Oil on track for biggest monthly gains in over a year
SINGAPORE – Oil prices edged lower on Monday, but were hovering near three-month highs, set to post their biggest monthly gains in more than a year on expectations that Saudi…
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Oil
US stocks end higher as oil producers rise
NEW YORK – Wall Street stocks finished higher on Friday following a choppy session, as investors digested mixed economic data while petroleum-linked equities jumped on a Russian…
China Xi calls for oil trade in yuan at Gulf summit in Riyadh
RIYADH – President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing’s goal to establish its…
Saudi Arabia says US ties are solid as it defends oil policy
Saudi Arabia defended its decision to lower oil production and said its relationship with the US was strong enough to survive the fallout. “We have had a disagreement with regard…
Oil holds gains as market shrugs off US measures to tame prices
SINGAPORE – Oil held gains as the market shrugged off measures from US President Joe Biden to tame rising energy prices that have fuelled inflation. West Texas Intermediate crude…
US could sell oil from emergency reserve this week
WASHINGTON – The Biden administration plans to sell oil from the Strategic Petroleum Reserve (SPR) n a bid to dampen fuel prices before next month’s congressional elections,…
Iran storing around 60 million barrels of oil on state-owned ships
SINGAPORE – Iran is storing around 60 million barrels of sanctioned oil on board tankers operated and owned by the National Iranian Tanker Company (NITC), a senior official from…
Indonesia plans extension of palm oil export levy waiver to year-end
JAKARTA: Indonesia, the world’s biggest producer of palm oil, may extend an export levy waiver on the edible oil to the end of this year, its chief economic minister said on…
US imposes new sanctions on Iran oil exports, targets Chinese firms
WASHINGTON – The United States on Thursday imposed sanctions on companies it accused of involvement in Iran’s petrochemical and petroleum trade, including five based in China,…
Iran ready to slash oil prices to counter Russia’s growing sales to China
SINGAPORE – Iran is ready to cut prices of its sanctioned crude stored on ships anchored in international waters just off Singapore, in a bid to defend its market share in China,…