Oil Trims Losses on Conflicting Signals About Saudi Recovery

By David Marino and Sheela Tobben (Bloomberg) -- Oil pared an earlier decline on contradicting reports about when Saudi Arabia will restore production lost in unprecedented attacks. A Financial Times report citing unidentified Saudi sources contradicted an earlier article from Reuters that the kingdom is close to restoring 70% of its production it lost after the weekend … [Read more...]

Oil Falls on Rising Trade War Tensions

By Kiran Dhillon (Bloomberg) --The international oil benchmark closed below $60 dollars a barrel for the first time in almost two months as worsening U.S.-China trade relations intensified fears about the health of the global economy, prompting investors across financial markets to flee risky assets. Futures fell 3.4% to settle at $59.81 in London on Monday. China, hitting … [Read more...]

Oil Jumps as Tanker Seizure Escalates Tensions With Iran

By Harkiran Dhillon (Bloomberg) Oil climbed after Iran’s Revolutionary Guard Corp said it seized a British-flagged tanker in the Strait of Hormuz, raising stakes in the critical oil chokepoint. London-traded Brent futures climbed almost 1% while the U.S. benchmark also rose. The seizure of the tanker is the second Iranian move against a U.K. ship in just over a week. … [Read more...]

Twelve Empty Supertankers Reveal The Truth About Today’s Oil Market

by Firat Kayakiran (Bloomberg) They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market. In normal times, the vessels would be filled with heavy, high sulfur Middle East oil for delivery to refineries in places like … [Read more...]

Trump Tweets on ‘Artificially’ High Oil Prices: “Oil all over the place, including the fully loaded ships at sea”

By Susan Heavey and Rania El Gamal WASHINGTON/JEDDAH, Saudi Arabia, April 20 (Reuters) - U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters. "Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices … [Read more...]