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Oil prices clawed back some gains on Monday after hitting five-month lows in the previous session as investors hoped potential talks between the presidents of the U.S. and China could ease trade tensions between the world's two largest economies and oil consumers. Brent crude futures rose 87 cents, or 1.39%, to $63.60 a barrel by 0045 GMT after settling down 3.82% on Friday to the lowest since May 7. U.S. West Texas Intermediate crude was at $59.77 a barrel, up 87 cents, or 1.48%, following a [Read more]

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Hugo Dixon BERLIN, Oct 13 (Reuters Breakingviews) - The Group of Seven says it wants to “maximise pressure on Russia’s oil exports”. If the rich industrialised nations are serious, they could slash Moscow’s income from overseas crude by up to $80 billion a year. That would deliver a big blow to the Kremlin’s flagging economy and might even get President Vladimir Putin to stop his war in Ukraine. G7 [Read more]

The United States is considering using visa restrictions and sanctions as retaliatory actions for countries that support the International Maritime Organization's "Net-Zero Framework" proposal, which is due to be voted on next week, President Donald Trump's administration said on Friday. "The Administration unequivocally rejects this proposal before the IMO and will not tolerate any action that increases costs for our citizens, energy providers, shipping companies and their customers, or [Read more]

China will slap port fees on U.S.-owned, operated, built, or flagged vessels on Tuesday as a countermeasure to U.S. port fees on China-linked ships starting the same day, China's transport ministry said on Friday. Later in the day, U.S. President Donald Trump said he was raising tariffs on Chinese exports to the U.S. to 100% and imposing export controls on critical software in a reprisal to export limits by China on rare earth minerals. There are relatively few U.S.-built or U.S.-flagged [Read more]

The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $10.65 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Thursday's close of $10.60. * The WCS discount has been tight this month, contrary to the typical seasonal pattern that usually sees the discount widen after the end of the summer driving season. * Canadian crude oil production [Read more]

EDMONTON - Alberta's government says Ottawa is dodging responsibility by not standing behind a proposed pipeline project to the B.C. coast. Premier Danielle Smith's office says the decision to build a pipeline lies solely with Prime Minister Mark Carney and the federal government. Her spokesperson Sam Blackett says anything short of decisive support would be a betrayal of the constitutional rights of Alberta's citizens and call into question whether Canada is a functional democracy. It [Read more]

U.S. energy firms this week cut the number of oil and natural gas rigs operating, the first reduction in six weeks, 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, fell by two to 547 in the week to October 10. Baker Hughes said this week's decline puts the total rig count down 39 rigs, or 7% below this time last year. Baker Hughes said oil rigs fell by four to 418 this week, while gas rigs [Read more]