Market focus has shifted toward potential supply hikes from eight OPEC+ members that have been carrying out separate voluntary production cuts.
Chevron, ConocoPhillips and other companies are locked in a dispute with six Central African countries over fossil-fuel projects.
The crude oil markets continue to see a lot of buyers on dips, and we have seen more of the same on Wednesday in the early hours of trading.
Crude oil holds steady as traders await OPEC+ output decision and supply risks mount from Venezuela sanctions and Canadian wildfires.
Oil prices ticked up in early trading on Wednesday as the U.S. barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply.
Oil rose in early Asian trade amid prospects of new U.S. sanctions against Russia.
Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.
Nikhil Bhandari, Co-head of APAC Natural Resource & Clean Energy Research at Goldman Sachs, says that India will be the fastest-growing oil demand region among large economies over the next two decades. He notes that the country is at an "inflection point", where oil demand will accelerate even faster as GDP growth moves up the value chain.
Oil prices climb amid geopolitical tensions, while natural gas struggles below the EMA, highlighting mixed energy market trends this week.
Oil prices gained in early Asian trade on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt the global economy and fuel demand.
Oil rose in the early Asian session amid lingering Middle East tensions.
Crude oil outlook turns bearish as OPEC+ eyes a July output hike and U.S. inventories climb, raising fresh concerns about oversupply and weak oil demand.