OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait's oil minister said on Thursday.
WTI crude jumps 4% as U.S. sanctions hit Russian oil firms. Traders eye key moving averages and bullish oil outlook as India cuts imports.
President Donald Trump imposed sanctions on Russian oil producers Rosneft and Lukoil.
Stock futures mostly trade higher; Dow contracts lag
Oil prices have fallen sharply this year as global supply remains strong and demand has been slow to grow.
U.S. crude oil inventories fell by 961,000 barrels last week as refineries raised their capacity use.
Persistently weak crude prices pressured merger and acquisition activity in the U.S. upstream oil and gas sector in the third quarter, analytics firm Enverus said on Wednesday.
Oil prices remain under pressure as record sea storage hits 1.24B barrels; natural gas holds steady with traders eyeing a break above key resistance.
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Oil prices dipped on Monday, pressured by worries over a global glut as escalating U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.
Oil futures recover slightly on Friday, but bearish sentiment lingers with the 50-day below the 200-day and supply pressures mounting.
Lipow Oil Associates President Andy Lipow discusses President Donald Trump's efforts to halt India from buying Russian oil and explains his outlook for global oil supplies on ‘The Claman Countdown.' #foxbusiness #fox #media #breakingnews #us #usa #new #news #breaking #theclamancountdown #andylipow #donaldtrump #trump #global #oil #gas #energy #russia #ukraine #war #india #economy #oilandgas #prices #market #world #geopolitics #oilmarket #energynews