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The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel. U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday, an OPEC+ source said on Monday. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman, David Gregorio Our Organizations: REUTERS, HOUSTON, Brent, . West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, U.S . Commodity Futures Trading Commission, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. "We still expect an extension of the unilateral Saudi and Russia cuts through at least the first quarter of 2024," the bank added. Higher crude stockpiles in the United States have also put downward pressure on prices, analysts said. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman Organizations: REUTERS, HOUSTON, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

☆ Brent slips toward $80/bbl ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSINGAPORE, Nov 27 (Reuters) - Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, Goldman Sachs analysts said in a note, in line with the group's supply targets. The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if the OPEC+ nations extend their cuts into next year.

Persons: Angus Mordant, Brent, Goldman Sachs, Vivek Dhar, Florence Tan, Sonali Paul Organizations: REUTERS, Rights, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Friday, ING, OPEC, United, International Energy Agency, Commonwealth Bank, IEA, Thomson Locations: Loving County , Texas, U.S, Rights SINGAPORE, OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

☆ China slows Venezuela crude buys as U.S. sanctions lifting triggers 'disarray'
▼ + stars: | 2023-11-23 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Independent refiners, known as teapots, account for a fifth of China's oil purchases, and more than half of its asphalt production. PetroChina, PDVSA and the Venezuelan oil ministry did not immediately respond to requests for comment. Before the U.S. imposed sanctions in 2019, subsidiary PetroChina Fuel Oil Co was the key seller of Venezuelan oil to independent refiners. Independent refiners like Venezuelan heavy crude for its high yield of road-paving material asphalt at about 60%, versus around 45% for Iranian oil.

Persons: Carlos Garcia Rawlins, Sellers, PetroChina, PDVSA, Muyu Xu, Marianna Parraga, Florence Tan Organizations: REUTERS, Rights, ICE Brent, Reuters, Fuel, Co, Thomson Locations: Morichal, Rights SINGAPORE, Washington, China, Venezuela, Iran, Russia, Iraq, Canada, OPEC, Malaysia, Venezuela's, Singapore, Houston

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

☆ Brent crude futures climb over 2% to gain $2
▼ + stars: | 2023-11-20 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

Brent crude futures were up $2.00 to $82.61 a barrel by 9:39 a.m. CDT (1539 GMT). Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "If additional cuts are agreed, a short-term price boost is expected, but its longer-term price impact seems dubious as enforcement and adherence will be the salient issue." Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. The number of oil and gas rigs operated by U.S. companies rose last week, the first gain in three weeks, energy services business Baker Hughes said on Friday.

Persons: Leonhard Foeger, WTI, Tamas Varga, Sokol, Baker Hughes, Erwin Seba, Paul Carsten, Florence Tan, Emily Chow, David Goodman, Ed Osmond Organizations: REUTERS, Brent, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, HOUSTON, Russia, Brent, Washington, India, U.S, East, Gaza, Houston

Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "In light of last week's obliteration of oil bulls, some kind of response was forthcoming from the (OPEC) producer group," said Tamas Varga of oil broker PVM. Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. U.S. energy companies last week added oil and gas rigs for the first time in three weeks, energy services business Baker Hughes said on Friday. The oil and gas rig count serves as an early indicator of future output.

Persons: Leonhard Foeger, Brent, WTI, Tamas Varga, Sokol, Baker Hughes, Paul Carsten, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, Israel, Russia, Brent, Washington, India, U.S, East, Gaza, London

☆ Oil extends gains on expectations of further OPEC+ supply cuts
▼ + stars: | 2023-11-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SummaryCompanies Brent, WTI prices rise nearly 1%OPEC+ set to consider whether to make more supply cuts -sourcesUS adds oil, gas rigs, first time in three weeks -Baker HughesSINGAPORE, Nov 20 (Reuters) - Oil futures edged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Both contracts settled 4% higher on Friday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries and their allies including Russia, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26. Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. In a contango market, prompt prices are lower than those in future months, signalling sufficient supply. Investors are also eyeing disruption in Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India.

Persons: Brent, Baker Hughes, WTI, OPEC's, Jorge Leon, Leon, Tony Sycamore, Biden, Sycamore, Sokol, Florence Tan, Emily Chow, Christopher Cushing Organizations: West Texas, Reuters, Organization of, Petroleum, Rystad Energy, Monetary, . Strategic Petroleum Reserve, Thomson Locations: Baker Hughes SINGAPORE, East, Israel, Russia, Brent, Saudi Arabia, Saudi, OPEC, Washington, India, Moscow, U.S, Gaza

All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil (XOM.N).

Persons: Dado Ruvic, IRClass, Sokol, India's ONGC Videsh, Florence Tan, Muyu Xu, Nidhi Verma, Jacqueline Wong, Raju Gopalakrishnan, Sharon Singleton Organizations: REUTERS, Sokol, Washington, Indian Oil Corp, Liberian, Ligovsky, Treasury Department, Russian Sokol, IOC, Indian Register of Shipping, Oil Tanker, Sun Ship, American Bureau of Shipping, ExxonMobil, Natural Gas Corp, Sakhalin Oil, Gas Development, Thomson Locations: SINGAPORE, DELHI, LSEG, U.S, Washington, Moscow, Ukraine, Kazan, India, North, Gujarat, Dubai, London, Sakhalin, Singapore, New Delhi

☆ Explainer: Iran's expanding oil trade with top buyer China
▼ + stars: | 2023-11-10 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Here are key facts on Iran's oil trade with China:HOW MUCH IRANIAN OIL IS CHINA BUYING? HOW DOES IRANIAN OIL ENTER CHINA? Almost all Iranian oil entering China is branded as originating from Malaysia or other Middle Eastern countries. China regulates crude oil imports by issuing quotas. Giant state refiners Sinopec and PetroChina were once key Iranian oil clients, with investments in oilfields in the country.

Persons: Raheb, Donald Trump, refiners, China's, Muyu Xu, Florence Tan, Tony Munroe, Kim Coghill Organizations: REUTERS, Hamas, Imports, Reuters, Brent, Washington, State Department, Thomson Locations: Iranian, Iran, Israel, Tehran, China, CHINA, Washington, Malaysia, Oman, UAE, China's Shandong, Kpler, Shandong, Russia, Venezuela, Beijing, U.S

☆ Russian oil shaves India's import costs by about $2.7 billion
▼ + stars: | 2023-11-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

Crude oil accounts for about a third of India's overall imports by value. Access to cheap Russian oil enabled India to cut imports from the Middle East, where prices strengthened following Saudi Arabia's voluntary additional supply cuts since July. India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments. The average price for Russian oil delivered to Indian refiners was $525.60 per ton during that period, including shipping and insurance costs, Reuters calculations based on ministry data showed. Discounted Russian oil cuts India's crude import billIndia saved at least $2 billion in buying discounted Russian oilBy importing Russian oil, Indian refiners benefit from lower feedstock costs, which have buoyed gross refining margins and curtailed revenue loss from subsidised retail fuel sales.

Persons: Dado Ruvic, India doesn't, Nidhi Verma, Florence Tan, Tony Munroe, Christina Fincher Organizations: REUTERS, Saudi, Iraq, Saudi Arabia, Thomson Locations: DELHI, India, Europe, Moscow, Ukraine, South Korea, Greece, Spain, transshipments, Russia, Saudi, Sokol, China

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3, as supply concerns driven by Middle East tensions eased. A weaker dollar also helped oil prices. Lower borrowing cost is likely to boost spending and demand for crude oil.

Persons: Agustin Marcarian, John Kilduff, Giovanni Staunovo, Huw Pill, Robert Harvey, Florence Tan, Colleen Howe, Deepa Babington, Mark Potter, Christina Fincher, Bill Berkrot Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, Saudi, Investors, Bank of England, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York, OPEC, Gaza, U.S, China, Europe

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3. Monday's oil price gains may have been capped by an easing of crude throughput at Chinese refineries.

Persons: Agustin Marcarian, Dennis Kissler, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, David Goodman, Kirsten Donovan, Deepa Babington Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, BOK Financial, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, Saudi, OPEC, China’s, China, Europe

☆ Oil up 1.5% as Saudi Arabia and Russia stick to supply cuts
▼ + stars: | 2023-11-06 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataLONDON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Monday's oil price gains could have been capped by an easing of crude throughput at Chinese refineries. Macroeconomic concerns persist in Europe, where Purchasing Managers' Index (PMI) data showed the slowdown in euro zone manufacturing accelerated in October.

Persons: Agustin Marcarian, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, Louise Heavens, David Goodman Organizations: REUTERS, PMI, Brent, . West Texas, Oil, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC, China, China’s, Europe

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - Oil prices edged up on Monday as top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Russia also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Such sanctions often come with national security waivers, and China could still continue to import Iranian oil.

Persons: Agustin Marcarian, Brent, Suvro Sarkar, Tony Sycamore, Sarkar, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, West Texas, Saudi, ING, DBS, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Saudi Arabia, Russia, Israel, Singapore, China, Sydney, Iran, United States

☆ Oil nudges higher after Saudi Arabia, Russia stick to output cuts
▼ + stars: | 2023-11-06 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Nov 6 (Reuters) - Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Reporting by Florence Tan and Colleen Howe Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Israel, Tony Sycamore, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam Organizations: REUTERS, Rights, West Texas, Saudi, ANZ, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, Saudi Arabia, Russia, Moscow, Lebanon, China, Sydney, Iran, United States

SINGAPORE, Oct 31 (Reuters) - At least three Chinese companies including state giant China National Offshore Oil Company (CNOOC) are evaluating Shell's Singapore assets and considering non-binding bids in coming weeks for the city-state's oldest refinery, according to several sources familiar with the matter. CNOOC, the parent of offshore oil and gas major CNOOC Ltd , operates a joint refining-petrochemical complex with Shell in southern China. However, Sinopec Corp's president said in late August it was not interested in the Shell assets. Two of the sources said Shell had set a preliminary Nov. 5 deadline for proposals, although that could be extended. A Wanhua spokesperson said he was not aware of the company's potential interest in the Shell assets.

Persons: Shell, Goldman Sachs, CNOOC, Sinopec, Rongsheng, Eversun, Salmon Lee, Chen Aizhu, Trixie Yap, Tony Munroe, Florence Tan, Kim Coghill Organizations: Offshore Oil Company, Singapore, Reuters, Eversun Holdings, Wanhua, Shell, Hengli Petrochemical, China National Petroleum Corp, Privately, Thomson Locations: SINGAPORE, China, state's, Singapore, Bukom, Jurong, PetroChina, Huizhou, Guangdong, Fujian province, Putian, Shandong province, Asia, Southeast Asia

SINGAPORE, Oct 27 (Reuters) - Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Though the strike did not directly impact supply, it increases fears that the conflict in the Gaza Strip between Israel, backed by the U.S., and Hamas may spread and disrupt supply from major crude producer Iran, which backs Hamas. A wider war could also impact shipments from Saudi Arabia, the world's largest oil exporter, and other large producers in the Gulf. Both Brent and WTI are on track to post their first weekly drop in three weeks as the geopolitical premium built on these fears has ebbed as there has been no disruption of oil supply outside of the immediate region of the fighting. Israeli forces carried out their biggest Gaza ground attack in their 20-day-old war with Hamas overnight, angering the Arab world.

Persons: Brent, WTI, Kelvin Yew, Benjamin Netanyahu, Helima Croft, Goldman Sachs, Florence Tan, Sam Holmes, Christian Organizations: U.S, Brent, U.S . West Texas Intermediate, Islamic Revolutionary Guard Corps, Pentagon, Ocean, Investments, RBC Capital, Thomson Locations: SINGAPORE, Syria, Israel, U.S, Iraq, Gaza, Iran, Saudi Arabia, United States, Hormuz, Russia

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel. U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel. Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. "The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.

Persons: Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman Organizations: REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson Locations: Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. Brent crude futures rose $1.00, or 1.1%, to $93.26 a barrel by 11:24 a.m. EDT (1524 GMT). Both front-month contracts were headed for a second weekly gain on heightened fears of the Middle East conflict spreading. "The Middle East remains a big focus of the market because of fears of a region-wide conflict that would likely involve a disruption of oil supplies," said John Kilduff, a partner at New York-based Again Capital. "Venezuelan oil production will not be a significant factor in shaping the global oil balance in the foreseeable future," Tamas Varga of oil broker PVM wrote in a note.

Persons: Andrew Kelly, Brent, John Kilduff, Kilduff, Yoav Gallant, Washington's, Phil Flynn, Tamas Varga, PVM, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, Israeli, Pentagon, . Strategic Petroleum Reserve, Price Futures, Reuters, Thomson Locations: Manhattan , New York City, U.S, Gaza, Venezuela, BENGALURU, Israel, New York, Yemen, Saudi Arabia, Russia, OPEC

All three benchmarks had gained more than $1 in earlier trading, and both front-month contracts are set to record a second weekly gain as an explosion at a Gaza hospital this week and an anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "Signs that an Israeli ground offensive in the Gaza Strip is imminent have been pushing oil prices up significantly since yesterday. So far, however, the supply situation on the market has not changed," Commerzbank analysts wrote in a note on Friday. Oil prices are "likely to remain well supported, especially as the oil market is significantly undersupplied at present", they said. "Venezuelan oil production will not be a significant factor in shaping the global oil balance in the foreseeable future," Tamas Varga of oil broker PVM wrote in a note.

Persons: Andrew Kelly, Brent, Yoav Gallant, Tamas Varga, PVM, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely Organizations: REUTERS, Brent, . West Texas, Israeli, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, Thomson Locations: Manhattan , New York City, U.S, Gaza, Venezuela, Israel, Yemen, Saudi Arabia, Russia, United States, Washington, OPEC, London

Both front-month contracts are set to record a second weekly gain as an explosion at a Gaza hospital this week and an anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "Signs that an Israeli ground offensive in the Gaza Strip is imminent have been pushing oil prices up significantly since yesterday. So far, however, the supply situation on the market has not changed," Commerzbank analysts wrote in a note on Friday. Oil prices are "likely to remain well supported, especially as the oil market is significantly undersupplied at present", they said. "Venezuelan oil production will not be a significant factor in shaping the global oil balance in the foreseeable future," Tamas Varga of oil broker PVM wrote in a note.

Persons: Andrew Kelly, Brent, Yoav Gallant, Tamas Varga, PVM, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely Organizations: REUTERS, Minister, Brent, . West Texas, Israeli, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, Thomson Locations: Manhattan , New York City, U.S, Gaza, Venezuela, Israel, Yemen, Saudi Arabia, Russia, United States, Washington, OPEC, London

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSINGAPORE, Oct 20 (Reuters) - Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Both contracts are on track to post a second weekly gain as an explosion at a Gaza hospital this week and the anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "The prospect of more Venezuela oil did little to ease concerns of disruptions in the Middle East," analysts at ANZ Research said in a note to clients on Friday. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Gerry Doyle and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Tony Sycamore, Yoav Gallant, Sycamore, Florence Tan, Sudarshan, Gerry Doyle Organizations: REUTERS, Rights, Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, ANZ Research, Thomson Locations: Manhattan , New York City, U.S, Rights SINGAPORE, Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC

☆ US oil jumps $1 on crude draw, tight global supply
▼ + stars: | 2023-09-28 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November. U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll. Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed. "We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely," National Australian Bank's analysts said in a note.

Persons: WTI, Stefano Grasso, Cushing, Grasso, Vladimir Putin, Florence Tan, Laura Sanicola, Jacqueline Wong Organizations: Kyodo, U.S . West Texas, Brent, Cushing, Organization of, Petroleum, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, United States, Saudi Arabia, U.S, 8VantEdge, Singapore, Oklahoma, Russia, OPEC, Australian, Saudi

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

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