Oil prices fell on Tuesday, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region. Brent futures declined 95 cents, or 1%, at $94.53, as of 0003 GMT. U.S. West Texas Intermediate (WTI) crude futures for May fell$1.54, or 1.72%, to $88.07. The May contract expires on Tuesday and the more-active June contract was down $1.09, or 1.3%, at $86.37. Both [Read more]

Oil production in North Dakota rose 4,000 barrels-per-day (bpd) to 1,130,000 bpd in February, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,101,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]

President Donald Trump invoked the Defense Production Act on Monday to sign a series of energy-related presidential memorandums, the White House announced, as his administration aims to tackle rising fuel prices as a result of U.S. and Israel's war on Iran. * Trump signed memorandums on coal supply chains, domestic petroleum production, natural gas transmission and liquefied natural gas capacity. * The U.S. president also signed memorandums on grid infrastructure and other energy-related [Read more]

U.S. President Donald Trump signed a memorandum on Monday saying action to expand the domestic petroleum production, refining, and logistics capacity is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability, the White House said. (Reporting by Christian Martinez and Ismail Shakil; Editing by Caitlin Webber) [Read more]

Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran's ports, a major hurdle for Tehran to rejoin peace efforts. However, the official stressed that no decision had been made. Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan's capital Islamabad for [Read more]

Researchers at Citi said on Monday that global crude and product inventories could decline by roughly 900 million barrels even if the United States and Iran agree to a ceasefire extension this week, and both Strait of Hormuz flows and oil production recover to normal levels by the end of June. The bank said the decline would include the drawdown of 500 million barrels that has already occurred, with a further 400 million barrels drawn down due to ramp-up delays, logistical bottlenecks, and [Read more]

A senior Iranian official said on Monday that Tehran is positively reviewing its participation in potential peace talks with the United States but that no final decision has been made. The Iranian official said positive efforts are underway by mediator Pakistan to end the U.S. blockade and to ensure Iran's participation in the peace talks. A Pakistan source involved in the talks said the two-week ceasefire ends on April 22 at 8 pm EST. (Reporting by Parisa Hafezi; Editing by Hugh [Read more]

Kuwait has declared force majeure on shipments of crude oil and refined products after a blockade of the Strait of Hormuz prevented some vessels from entering the Persian Gulf, hindering its ability to meet certain customer commitments, Bloomberg News reported on Monday, citing a document. State-run Kuwait Petroleum Corp. notified customers on Friday that it was invoking a contract clause allowing it to withhold scheduled deliveries, the report said. It added that the decision is not [Read more]

Phillips 66 and Kinder Morgan have secured enough long-term shipper commitments to move forward with a proposed pipeline project to supply fuel to Arizona and California, they said on Monday. The Western Gateway Pipeline project comes as companies race to build a major new fuel pipeline to the U.S. West Coast ahead of planned refinery closures in California, a relatively isolated fuel market with limited pipeline links to major refining hubs, leaving it vulnerable to supply disruptions and [Read more]