U.S. distillate fuel oil inventories fell to a 23-year low last week, the Energy Information Administration said on Thursday, as the Iran war continues to choke global fuel supplies and raise demand for U.S. crude and petroleum products. The country's distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels in the week ended May 22 to 100.8 million barrels, the lowest since May 2003. Analysts had expected a 1.02 million-barrel drop. "We're going to continue [Read more]

U.S. crude, gasoline and distillate stockpiles fell last week, the Energy Information Administration said on Thursday, as demand jumped. Crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.14 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.79 million barrels in the week, the EIA said. Oil futures held on to earlier gains, despite [Read more]

The U.S. and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program, but President Donald Trump still needs to give final approval, Axios reported on Thursday, citing two U.S. officials. (Reporting by Katharine Jackson and Daphne Psaledakis) [Read more]

If Donald Trump is indeed backing off and allowing the Federal Reserve to do what it needs to do, then the U.S. president may have to park his administration's long-assumed preference for a weaker dollar too. For some nervous Republicans, that may come asa relief. As his appointee Kevin Warsh was sworn in as Fed chair last week, Trump appeared to change tack on his perpetual demand for ever-lower U.S. interest rates, and his persistent barracking of Warsh's predecessor, Jerome Powell, on the [Read more]

The U.S. military carried out new strikes overnight in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters on Wednesday. The official, who spoke on condition of anonymity, said the U.S. military has also intercepted and shot down multiple Iranian drones that posed a similar threat. The U.S. military strikes, which have not been previously reported, came during negotiations to [Read more]

President Donald Trump said on Wednesday the U.S. and Iran still have issues to resolve in peace talks, after Washington dismissed an Iranian state television report of a framework deal to restore shipping through the Strait of Hormuz within a month and to lift a U.S. naval blockade on Iranian ships. Trump told a cabinet meeting that Iran remained keen to end the war, which has choked global energy supplies through the strategic waterway, but that the terms did not satisfy [Read more]