Oil prices dropped on Friday, on track for a weekly loss of over 5% as new lockdowns in countries facing surging cases of the Delta variant dampened the outlook for fuel demand. Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year. U.S. West Texas Intermediate (WTI) crude futures for September, due to expire on Friday, slipped 51 cents or 0.80% to $63.10 a barrel, [Read more]

Oil prices fell for a sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise build in U.S. gasoline inventories added to pressure. U.S. West Intermediate crude (WTI) fell 98 cents, or 1.50%, to $63.60 a barrel, the lowest since May 24. Brent crude was down $1.08, or 1.60%, at $66.42 a barrel, after touching the lowest since May 24 at $67.10 earlier in the session. WTI has dropped over 7% while [Read more]

A U.S. offshore regulator on Wednesday said efforts to resume a federal oil and gas leasing program are underway following a court decision reversing the Biden administration's suspension. "Based on the court order, we are now moving ahead with leasing," Walter Cruickshank, deputy director of the Bureau of Ocean Energy Management (BOEM), said at the Offshore Technology Conference. "It will not be too long before you see something." The Biden administration this week challenged the court [Read more]

Oil prices steadied on Wednesday, after four days of declines with investors still wary about prospects for stronger fuel demand as the use of rail, air, and other forms of transport remained constrained amid surging COVID-19 cases worldwide. U.S. West Intermediate crude (WTI) jumped 19 cents, or 0.29% at $66.73 a barrel.  Brent crude was up 20 cents or 0.29% at $69.29 a barrel. "In the short-term, the oil market may be volatile with frequent pull-backs as crude prices are beginning to [Read more]

Oil prices were mixed on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were offset by worries over slowing global fuel demand amid a spike in the Delta variant of coronavirus infections. U.S. West Intermediate crude (WTI) edged down 4 cents, or 0.07% to $67.36 a barrel, after reaching $67.66 earlier.  Brent crude rose 19 cents, or 0.27% at $69.72 a barrel, after rising as high as $69.77 earlier in the session. Brent slid 1.5% on [Read more]

The Biden administration on Monday challenged a federal judge's decision in June to block the Interior Department's pause on oil and gas leasing on public lands and waters - a critical piece of its climate change policy - but will proceed with leasing during the appeals process. The Interior Department seeks to overturn the decision of Judge Terry Doughty of the U.S. District Court for the Western District of Louisiana, who said Louisiana and a dozen states that sued President Joe Biden's [Read more]

U.S. oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in September, to 8.1 million bpd, according to the Energy Information Administration's monthly drilling productivity report on Monday. The forecast is led by growing production in the largest formation, the Permian Basin, where crude output is estimated to rise 49,000 bpd in the month, offsetting falling output expected from the Bakken and other top regions. Output in the Eagle Ford [Read more]