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Global oil markets face increasingly sharp and frequent price shocks as geopolitical tensions, opaque stockpiling and tightening Western sanctions are leaving many traders in the dark. The growing influence of external, unpredictable forces on the world's largest and most liquid commodity market raises doubts about how accurately prices reflect physical fundamentals. Indeed, the global oil market appears to be struggling to get a handle on its basic supply and demand balance. The [Read more]

The Kremlin said on Monday that the fuel situation in Cuba, which has unveiled a plan to protect essential services and ration fuel, was critical and that U.S. attempts to "suffocate" the island's economy were causing many difficulties. Cuba detailed its plans to navigate the deepening crisis on Friday as the communist-run government dug in its heels in defiance of a U.S. effort to cut off oil supply to the Caribbean island after declaring Cuba "an unusual and extraordinary threat" to U.S. [Read more]

Oil prices fell on Monday after the U.S. and Iran pledged to continue talks over the Middle Eastern producer's nuclear programme, easing concerns about a possible conflict that could disrupt supply from the region. Brent crude futures fell 49 cents, or 0.72%, to $67.56 a barrel by 0134 GMT after settling up 50 cents on Friday. U.S. West Texas Intermediate crude was at $63.13 a barrel, down 42 cents, or 0.66%, following a 26-cent gain at Friday's settlement. "Crude oil has eased in early [Read more]

The union representing hundreds of workers at BP's Whiting refinery, the largest refinery in the Midwest, said on Friday the British oil major does not intend to honor the national oil bargaining agreement. This comes after the United Steelworkers union adopted a national agreement negotiated with Marathon Petroleum for use in contracts between 30,000 oil industry workers and their refineries and chemical plants. The Steelworkers union represents about 800 workers at the Whiting refinery that [Read more]

U.S. oil production fell in November to the lowest since July, while oil demand fell to the lowest since April, data from the Energy Information Administration showed on Friday. Crude oil output fell to 13.78 million bpd in November, down about 82,000 from October's record high 13.86 million bpd, the EIA data showed. That is the first month-over-month decline in U.S. oil output since May 2025, and the biggest fall since adverse weather-related outages caused a slump in January 2025. The [Read more]

U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since November, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by five to 551 in the week to February 6, its highest since November. Despite this week's rig increase, Baker Hughes said the total count was still down 35 rigs, or 6% below this time last year. Baker Hughes said oil rigs rose [Read more]