its forecasts for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. In bearish demand ne...

Oil fell by about $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signaled they will continue to battle inflation aggressively. Brent crude futures fell $1.96, or 2.4 per cent, to $79.25 a barrel by 1:20 p.m. EDT (1820 GMT), while West Texas Intermediate futures were down $1.52, or 2 per cent, to $74.59 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank also raised interest rates to fight inflation. “The talk around the campfire has suddenly become all about demand destruction in the face of a recession,” said Robert Yawger, director of energy futures at Mizuho. “The economic situation is less than stellar. Not today, but we are drifting in the direction of testing $70-per-barrel WTI again, and things could get very ugly f...

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...

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...

Oil prices rose over 1 per cent on Monday after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening. Brent crude was up $1.29, or 1.6 per cent, at $79.80 a barrel by 1:29 p.m. EST (1829 GMT). U.S. West Texas Intermediate crude rose $1.32, or 1.8 per cent, to $75.09. “The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support,” said Tamas Varga of oil broker PVM. The rally followed a drop last week of more than 8 per cent for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a “new phase” in the fight against COVID-19, China opened its borders over the weekend for the first time in three years....