US West Texas Intermediate crude futures rose 44 cents, or 0.72 per cent, to $61.94, after rising 8.9 per cent and 7.7 per cent in the previous week
Most of the cancellations apply to spot cargoes that were due to load after November 13
OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5 per cent of global demand
The eight countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually to review global market conditions and outlook
Flows were expected to resume today
As the peak demand season gradually ends, prices have yet to reflect expectations of mounting oversupply pressures
As trade policy continues to evolve and global uncertainties persist, commodity markets may be a crucial piece in the mosaic of where we truly stand
OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd)
Brent crude futures LCOc1 fell 13 cents, or 0.19 per cent, to $67.64 a barrel by 0344 GMT, ahead of the August contract’s expiry later on Monday
Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine
The world’s biggest oil exporter reported a net profit of $26.01bn for the first three months of 2025
The United States and China had ended trade talks on a positive note on Sunday, with US officials touting a “deal” to reduce the US trade deficit
Oil prices dropped to their lowest in more than four years on looming demand concerns fuelled by the tariffs war between the US and China
After a meeting of the eight countries held online on Thursday, the group announced it would boost output by 411,000 bpd in May
Fitch said the country’s Vision 2030 project provides some flexibility in managing capital expenditure and debt issuance
Aramco lowered the April official selling price (OSP) for flagship Arab Light crude by 40 cents to $3.50 a barrel
US West Texas Intermediate crude futures rose 8 cents, or 0.08 per cent, to $66.44 a barrel
Brent futures fell 24 cents, or 0.3 per cent, to $70.80 a barrel at 0500 GMT
The fund said it expected energy commodity prices to decline by 2.6 per cent in 2025, more than assumed in October
Brent crude futures rose 22 cents, or 0.3 per cent, to $76.15 a barrel, after settling at its highest since October 25
The group agreed to allow the UAE to raise output by 300,000 bpd gradually from April until the end of September 2026
The kingdom’s total spending came to SAR339bn in the quarter as it continued to spend heavily on its Vision 2030 transformation programme
Spot premiums for Middle East crude fell last month as the Asia market was well supplied
Oil prices rose on Monday following last week’s decline amid worries about weak demand in China
Rising geopolitical tensions in the region are having a dampener on the Gulf markets
Brent futures and US West Texas Intermediate (WTI) crude spiked more than 1 per cent amid Iran’s attack on Israel
Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, cites a report
OPEC expects world oil demand to reach 118.9 million bpd by 2045, which is around 2.9 million bpd higher than earlier projections
Despite Friday gains, oil was down for the week
That has stoked worries among traders about a slump in demand from China, where refineries sharply cut crude processing rates last month on tepid fuel demand