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
(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
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.
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 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.