Oil prices rose for a third day on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets. U.S. West Texas Intermediate futures was up 35 cents, or 0.54% at $66.37 a barrel.  Brent crude futures were up 24 cents, or 0.31%, at $68.60 a barrel. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks [Read more]

A stark appeal by the world's top energy body to stop investment in new fossil fuel projects by next year has met a mixed reception from the world's top producers - from guarded praise and pledges to cut back on coal to outright defiance. The International Energy Agency said in its "Net Zero by 2050" report last week that investors should not fund new oil, gas and coal supply projects beyond this year if the world wants to reach net zero emissions by mid-century and meet the goals of the 2015 [Read more]

U.S. traffic volumes have almost returned to pre-pandemic levels, helping normalise gasoline consumption as more businesses re-open, domestic leisure travel resumes and workers return to offices. The volume of traffic on all roads was down by less than 4% in March compared with the same month two years ago, according to the Federal Highway Administration. Traffic levels had been down 41% in April 2020 at the height of the first wave of the pandemic and were still down 11% as recently as [Read more]

Oil prices rose on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions. Prices also got a boost on expectations that a new deal is les likely than it was last week, said Bob Yawger, director of Energy Futures at Mizuho in New York. "The Iranians and western powers cannot get the details worked out that will get this deal [Read more]

U.S. energy firms added oil and natural gas rigs for a fourth week in a row as higher oil prices prompt some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose two to 455 in the week to May 21, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 137 rigs, or 43%, over this time last year. It was also up 86% since falling to a record low of 244 in [Read more]

Oil prices nudged up on Friday, recovering from three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal. U.S. West Texas Intermediate for July was at $63.41 a barrel, up $1.47, or 1.48%. Brent crude futures for July rose $1.39, or 2.12%, to $66.38 a barrel. For the week, however, both contracts are down nearly 5% and on track to post their biggest weekly loss since [Read more]