Supply constraints and sanctions boost crude oil futures; traders eye $79.44 resistance, while $76.03 offers dip-buying opportunities. Read more now!
Will China's oil reserves stabilize crude prices? Discover how sanctions on Russia and Beijing's inventory strategy could shape the global oil market.
The U.S. recently announced sanctions on Russian oil producers, along with vessels that have been shipping barrels of Russian crude. India will be hit the hardest by the sanctions, more so than China which has also been snapping up Moscow's cheap oil, said analysts.
Oil prices climbed on Friday, heading for a fourth weekly gain, driven by concerns over tighter supply following U.S. sanctions on Russian oil producers and signals from a Federal Reserve official of potential interest rate cuts.
Oil rose in early Asian trade, as prices found support amid supply concerns, Naga.com said.
Canada is ready to consider dollar-to-dollar retaliation or an export tax on Canadian oil and gas, if President-elect Donald Trump follows through with his 25% blanket tariff plans. "If you're going to put tariffs on Canada, what it actually will do is make things more expensive for Americans," Canada's minister of international trade Mary Ng told CNBC.
The crude oil market continues to see a lot of pressures, mainly to the upside at this point, despite the fact that the market looks to be struggling in the early hours of Thursday. At this point, I am a buyer of dips overall.
On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels that were "largely oil tankers that are part of the shadow fleet as well as oil tankers owned by Russia-based fleet operators." The latest U.S. measures are set to tighten the number of vessels available for the commission of non-Russian parties, pushing up shipping costs for alternative tankers.
Samantha Dart, Goldman Sachs co-head of global commodities research, joins 'Squawk Box' to discuss the state of the energy sector, 2025 outlook, and more.
Oil futures were modestly lower early Thursday, pulling back after ending the previous session at four-month highs following data that showed a large drop in U.S. crude inventories.
British oil major BP on Thursday said it is planning to cut 4,700 jobs, around 5% of its total workforce, Reuters reported, citing a company spokesperon.
Light crude steadies near multi-month highs as bullish momentum tests key resistance. Inventory draws and demand growth fuel optimism for oil prices.