Russia China's top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices.
Oil prices rose in early Asian trading on Monday, adding to last week's gains as rescuers searched for Iran's president after a helicopter crash in the oil-producing nation and after the U.S. bought crude to help refill the national stockpile.
Easing inflation, potential early Fed rate cut, and rising fuel demand create a cautiously bullish short-term outlook for crude oil prices.
Crude oil markets have consolidated a bit during the course of the trading week, but it does look like we have plenty of support underneath. Because of this, I think we are trying to build some type of base to get moving, but right now we just don't have any follow-through.
Cloud cover and rain showers over the next few days are set to help crews battling a large wildfire near the Canadian oil sands city of Fort McMurray, Alberta, local authorities said on Friday.
The oil markets are essentially sitting still at the moment, frustrating traders on both sides of the trade. Ultimately, this is a market that will have to continue to work out momentum.
Oil futures headed for modest weekly gains on Friday early morning as economic data from the U.S. and China raised hopes for stronger crude demand.
Russia could deliver oil as well as gas to China along a planned route via Mongolia, President Vladimir Putin said on Friday.
FORT MCMURRAY, Alberta (AP) — A wildfire that has forced thousands of people out of their homes in Canada's oil sands hub city of Fort McMurray was held in place Thursday, as rain and cooler temperatures swept the area.
Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States.
Fossil fuel groups have sued the U.S. Bureau of Land Management seeking to block a rule that will raise fees for oil and gas development on federal lands as a part of the U.S. government's broader effort to boost returns and address environmental harms stemming from drilling on public lands.
More than half of the oil sands production from Canada could be impacted if the wildfires in Alberta and British Columbia worsen, Rystad Energy said in a report on Thursday.