Oil prices were little changed on Tuesday, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week. Brent crude futures were up 14 cents, or 0.19%, at $71.97 a barrel by 0404 GMT, after a 1-cent drop in the previous session. U.S. West Texas Intermediate crude climbed 8 cents, or 0.12%, to $68.18, following a 10-cent gain at Monday's close. "Investors are in wait-and-watch mode ahead of the OPEC+ meeting," ANZ analysts said in a note. Sources [Read more]

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Monday, as the new monthly trade cycle got underway: * WCS for January delivery in Hardisty, Alberta, settled at $12.00 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at a discount of $12.30 a barrel under the U.S. benchmark on Friday. * Monday was the start of the Canadian crude market's trade cycle, which runs [Read more]

The United States started the winter heating season with the highest levels of natural gas in storage since 2016, the U.S. Energy Information Administration said on Monday. Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet, according to estimates based on the EIA's weekly natural gas storage report, published on Nov. 7. The winter heating season spans the period between Nov. 1 and March 30, while the injection season [Read more]

Oil prices rose on Monday, supported by upbeat factory activity in China, the world's second largest oil consumer, and as Israel resumed attacks on Lebanon despite a ceasefire pact, stoking tension in the Middle East. Brent crude futures climbed 34 cents, or 0.47%, to $72.18 a barrel by 0452 GMT while U.S. West Texas Intermediate crude was at $68.32 a barrel, up 32 cents, or 0.47%. "Oil prices have managed to stabilise into the new week, with the continued expansion in China's [Read more]

U.S. President-elect Donald Trump said on Saturday he discussed the border, trade and energy in a "very productive" meeting with Canadian Prime Minister Justin Trudeau amid fears of a trade war. Trudeau paid an unannounced visit to Florida on Friday evening and had dinner with Trump at his Mar-a-Lago residence, days after Republican Trump pledged to impose 25% tariffs on Canadian and Mexican imports after he is sworn in as president in January. That pledge has raised fears of a trade war [Read more]

Russian President Vladimir Putin has approved a military focused budget for 2025-2027, a document published on the official legal acts website showed on Sunday. The state budget for next year includes a 25% hike in military spending but will be the most secretive in post-Soviet history, with almost a third of all spending closed to public scrutiny. The government has acknowledged that the needs of what Moscow calls its special military operation in Ukraine and support for the military will [Read more]

Canadian Prime Minister Justin Trudeau visited Donald Trump's Florida resort on Friday to meet with the U.S. President-elect, days after Trump threatened to slap tariffs on Canadian imports over border-related concerns. Trudeau, whose public itinerary did not list a scheduled visit to Florida, was seen leaving a hotel in West Palm Beach, Florida, to go to Trump's Mar-a-Lago resort, according to a Reuters witness. Trudeau's office and Trump's representatives did not immediately responded to [Read more]

U.S. crude oil output fell by 157,000 barrels per day (bpd) month-over-month to 13.20 million bpd in September, the largest decline since January, data from the U.S. Energy Information Administration (EIA) showed on Friday. The decline comes as a number of oil and gas production facilities in the U.S. Gulf of Mexico faced prolonged closures in September as Hurricane Francine and Hurricane Helene churned through the region before making landfall. Output from the U.S. offshore Gulf of Mexico [Read more]

Mexico's President Claudia Sheinbaum said on Friday her administration had a plan to deal with the possible imposition of U.S. tariffs on Mexican crude oil, after President-elect Donald Trump threatened a blanket 25% import tax this week. "If it were to happen by all means we have a plan, but ideally it would not happen," Sheinbaum told a morning press conference, adding she was confident Mexico would reach a deal with Trump. The U.S. is the top destination for Mexican crude exports, and [Read more]