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Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in the Middle East. Brent crude futures climbed 44 cents, or 0.6%, to $71.86 a barrel by 0025 GMT, while U.S. West Texas Intermediate crude was at $67.83 a barrel, up 45 cents, or 0.7%. Both contracts tumbled 6% on Monday, hitting their lowest since Oct. 1, after Israel's retaliatory strike on Iran at the weekend bypassed Tehran's oil infrastructure. The U.S. on Monday said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds. "While outlook for the Middle East situation remains alarming, the market is expecting a temporary lull in retaliatory strikes between Israel and Iran," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "The U.S. plan to refill the SPR provided some support to the market," he said, but predicted a downward trend ahead as peak winter kerosene demand season in the Northern Hemisphere was still some way off while demand in China remained sluggish. On Saturday, scores of Israeli jets completed three waves of strikes against missile factories and other sites near Tehran and in western Iran, the latest exchange between the Middle Eastern rivals. Tensions remain high, however, as Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Iran will "use all available tools" to respond to Israel's weekend attack. In the U.S., crude oil and gasoline stockpiles likely rose last week, while distillate inventories were seen down, a preliminary Reuters poll showed on Monday. The American Petroleum Institute industry group is scheduled to release a weekly report on Tuesday and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, will issue one on Wednesday. #Oil #prices #rise #US #commitment #replenish #provides #support #reward #fyp #247newsupdate

Oil prices are on the decline as the American Petroleum Institute (API) reports a rise in U.S. crude inventories, signaling potential demand concerns. Codan Limited (ASX: CDA) is seeing the impact as West Texas Intermediate (WTI) prices dip toward $71 per barrel, while Brent crude is holding above $76 per barrel at the time of writing. In geopolitical news, discussions between U.S. Secretary of State Antony Blinken and Israeli PM Benjamin Netanyahu are also shaping market dynamics as traders closely watch the ongoing developments in the Middle East. https://lnkd.in/ei_gjyfW #OilPrices #Codan #CrudeInventories #WTI #BrentCrude #MiddleEast

SUPPLY RISKS INTENSIFY Oil Futures Rise Towards $90 as Supply Risks Intensify - Read More: https://hubs.la/Q02rD_810 Oil prices extended gains on Wednesday, as investors mulled supply risks stemming from Ukrainian attacks on Russian refineries and the potential for escalation in the Middle East conflict, while OPEC+ ministers made no changes to current output cuts in a meeting. Brent crude futures for June rose 75 cents, or 0.84%, to $89.67 per barrel at 1130 GMT, while U.S. West Texas Intermediate crude futures for May gained 73 cents, or 0.86%, to $85.88 a barrel. #brentcrude #energy #oilgas #oilandgas #oilandgascompanies #energynews #energynow

SUPPLY RISKS INTENSIFY Oil Futures Rise Towards $90 as Supply Risks Intensify - Read More: https://hubs.la/Q02rF0H-0 Oil prices extended gains on Wednesday, as investors mulled supply risks stemming from Ukrainian attacks on Russian refineries and the potential for escalation in the Middle East conflict, while OPEC+ ministers made no changes to current output cuts in a meeting. Brent crude futures for June rose 75 cents, or 0.84%, to $89.67 per barrel at 1130 GMT, while U.S. West Texas Intermediate crude futures for May gained 73 cents, or 0.86%, to $85.88 a barrel. #brentcrude #energy #oilgas #oilandgas #oilandgascompanies #energynews #energynow

Oil Market Analysis: "Head and Shoulders" Pattern Confirmed As the dust settles on the US presidential election, oil markets are weighing the implications of Donald Trump's win. Despite pro-business policies, WTI crude oil prices have dropped to $70.74/barrel, breaking below a rising channel pattern. Key Takeaways: - "Head and Shoulders" pattern confirmed with weak momentum - Technical indicators show mixed signals, with flattening moving averages and modest bullish pressure - Breakout above $72.34 could target $77.67 resistance - Failure to hold $69.33 gap support may retest $66.65 key support Trading Recommendations: - Buy WTI EXP Nov 22 - Entry Price: $70.00 - Target Price: $77.67 - Stop Loss: $68.00 What's Driving the Market? - US election results and potential sanctions on Iran - Prospects of increased domestic drilling - Upcoming Fed rate decision Stay Ahead: Follow me for timely market analysis and insights! #OilMarket #WTICrude #TradingRecommendations #TechnicalAnalysis #USPresidentialElection #FedRateDecision #EnergyMarkets #Commodities

Brent crude futures were up 9 cents, or 0.12%, to $77.71 a barrel as of 0010 GMT. U.S. West Texas Intermediate crude futures were up 8 cents, or 0.11%, to $73.79 a barrel. Both benchmarks were on track for weekly gains of about 8%. However, the supply fears have been tempered by OPEC's spare production capacity and the fact that global crude supplies have yet to be disrupted by the Middle East unrest. Libya's eastern-based government and Tripoli-based National Oil Corp announced on Thursday the reopening of all oilfields and export terminals after a dispute over leadership of the central bank was resolved, ending a crisis that had heavily reduced oil production. #oil #price #brent #wti #OPEC Click and see more https://lnkd.in/esxahwPv

https://lnkd.in/eZ7vJ863 Crude Oil trying to hold steady at the low end of near-term chop West Texas Intermediate (WTI) US Crude Oil held roughly on-balance to kick off the new trading week, finding a foothold and keeping intraday action on the north side of $73.00

Brent crude was supported by colder than normal weather in northwest Europe and the United States, a rally in natural gas prices and higher refining profit margins, said SEB analyst Bjarne Schieldrop.  Saudi Aramco, the world's top oil exporter, has raised crude prices in February for buyers in Asia, the first increase in three months. A rise in these prices usually indicates firmer demand expectations. On the supply front, stronger Western sanctions on Iranian and Russian oil shipments are a distinct possibility.

PRICES TURN HIGHER Oil Prices Turn Higher as Middle East Ceasefire Hopes Wane - https://hubs.la/Q02sf0Yp0 Oil prices edged higher on Tuesday, after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza, and on Mexico’s plan to remove more crude from the global market. Brent crude futures rose 28 cents, or 0.31%, to $90.66 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 24 cents or 0.28% at $86.67. #energy #oilprices #oilgas #oilandgas #oilandgascompanies #wti #brentcrude

Oil prices inched higher on Wednesday amid uncertainty over what may happen next in the Middle East conflict, after demand concerns knocked the market to its lowest since early October in the previous session. Brent crude oil futures rose 19 cents, or 0.3 percent, to $74.44 a barrel by 9:30 a.m. Saudi time. US West Texas Intermediate crude futures climbed 24 cents, or 0.3 percent, to $70.82 per barrel.