Last year, crude oil logged the biggest annual price decline since 2020.
Oil prices are likely to hold near the $60 a barrel mark this year, as the prospect of oversupply in the market offsets the impact of geopolitical tensions that could disrupt cargoes, a Reuters poll showed on Friday.
Chinese state oil firm CNPC plans to restart a unit at its refinery in the northeastern city of Dalian, months after closing it, as it pursues big margins from processing discounted Russian oil, sources close to the matter said.
Natural gas and oil prices pull back near key support as geopolitical risks, supply disruptions, and technical levels shape the next energy market move.
Oil prices were mixed in the morning Asian session, but may be supported by lingering U.S.-Iran tensions that could lead to supply disruptions
Oil is picking up gains as President Trump hardened his tone against Iran.
Lawmakers approved in a final vote on Thursday a sweeping reform of Venezuela's main oil law after sweetening a proposal by interim President Delcy Rodriguez to lower taxes, expand the oil ministry's decision power, grant autonomy for private producers and make possible asset transfers and outsourcings.
The top Democrat on a U.S. House investigative committee on Thursday asked global trading houses Vitol and Trafigura about any correspondence with the Trump administration before the U.S. capture of Venezuela's leader, to determine, he said, who benefits from that action.
President Donald Trump has deployed the Abraham Lincoln Carrier Strike Group to the Middle East. Trump has warned Iran that time is running out to make a deal.
Oil prices climb toward $65 while natural gas stabilizes near $4 as geopolitical tensions, a weaker dollar, and bullish technical levels fuel energy market momentum.
French oil group Maurel & Prom reported weaker than expected full-year sales on Thursday, weighed down by depressed oil prices.
Oil prices are rising from long-term support as supply cuts, Fed policy pause, a weaker dollar, and renewed Venezuelan exports fuel bullish momentum toward the $65–$70 zone.