Oil prices rebounded on Friday after U.S. President Donald Trump renewed threats against major Middle Eastern producer Iran, raising concerns of military action that could disrupt supplies.
Oil rose in Asian trade on a possible technical recovery after WTI and Brent settled lower overnight.
The Trump administration is allowing China to purchase Venezuelan oil but not at "unfair, undercut" prices at which Caracas sold the crude before the U.S. removed its leader Nicolas Maduro, an administration official said on Thursday.
WTI crude oil stalls at 200-day MA as EIA inventory build expected. Oversupply battles Iran risk premium; range-bound trade at $59.40 sweet spot.
US Energy Secretary Chris Wright discusses the benefits of President Donald Trump's style at the World Economic Forum, the US's ultimate goal for Venezuela's energy industry, and his plans to visit the nation's oil operations in the next few weeks. Wright speaks to Bloomberg Television on the sidelines of the 2026 World Economic Forum's annual meeting in Davos, Switzerland.
The world needs to more than double oil production, U.S. Energy Secretary Chris Wright said on Thursday, while criticising the European Union and the U.S. state of California for wasting money on what he described as inefficient green energy.
Years of discipline have made companies such as Halliburton and SLB lean and efficient.
Oil edges higher despite a 3M barrel inventory build, while natural gas surges above $5.25 as traders weigh breakout momentum against oversupply risks.
Oil edged higher in early Asian trade, aided by prospects of stronger demand.
Valero bought a cargo of Venezuelan crude oil, two sources said on Wednesday, the first deal by a U.S. Gulf Coast refiner struck as part of Washington's deal with Caracas to buy up to 50 million barrels of the South American country's crude.
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.
Indian state-run refiner Hindustan Petroleum (HPCL) reported a jump in third-quarter profit on Wednesday, supported by higher refining margins as crude prices dropped.