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
The two top oil consumers have recently renewed their trade war, imposing additional port fees on ships carrying cargo between them
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 IEA on Friday boosted its forecast for supply growth this year, while also trimming its outlook for growth in demand
Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand
The country also increased the prices for all crude grades it sells to refiners in Northwest Europe and the Mediterranean by $1.40 a barrel
Oil’s gains were kept in check by expectations that the OPEC+ group will boost its August crude oil output
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
The International Energy Agency revised its world oil demand estimate downwards by 20,000 bpd from last month’s forecast, and increased the supply estimate by 200,000 bpd to 1.8 million bpd
The MENA non-oil importers are now expected to see real GDP growth of 3.4 per cent in 2025, versus an earlier forecast of 3.6 per cent
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
Over the three weeks ending January 10, Brent has climbed by close to 7 per cent, while WTI has jumped nearly 8 per cent
Brent crude futures rose 36 cents, or 0.5 per cent, to $73.30 a barrel
Saudi Aramco said it is lowering the official selling prices for refiners in Asia, which buy about 70 per cent of the kingdom’s crude
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
The fuel price committee slashed the retail prices for Super 98, Special 95, and E-Plus 91 by 20 fils per litre compared to the previous month
Equities, which tend to move in tandem with oil prices, rose on the rate cut hopes, with the Dow reaching an all-time high of 40,000 for the first time
The Bloomberg Intelligence survey found that despite notable geopolitical tensions, 92 per cent of respondents believe there is currently a geopolitical risk premium of less than $5 per barrel attached to oil prices
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 6 fils per litre in February
A bearish International Energy Agency report last week revised the 2024 oil demand growth forecast downward as the world shifts to cleaner energy
Geopolitical risks including a feared broadening of the Middle East conflict pushed oil prices up by about 6 per cent last week
The eruption of the Israel-Palestine crisis threatens to derail US efforts to broker a rapprochement between regional powers
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The largest Arab economy expects real gross domestic product to grow by 0.03 per cent this year
High-interest rates and a strong dollar have hit demand in the US, Europe and China
Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
The UAE is the third largest producer in OPEC
The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions