Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80 per barrel. Meanwhile, the main US contract, WTI, slumped as far as $75.44 per barrel, also hitting its lowest level since July.

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by...

The decline in revenue is due to lower gas prices.

Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert.

The mechanism, a price ceiling of $60 per barrel on Russian oil, was agreed and introduced by the European Union, G7 and Australia, in early December. Companies based in EU and G7 member states and Australia are banned from providing services enabling maritime transport, such as insurance, of oil above...

Grains sector was on track for its first monthly gain this year, bolstered by a resurgence in corn prices due to increased export demand and forced short covering following a four-week period of record selling activity. Technical and fundamental outlook improvements signaled the shift, he adds.

Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.3 percent.

AMMAN, JORDAN -  Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels, equivalent to 490,000 tons of crude oil."Jordan imports Iraqi crude oil according to the memorandum of understanding (MoU) for the processing of crude oil signed between the Jordanian and Iraqi...

Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel.

Commodities, meanwhile, trade mostly higher as the market's focus remain altered between optimism over China reopening after exiting its strict Covid-zero policies as well as raised worries about tightening supply driven by increased activity from Chinese buyers. and an extended rate hike cycle in the US, he adds.

Strength this week has been driven by a continued developing tightness in the fuel product market, US exports of crude and fuels setting a weekly record, the weaker dollar as well as strong buying from China as refineries there plan to boost fuel exports through the end of the year,...

The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to $75/b by 2025 and $70/b by 2027, says a report.

Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.

Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January...

Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its invasion of Ukraine, according to the IEA, which advises developed countries on their energy policies.

European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract advanced 3.5 percent to $112.58. Both contracts had collapsed by more than 12 percent in value on Wednesday, as traders also seized on a glimmer of hope for peace talks...

Europe and UK gas prices hit record highs Friday and crude oil rallied, as Ukraine's invasion by key producer Russia continued to stoke supply fears. Europe reference Dutch TTF gas price struck 213.895 euros per megawatt hour in afternoon deals and UK gas hit 508.80 pence per therm. "There is...

In Europe, the three main indices all closed more than three percent higher, recovering most if not all of the previous day's losses, as Western nations held off from imposing sanctions that would cripple critical sales of Russian oil and gas.

Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus variant, the Organization of Petroleum Exporting Countries said on Tuesday. But the Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global...

"On our pricing model, such a release would be worth less than $2/bbl, significantly less than the $8/bbl sell-off that occurred since late October," the bank said in a note.

Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they lift manufacturing costs, which translates into higher consumer prices.

With the rollout of vaccines and easing of lockdowns this year, bets on demand for the black gold have surged, while an energy crunch in the northern hemisphere has sent natural gas prices to a seven-year high leading to a spillover into the oil market.

At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars

Brent broke above $77 for the first time since 2018 Breakdown of talks raises the possibility of $100 a barrel Oil extended gains in Asian trade Tuesday after a gathering of top producers fell apart without any agreement on a plan to lift output despite stockpiles shrinking and demand surging...

    The drop was helped by reports that Chinese oil-imports stood at a five-month low China's crude imports were down 14.6 percent in May, from a high level a year earlier     Oil prices fell on Tuesday as concerns about the fragile state of the global recovery in...