Oil Edges Lower as Slowdown, Dollar Outweighs Supply Concerns

Supply concerns remained at the fore, after US government data showed an unexpected decline in commercial oil stocks last week, signaling improving demand. Crude inventories contracted by 215,000 barrels, even as stockpiles at the storage hub at Cushing, Oklahoma, expanded. Gasoline stocks fell.

Oil Rises as US Crude Inventories Show First Decline in a Month

West Texas Intermediate rose as much as 3.4% to trade above $81 a barrel. Crude inventories fell 215,000 barrels last week, the US Energy Information Administration reported. The country’s demand for distillates, which includes diesel, jumped last week bringing the four-week average back above 2020 levels for this time of year. Meanwhile, leaks in three … Read more

Oil Edges Higher on Report Russia to Push for OPEC+ Supply Cuts

Traders were also tracking the progress of Hurricane Ian, which is expected to make landfall on Florida’s west coast late Wednesday. Ahead of that, US energy companies have idled about 190,000 barrels of daily crude production, some 11% of US Gulf of Mexico output, according to government figures.

Leaked Study Shows Exxon, Partners Overspent by $138 Billion

(Bloomberg) — Oil and natural gas projects that Exxon Mobil Corp. invested in between 1998 and 2017 ended up costing $138 billion more than early-stage estimates, potentially due to mismanagement by operators and poor planning, according to an internal analysis seen by Bloomberg. The 2020 study, reviewing 110 projects in which Exxon took a stake … Read more

Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

West Texas Intermediate was steady near $84 a barrel, and down almost 2% for the week. The Federal Reserve gave its clearest signal yet that it is willing to tolerate a US recession as the necessary trade-off for regaining control of inflation, while the UK, Norway and South Africa also followed with hikes.

Oil Steadies as Looming Interest-Rate Hikes Spur Demand Concerns

Crude has lost about a third of its value since early June, erasing all the gains made in the wake of Russia’s invasion of Ukraine, as concerns about a global slowdown weighed on demand. Liquidity has also thinned, leading to volatile price swings, while a stronger dollar has added to headwinds.

Oil Extends Advance as Weaker US Dollar Offsets Demand Concerns

Crude hit the lowest level since January earlier this month as investors fretted about global consumption, including in top importer China, where authorities are pressing on with harsh anti-virus restrictions, and as the European Union readies power cut plans amid an energy crisis. After hitting a record last week, the dollar has dropped, making commodities … Read more

India May Offer $2.5 Billion to Fuel Retailers Hit by Oil Costs

India imports about half of its liquefied petroleum gas, generally used as cooking fuel. The price of Saudi contract price, the import benchmark for LPG in India, has increased 303% in the past two years, while the retail price in Delhi was increased by 28%, India’s Oil Minister Hardeep Singh Puri said on Sept. 9.