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NEW YORK: US crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions.
NEW YORK: Oil prices rose more than 2% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.
NEW YORK:Oil prices fell to their lowest in two weeks on Tuesday on expectations OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis
NEW YORK: Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
DUBAI (Reuters) - An Iranian state newspaper, taking aim at hardline lawmakers' intervention in Tehran's nuclear row with the West, warned on Tuesday that overly radical actions may lead to Iran's isolation after a new law ended snap inspections by U.N. inspectors.
Consumption seen returning to pre-Covid levels by July
SINGAPORE, Feb 23 (Reuters) - Oil prices jumped by more than US$1 on Tuesday, underpinned by optimism over Covid-19 vaccine rollouts and lower output as US supplies were slow to return after a deep freeze in Texas shut in crude production last week.
NEW YORK: Oil prices will rally sooner and higher than previously thought as the global energy demand recovery outpaces the supply response from the Opec+ alliance, shale and Iran, according to Goldman Sachs Group Inc.
NEW YORK: Oil prices fell for a second day on Friday, retreating further from recent highs, as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather and power outages.
NEW YORK: Oil prices fell on Thursday despite a sharp drop in U.S. crude inventories, as market participants took profits following days of buying spurred by a cold snap in the largest U.S. energy-producing state.