Oil extended gains after the US sanctioned a Chinese refinery for the first time in a marked step-up of measures to curb oil flows from Iran.
West Texas Intermediate rose toward $69 a barrel after advancing on Thursday, with Brent crude closing at $72.
The US penalized a Chinese oil refinery — Shandong Shouguang Luqing Petrochemical Co. — and its chief executive officer for allegedly buying Iranian oil, the Trump administration's first intervention in the Asian nation's refining system.
Crude is on track for its biggest one-week gain since mid-January, after US data spurred optimism over consumption in the biggest oil consumer.
However, advances have been limited by bearish headwinds, including an escalating global trade war and the specter of more OPEC+ supply from next month.
WTI for May delivery rose 0.6% to $68.49 a barrel at 7:28 a.m. in Singapore.
Brent for May settlement closed 1.7% higher at $72 a barrel.
Source : Bloomberg
Oil prices edged higher on Friday (July 18th), heading for a slight weekly loss, as investors weighed new EU sanctions against Russia. Brent crude futures rose 50 cents, or 0.72%, to $70.02 a barrel ...
Oil headed for a back-to-back daily gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while market metrics pointed to near-term ti...
Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid...
Oil held a gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while crude market metrics pointed to near-term tightness. Global be...
Oil prices rose $1 on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures settled at $69.52 a barrel, up $...
The EUYR/USD finished Friday's session with gains of over 0.26% amid a weaker US Dollar, following dovish comments by Fed Governor Christopher Waller, which weighed on US Treasury yields. Still, an improvement in Consumer Sentiment capped the...
The U.S. dollar slipped against the euro on Friday but held on to weekly gains, as investors weighed expected Federal Reserve policy amid signs that tariffs may be starting to increase some inflation pressures and as U.S. President Donald Trump...
Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from...
Unemployment claims fell 7,000 to 221,000 in the week ending July 12, compared with the median estimate of 233,000, according to Labor Department...
The United States Commerce Department is set to impose preliminary anti-dumping duties of 93.5% on graphite imported from China after concluding the...
US stocks advanced on Thursday, supported by upbeat earnings and solid economic data as markets brushed aside lingering concerns over President...
Federal Reserve Governor Adriana Kugler said the US central bank should keep interest rates steady "for some time," citing accelerating inflation as...