Crude oil retreats sharply as risk premiums unwind, testing $61 support, while natural gas consolidates above $3.55 inside a rising channel.
Oil prices slid as investors dial back fears of a supply shock. On Saturday, Donald Trump told reporters Tehran was "seriously talking" with the U.S.
Crude oil surges 6.78% on geopolitical risk and inventory draws, yet structural surplus of 0.75-3.5 million bpd could cap gains near consensus $60 target.
Oil prices fell in early Asian trade amid signs of U.S.-Iran negotiations that could reduce supply-disruption risks.
U.S. stock futures fell Sunday, after a tumultuous start to the year on Wall Street and ahead of another busy week of tech earnings.
Eight OPEC+ countries have agreed in principle to maintain a planned pause in their oil output hikes for March, according to three OPEC+ sources and a draft statement seen by Reuters ahead of their Sunday meeting.
OPEC+ is likely to keep its planned pause on oil output increases for March when it meets later on Sunday, three OPEC+ delegates told Reuters, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran.
The group of major oil producers known as OPEC+ will have to take oil flow uncertainty and an expected global supply surplus into account when they meet this weekend to discuss production targets.
Helima Croft, RBC global head of commodity strategy, joins 'Power Lunch' to discuss the price of oil, the geopolitics around the commodity and much more.
Trinidad and Tobago is in talks with Indian Oil Corp to restart its mothballed 165,000-barrel-per-day Guaracara oil refinery, Energy Minister Roodal Moonilal said, as the Caribbean nation looks to revive refining capacity shut more than seven years ago.
Crude oil needs Iran supply shock to break resistance, Reuters columnist says. Technical setup suggests market anticipates production disruption with breakout over $66.49.
ExxonMobil CEO Darren Woods told CNBC that Venezuela needs to transition to representative government for the oil major to consider investing. Woods told President Donald Trump earlier this month that Venezuela is "uninvestable.