Oil prices gained for a second session on Thursday, supported by worries over potential supply disruptions amid U.S. sanctions on Russia, a larger-than-forecast fall in U.S. crude oil stocks, and an improving global demand outlook.
Brent crude futures rose 23 cents, or 0.3%, to $82.26 per barrel by 0731 GMT, after rising 2.6% in the previous session to their highest since July 26 last year.
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.
U.S. crude oil stocks fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday. [EIA/S]
The 2 million-barrel draw was more than the 992,000-barrel decline analysts had expected in a Reuters poll.
The drop added to a tightened global supply outlook after the U.S. imposed broader sanctions on Russian oil producers and tankers. The new U.S. sanction measures have sent Moscow's top customers scouring the globe for replacement barrels, while shipping rates have surged too.
The Biden administration on Wednesday imposed hundreds of additional sanctions targeting Russia's military industrial base and evasion schemes.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies, which collectively as OPEC+ have been curtailing output over the past two years, are likely to be cautious about increasing supply despite the recent price rally, said Commodity Context founder Rory Johnston.
Source: Reuters
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic...
Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was near $69 a barrel after closing 1.1% lower on Fri...
Oil steadied after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was above $68 a barrel after closing 1.1% lower on Friday, and W...
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited ...
Oil prices weakened on Friday due to negative economic news from the United States and China and signs of rising supply, despite optimism that a U.S. trade deal could boost global economic growth and ...
Gold prices gained in choppy trading on Monday, as a weaker dollar helped to offset pressure from improved risk appetite after United States and European Union announced a trade framework agreement. Spot gold was up 0.2% at $3,342.62 per ounce, as...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude...
Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above...
European stocks closed mostly lower on Friday (July 25th) as markets continued to monitor the latest corporate earnings reports while awaiting the...
UK retail sales rose 0.9% month-over-month in June 2025, rebounding from a revised 2.8% drop in the previous month but missing market expectations...
The S&P 500 rose 0.4% on Friday (July 25), notching its fifth consecutive record close—its longest streak in more than a year—while the Nasdaq...
European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both...