oil prices

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Oil gains as risk of Iran supply resumption recedes

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with …

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Oil prices climb on signs of strong fuel demand recovery

Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be …

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Iran may disrupt OPEC + market balancing strategy

A group of some of the world’s most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices. OPEC and its oil-producing allies, known as OPEC+, will boost output in July, in accordance with the group’s April decision to return 2.1 million barrels per day to the market between May and July

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Brent hits $70 on demand prospects

Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer. Brent …

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Average price of Russia's Urals in May up by 2.1 times

The average price of Urals oil in May 2021 increased 2.1 times in annual terms, up to $66.63 per barrel, according to the website of the Russian Ministry of Finance on Monday. "The average price for Urals oil in May 2021 was $66.63 …

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Global oil prices climb up

Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance. Brent crude futures for …

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Oil prices fall on rising COVID-19 infections in Asia

Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. …

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Brent oil climbs to $70  per barrel

Brent crude topped $70 a barrel in London for the first time since mid-March amid signs that recovering consumption has whittled away a glut of oil that built up last year at the height of the Covid-19 pandemic. Brent rose 0.9% to …

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New Covid-19 strain in India restrain oil prices

Oil prices rose on Friday, reversing some of the previous day's sharp losses as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India. Brent crude oil futures were up $1.23, or 1.8%, at $68.28 a barrel by 1349 GMT and West Texas Intermediate (WTI) crude was up $1.12, or 1.8%, at $64.94. The two contracts lost about 3% on Thursday.

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India’s COVID-19 crisis threatens a global oil recovery

India, the world’s third-largest oil consumer behind the U.S. and China, was meant to be a major driver of oil’s demand recovery as economies reopened. But the country’s devastating health crisis has made that impossible. Everyone from oil traders to the world’s biggest producers are panicking, The Japan Times writes

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Winnie the Pooh's advice for oil producers

Optimism in OPEC+ is growing, even that underlying economic fundamentals are in dire shape. Growing concerns about new COVID variations, as shown already in India, or renewed restrictions in major OECD countries, such as Germany, seems not to be taken into account, FXEmprire writes. As indicated already before the start of the Joint Ministerial Monitoring Committee (JMCC), the OPEC+ members, led by Saudi Arabia, UAE and Russia, have decided to keep to the former early April decision of a gradual export cut relaxation

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