Oil prices rose on Friday, on track to post big gains for the week, on worries about supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. "Energy traders are pushing crude prices higher in anticipation of disruptions in output in the Gulf of Mexico and on growing expectations OPEC+ might resist raising output given the recent Delta variant impact over crude demand," Edward Moya, senior market [Read more]

Oil fell on Thursday for the first session this week as renewed concerns about demand recovery amid rising COVID-19 infections cut short a three-day rally. U.S. West Texas Intermediate (WTI) crude futures was down 74 cents, or 1.09%, at $67.23 a barrel, after gaining 1.2% in the previous session.  Brent crude was down 57 cents, or 0.79%, at $71.42 a barrel, having risen 1.7% on Wednesday. The U.S. Energy Information Administration (EIA) reported that American crude inventories fell last [Read more]

Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico's production and signs that China, the world's biggest importer, has curbed a recent coronavirus outbreak. U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.16%, to $67.52 a barrel.  Brent crude futures dropped 5 cents, or 0.07%, to $71.12. Both benchmark contracts rose by about 8% over the previous two days, erasing most of the slump from a seven-day [Read more]

The Biden administration on Tuesday said it would take steps to restart the federal oil and gas leasing program in the next week and planned to hold a Gulf of Mexico auction later this year, according to court papers. The move comes two months after the administration first said it would comply with a federal judge's order blocking its months-long pause in oil and gas leasing on federal lands and waters. In a filing to a Louisiana federal district court, the administration said the [Read more]

Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential step up in U.S. coronavirus vaccination rates. U.S. West Texas Intermediate (WTI) crude futures increased by $1.44, or 2.20%, to $66.92 a barrel.  Brent crude oil futures gained $1.40, or 2.04%, to $70.18 a barrel. Both benchmarks jumped more than 5% on Monday, helped by a weaker U.S. dollar, [Read more]

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the Delta coronavirus variant kept sentiment cautious. U.S. West Texas Intermediate (WTI) crude futures for October rose $2.97, or 4.73%, to $64.85 a barrel, recovering from $61.74, the lowest since May 21, touched in Asia's early trade.  Brent crude futures climbed $2.96, or 4.56%, to $67.93 a barrel, after [Read more]

U.S. energy firms this week added oil and natural gas rigs for a third week in a row, as a recovery in oil prices prompted some drillers to return to the wellpad over the past year. The oil and gas rig count, an early indicator of future output, rose three to 503 in the week to Aug. 20, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the total rig count nearly double from the same period last year, when rig count [Read more]