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U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending January 30, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.5 million barrels to 420.3 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 489,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 743,000 barrels in the past week, the EIA said. Refinery crude runs fell by 180,000 [Read more]

Russia faces a steep drop in oil income if U.S. President Donald Trump successfully pressures India to stop importing Russian crude, because losing its top purchaser of seaborne exports would force Moscow to slash prices to find other buyers, analysts and traders said. Trump on Monday cut U.S. tariffs on Indian goods in a trade deal he said also included provisions for India to halt oil imports from Russia, the world's second-biggest oil exporter. The United States is putting pressure on [Read more]

We all know people who seem to attract all the bad luck in life. Europe, facing both internal and external challenges, is starting to look like that unfortunate person. What the region needs now is clarity of purpose and a bold plan to achieve it. Some of the challenges Europe faces come from without, such as fraying Transatlantic ties with the U.S. and competitive pressures from China. Other difficulties stem from its own past policies and priorities – most notably over-regulation and an [Read more]

Oil prices extended gains on Wednesday after the U.S. shot down an Iranian drone and armed Iranian boats approached a U.S.-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tensions between Washington and Tehran. Brent crude futures were up 56 cents, or 0.8%, at $67.89 per barrel at 0400 GMT. U.S. West Texas Intermediate crude was up 63 cents, or 1.0%, at $63.84 per barrel. Both benchmarks rose nearly 2% on Tuesday, as investors monitored developments between the [Read more]