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.
Oil rose in the morning Asian session amid tensions over Iran.
President Donald Trump ratcheted up pressure on Iran Wednesday, warning that a “massive armada” was headed to the Middle Eastern country and that time was running out for Tehran to reach a nuclear deal.
Commercial crude oil stocks decreased by 2.3 million barrels and were about 3% below the five-year average for the time of year, said the Energy Information Administration.
Exports of four key Nigerian crude oil grades are scheduled at 793,000 barrels per day in March, preliminary loading programmes seen by Reuters show.
Indian Oil Corp expects its annual diesel exports to rise sharply to up to 5 million metric tons from 2027 as it expands refining capacity, the company's head of marketing told reporters at the India Energy Week conference.
Oil prices were mixed on Wednesday, with Brent down slightly but the U.S. contract edging higher as supply concerns grew after a winter storm disrupted crude output and halted Gulf Coast exports over the weekend.
Oil prices were mixed in Asia's morning session, but may be supported by lingering Middle East tensions that could lead to supply disruptions.
U.S. officials are working to issue a general license soon that would lift some sanctions on Venezuela's energy sector, three sources close to the preparation said on Tuesday, a shift from a previous plan to grant individual exemptions to sanctions for companies seeking to do business in the country.
An oil tanker under EU sanctions for carrying Russian oil is being escorted to Tanger Med in Morocco by a Spanish rescue ship, Spain's Merchant Marine said on Tuesday.