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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

☆ Oil climbs on Mideast contagion fears from Israel-Gaza conflict
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday, rising about 1% on fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Brent crude futures climbed 77 cents, or 0.8%, to $93.15 a barrel by 0042 GMT. U.S. West Texas Intermediate crude was at $90.36 a barrel, up 99 cents, or 1.1%. Israeli Defence Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave "from inside," suggesting an expected ground invasion could be nearing. Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.

Persons: CLc2, Tony Sycamore, Yoav Gallant, Sycamore, PDVSA Organizations: Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters Locations: Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC, Venezuelan

☆ Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally. Oil prices climbed about 2% in the previous session on concerns about disruptions to global supplies after Iran called for an oil embargo on Israel over the conflict in Gaza and after the U.S., the world's biggest oil consumer, reported a larger-than-expected inventory draw, adding to already tight supplies. Venezuela's oil flows could help to ease global oil prices, up amid the Israel-Hamas conflict, sanctions on Russia and OPEC+ decisions to reduce output, but Venezuela needs investments to boost output following years of sanctions. Distillate fuel stockpiles fell by 3.2 million barrels in the week to Oct. 13 to 113.8 million barrels, EIA data showed. Crude inventories fell by 4.5 million barrels to 419.7 million barrels, while gasoline fell by 2.4 million barrels to 223.3 million barrels.

Persons: WTI Organizations: OPEC, Brent, . West Texas, of, Petroleum, Iran's, RBC Capital Markets, Citi, United, Venezuelan, Energy Information Administration, Reuters Locations: Cushing , Oklahoma, Israel, United States, Venezuela, Iran, Gaza, U.S, Kazakhstan, Azerbaijan, Iraq, Russia, OPEC

☆ Oil spikes as Middle East strife heightens supply concerns
▼ + stars: | 2023-10-18 | by ( Natalie Grover | ) www.reuters.com time to read: +4 min

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Brent crude futures were up $1.33, or about 1.5%, to $91.23 a barrel at 1231 GMT. West Texas Intermediate crude (WTI) futures were up $1.28, or roughly 1.5%, at $87.94 a barrel. "This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil," said John Evans of oil broker PVM. Elsewhere in the Saudi city of Jeddah, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation to impose an oil embargo on Israel.

Persons: Nick Oxford, Brent, Jordan, Biden, Joe Biden, John Evans, Hossein Amirabdollahian, Vivek Dhar, Harry Murphy Cruise, Natalie Grover, Arathy, Muyu Xu, Lincoln, Jason Neely, Elaine Hardcastle, Louise Heavens Organizations: REUTERS, Brent, West Texas, U.S, Hamas, Iranian, of Islamic Cooperation, Reuters, Israel Hamas, Commonwealth Bank of Australia, American Petroleum Institute, Golden, Thomson Locations: Cushing , Oklahoma, Iran, Israel, OPEC, U.S, Gaza, Gaza City, Saudi, Jeddah

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul, Lincoln Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand. The U.S. has imposed sanctions on oil exports from Venezuela since 2019 and while sanctions relief is expected to boost oil supply oil flow, analysts expect any increases from the country to take time due to a lack of investment.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Palestinian, Jihad, Hamas, American Petroleum Institute, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, U.S, Venezuela

SINGAPORE, Oct 17 (Reuters) - Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul, Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

SINGAPORE, Oct 17 (Reuters) - Oil prices fell slightly on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Venezuela's government and opposition are set to resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

☆ Oil steadies on hopes of Venezuela sanctions being eased
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 17 (Reuters) - Oil prices stabilised on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Brent crude futures were up 3 cents at $89.68 a barrel, while U.S. West Texas Intermediate crude (WTI) were down 11 cents at $86.55 a barrel as of 0113 GMT. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Biden, Sudarshan Varadhan, Sonali Paul Organizations: Venezuela, U.S, West Texas, U.S ., Organization of, Petroleum, Brent, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

☆ Oil falls below $90 a barrel on report of US-Venezuela deal
▼ + stars: | 2023-10-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude fell by 0.29 cents, or 0.37%, to $87.30 a barrel. Easing sanctions on Venezuela's oil industry could result in increased oil supply. "It's more of the same on Monday in terms of the conflict in the Middle East being contained from affecting crude oil supplies," said John Kilduff, partner with Again Capital LLC. Both oil benchmarks had climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020.

Persons: Israel, Brent, John Kilduff, Antony Blinken, Benjamin Netanyahu, Vladimir Putin, Putin, John Evans, Robert Harvey, Yuka Obayashi, Emily Chow, Susan Fenton, David Evans, Deepa Babington, David Gregorio Our Organizations: Monday HOUSTON, . West Texas, Traders, Brent, REUTERS, U.S, Israeli, United, US, Thomson Locations: Venezuela, Gaza, Israel, U.S, Barbados, Palestinian, Cushing , Oklahoma, Rafah, Egypt, Israel's, Russia, Iran, Syria, United States, Moscow, Russian, Saudi, London, Tokyo

☆ Oil prices steady above $90 as investors assess Israel-Hamas war
▼ + stars: | 2023-10-16 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.14%, to $87.81 a barrel. Both benchmarks climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%. The war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year, analysts say. With fears of the conflict escalating, U.S. Secretary of State Antony Blinken will return to Israel on Monday to talk "about the way forward".

Persons: Israel, Brent, Antony Blinken, Hiroyuki Kikukawa, Putin, John Evans, Alexander Novak, Robert Harvey, Yuka Obayashi, Emily Chow, Susan Fenton, David Evans Organizations: REUTERS, Monday LONDON, Brent, . West Texas, Hamas, US, Thomson Locations: Cushing , Oklahoma, U.S, Gaza, Israel, Ukraine, Trading, United States, Moscow, Russian, Saudi, Russia, London, Tokyo

☆ Oil falls more that $1 a barrel on Venezuela deal hopes
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +3 min

"The reported deal ... would help to raise the country's oil output from very depressed levels," said William Jackson, chief emerging markets economist for Capital Economics. Monday's falling prices appeared to "a breather to take in events in the Middle East" as opposed to expected production increases in Venezuela, said Andrew Lipow, president of Lipow Oil Associates. "Negotiations with Venezuela could lead to a surge in exports of crude oil that is already in inventory," Lipow said. "It's more of the same on Monday in terms of the conflict in the Middle East being contained from affecting crude oil supplies," said John Kilduff, partner with Again Capital LLC. Heightened tensions in the Middle East may have compounded other risk factors to push prices higher last week, market sources said.

Persons: William Jackson, Jackson, Andrew Lipow, Lipow, John Kilduff, Vladimir Putin, Putin, John Evans Organizations: U.S . West Texas, Capital Economics, Brent, Lipow Oil Associates, Traders, Hamas, LLC, U.S Locations: U.S, Venezuela, Israel, Venezuelan, Gaza, Russia, Iran, Syria, Egypt, Moscow, Russian, Saudi

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. As a result, the combined position was reduced to 483 million barrels (30th percentile for all weeks since 2013) down from 680 million barrels (64th percentile) on Sept. 19. Chartbook: Oil and gas positionsThe most recent week saw massive sales across the board, including Brent (-65 million barrels) and NYMEX and ICE WTI (-40 million), U.S. gasoline (-15 million), European gas oil (-13 million) and U.S. diesel (-7 million). Most of the adjustment came from liquidation of former bullish long positions (-122 million barrels) rather than initiation of new bearish short ones (+18 million). Net positions in Brent (20th percentile), U.S. gasoline (25th percentile) and European gas oil (28th percentile) were all well below their long-term averages.

Persons: Nick Oxford, Brent, Cushing, John Kemp Organizations: Midland , Texas U.S, REUTERS, OPEC, Investors, ICE Futures, U.S . Commodity Futures Trading Commission, Funds, ICE, U.S . diesel, Thomson, Reuters Locations: Midland , Texas, U.S, NYMEX, Brent , U.S, Brent

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo Acquire Licensing RightsTOKYO, Oct 16 (Reuters) - Oil prices eased in early Asia trade on Monday, reversing last Friday's rally as investors waited to see if the Israel-Hamas conflict draws in other countries, which could drive up prices further and deal a fresh blow to the global economy. Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of a wider Middle East conflict. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. But investors and market observers are assessing how the conflict could escalate and what it might mean for supplies from nearby countries in the world's top oil producing region.

Persons: Brent, WTI, Benjamin Netanyahu, Antony Blinken, Israel, Yuka Obayashi, Deepa Babington Organizations: REUTERS, Rights, . West Texas, Israel's, Thomson Locations: Cushing , Oklahoma, U.S, Asia, Israel, Brent, Gaza, East

☆ US oil is back, and ExxonMobil's $60 billion deal isn't even the biggest signal
▼ + stars: | 2023-10-15 | by ( Tim Mullaney | ) www.cnbc.com time to read: +8 min

The news came a day after a $60 billion deal between Exxon Mobil and independent oil producer Pioneer Natural Resources . Monthly production topped out at 13 million barrels per day in November 2019 and hit 9.9 million by February 2021. And offshore oil drilling in the Gulf of Mexico recovered to 2 million barrels a day, but hasn't grown. Where oil companies have been spending their money U.S. oil companies cut capital spending to $106.6 billion last year from $199.7 billion in 2014, according to Statista, contributing to the decline in oil production and arguably delaying the recovery. According to Energy Department data, oil and gas companies paid out about $75 billion per quarter in the last year.

Persons: Brittany Sowacke, Rob Thummel, hasn't, what's, Thummel, Alexandre Ramos, Jay Hatfield, doesn't, Baker, Hughes, Darren Woods, Woods, Hatfield, Ramos, Peon, aren't Organizations: Bloomberg, Getty, Energy, U.S . Department of Energy, Exxon Mobil, Natural Resources, Wall, Exxon, Big Oil, America, Rystad Energy, Oil, Infrastructure Capital Advisors, Energy Department, Pioneer, CNBC, Chevron, PDC Energy, Noble Energy, Independent, Global, ExxonMobil, OPEC, Iran Locations: Midland , Texas, Brittany, Kansas City, Mo, U.S, Oklahoma, North Dakota, Alaska, Gulf, Mexico, Texas, New Mexico, Colorado, New York, American, Hatfield, Israel, Iran

☆ Here are 3 things to watch in the stock market after a very difficult week
▼ + stars: | 2023-10-14 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +10 min

MS YTD mountain Morgan Stanley YTD We certainly hope Morgan Stanley's numbers are as good as Friday's report from our other bank holding Wells Fargo (WFC). Morgan Stanley is expected to grow revenue by more than 2% year over year to $13.2 billion in the third quarter. During a recent conference, Morgan Stanley executives said that capital markets will likely improve in 2024. Shares of Morgan Stanley have struggled this year, dropping more than 8% compared to the S & P 500's nearly 13% advance in 2023. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, WTI, Jerome Powell's, There's, Patrick Harker, John Williams, Harker, Austan Goolsbee, Lorie Logan, Powell, Christopher Waller, Philip Jefferson, Waller, Jefferson, – Morgan Stanley, Gamble –, Morgan Stanley YTD, Morgan, Jim Cramer, Morgan Stanley, there's, Gamble, Jim, we'll, Charles Schwab, Goldman Sachs, Johnson, Philip Morris, — CNBC's Zev Fima, Jim Cramer's, Spencer Platt Organizations: Nasdaq, Dow, Columbus Day, West Texas, Federal Reserve, Club, Fed, Market, Philadelphia Fed, New York Fed, Chicago Fed, Dallas Fed, United Auto Workers, General Motors, Chrysler, Ford, National Association of Realtors, Procter, Procter & Gamble, Natural Resources, Exxon Mobil, Coterra Energy, of America, United Airlines, Gamble, Housing, Netflix, Alcoa, American Airlines, Taiwan Semiconductor Manufacturing Company, Alaska Air, CSX, American Express, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Israel, U.S, New, Wells, KBW, Silicon, Manhattan, New York City

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

☆ Oil climbs as U.S. sanctions, stockpile forecasts, raise supply concerns
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: +2 min

Tatneft is one of the largest Russian public companies with a market capitalization of more than 1.1 trillion rubles at the beginning of 2022. Oil prices rose on Friday after the U.S. tightened its sanctions program against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Russia is the world's second-largest oil producer and a major exporter the tighter U.S. scrutiny of its shipments could curtail supply. "Supply side issues remained the focus in the crude oil market," Daniel Hynes, senior commodity strategist at ANZ, said in a note on Friday, adding that prices during early trade on Friday rose on the stronger U.S. sanctions enforcement. That assumes that there are no further supply disruptions emanating from the Israel-Hamas war," Hynes said.

Persons: Brent, WTI, Daniel Hynes, Hynes Organizations: U.S, . West Texas, Organization of, Petroleum, ANZ, OPEC Locations: Tatarstan, Russia, Tatneft, Brent, Israel, U.S, Moscow, Ukraine, China

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. US West Texas Intermediate (WTI) crude gained $1.98, or 2.39%, to $84.89 a barrel. "(A) geopolitical risk premium still lingers around the corner that is likely to support oil prices in the short-term," said Kelvin Wong, senior markets analyst at OANDA in Singapore. Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply. Oil prices also shrugged off data released on Friday showing a month-on-month decline in Chinese crude imports.

Persons: Brent, WTI, Kelvin Wong, Wong, Daniel Hynes, Hynes, Paul Carsten, Katya Golubkova, Andrew Hayley, Christian Schmollinger, Deborah Kyvrikosaios Organizations: REUTERS, U.S, US West Texas, Hamas, OANDA, Organization of, Petroleum, ANZ, OPEC, Thomson Locations: Cushing , Oklahoma, U.S, Brent, Israel, Singapore, East, Russia, Moscow, Ukraine, China, London, Tokyo, Beijing

☆ Oil falls after Saudi pledge; investors keep wary eye on Israel
▼ + stars: | 2023-10-11 | by ( Nicole Jao | ) www.reuters.com time to read: +4 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Prices settled slightly lower on Tuesday after Saudi Arabia said it was working with regional and international partners to prevent an escalation, and reaffirmed its efforts to stabilise oil markets. Moreover, in the higher rates environment moving forward that “could put the brakes on the upside as far as crude oil,” Yawger said. Russia and Saudi Arabia met in Moscow on Wednesday, when Russian president Vladimir Putin said that OPEC+ coordination will continue "for the predictability of the oil market." Global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, the U.S. EIA said in an outlook.

Persons: Agustin Marcarian, Brent, WTI, …, ”, Bob Yawger, ” Yawger, Tamas Varga, Magid Shenouda, Vladimir Putin, Putin, Janet Yellen, Nicole Jao, Robert Harvey, Laura Sanicola, Muyu Xu, Sharon Singleton, John Stonestreet Organizations: REUTERS, Saudi, . Federal Reserve, . West Texas, . Energy Information Administration, Mizuho, Exxon Mobil, Natural Resources, Organization of, Petroleum, U.S, U.S . Federal, Treasury, EIA, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Gaza, Moscow, Brent, Israel, Palestinian, Russia, OPEC, U.S ., U.S, Europe, New York

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsOct 11 (Reuters) - Oil edged higher on Wednesday as investors grappled with the prospect of supply disruptions due to the Middle East turmoil. Brent crude rose 26 cents, or 0.3%, to $87.91 a barrel by 0312 GMT. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.2%, to $86.14 a barrel. Israel produces very little crude oil, but markets are worried that the conflict could escalate and hurt Middle East supply, worsening an expected deficit for the rest of the year.

Persons: Agustin Marcarian, Brent, WTI, Warren Patterson, Ewa Manthey, Washington, Laura Sanicola, Muyu Xu, Leslie Adler Organizations: REUTERS, . West Texas, ING, Israel, U.S, U.S . Federal, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Brent, Gaza, Israel, Iran, Saudi Arabia, U.S ., U.S, Venezuela, Caracas

☆ Oil prices could surge if Iran enters the war, Pioneer Natural Resources CEO says
▼ + stars: | 2023-10-11 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

Pioneer Natural Resources CEO Scott Sheffield said oil prices could move a lot higher if Iran gets involved in the war between Hamas and Israel. "If Iran enters the war, we're going to see much higher oil prices, obviously," Sheffield said Wednesday on CNBC's "Squawk Box." Iran is a major oil producer and key backer of Hamas, the Palestinian militant group designated by the U.S. as a terrorist organization. Brent crude traded slightly lower to $86.93 a barrel Wednesday, while U.S. West Texas Intermediate (WTI) crude fell by 78 cents, or 0.91%, to $85.19. Brent and WTI had surged more than $3.50 on Monday on concern that the clash between Israel and Hamas could escalate into a broader conflict.

Persons: Scott Sheffield, Sheffield, Brent, WTI Organizations: Natural Resources, U.S, West Texas Locations: Iran, Israel, Palestinian, Saudi Arabia, Russia

☆ Oil little changed as Middle East supply concerns fade
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: +1 min

Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. U.S. West Texas Intermediate, or WTI, crude rose 3 cents to $86.00 a barrel. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Political risk has kept crude prices from falling further.

Persons: pumpjack, Brent, WTI, Washington Organizations: . West Texas, U.S Locations: Bakersfield, Kern County , California, USA, Israel, Palestinian, Brent, Gaza, Iran, Venezuela, Caracas

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