Crude Oil

WisdomTree’s Brent Crude ETP has attracted a weekly record inflow of close to $500 million, almost tripling the fund’s assets to over $700 million as investors piled into the market during its worst rout in months, reported Bloomberg. The move coincided with benchmark Brent futures...

Allianz chief economic adviser and noted economist Mohamed El-Erian has highlighted the fact that although the discount on Russian crude oil relative to Brent crude will increase following Western sanctions, it is still unclear where the absolute prices would be headed. “Assuming the gap is...

The decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to conduct its Dec. 4 meeting virtually indicates there is little likelihood of a policy change, Reuters reported, citing a source. A virtual meeting also highlights the pending European Union deal on a...

The Kremlin said Russian President Vladimir Putin discussed the West’s attempts to cap the price of Russian oil, on Thursday, in a phone call with the new Iraqi prime minister. What Happened: The presidential palace, in a readout of the call, said the Russian leader warned Mohammed Shia al-...

Ghana's government is negotiating a new policy regime where it will use its gold rather than its U.S. dollar reserves to buy oil products, Vice-President Mahamudu Bawumia said in a Facebook post on Thursday. Reuters first reported this story. What Happened: In a post titled "The Use of...

Prominent market commentator Jim Cramer highlighted a chart analysis from Carley Garner and said that investors should gear up to buy oil next month, according to a CNBC report. “She thinks there could be one last washout from this week, possibly early through December, and that washout could...

The U.S. index futures point to a higher opening by Wall Street stocks on Friday, as traders look to close out a see-sawing trading week on an upbeat note. The major averages extended their losses on Thursday, as traders digested hawkish Fed commentaries and economic data that pointed to more...

A 44-year-old German economist and lawyer, Armin Steinbach, has decided to sue OPEC for damages that include 50 euros, plus interest, alleging that the group was operating "an illegal cartel," inflating the price of the gasoline and heating oil he buys, according to an opinion piece...

Russia became the top oil supplier to India in October as low prices spurred demand from one of the world's largest oil consumers and importers, according to the energy cargo tracker Vortexa. What Happened: Russia supplied 946,000 barrels per day of crude to India last month, edging past the...

The Organization of the Petroleum Exporting Countries (OPEC) has said in its 2022 World Oil Outlook that global oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045. The world economy is expected to more than double...

President Joe Biden on Monday lambasted energy companies, saying that they had a responsibility to act beyond the interests of their executives and shareholders with the "historic" profits made from the recent surge in oil prices. What Happened: Biden said oil...

China has bought millions of oil barrels in a late buying spree in the wake of refiners planning to increase fuel exports through the end of the year, reported Bloomberg. Some of the nation’s biggest buyers have bought at least 10 million barrels since late last week from the Middle East,...

Trading in the U.S. index futures points to a mixed opening by Wall Street stocks on Thursday, as tech earnings continue to disappoint. On Wednesday, the major averages ended mostly lower, with the Dow Industrials ending marginally higher, although well off the session’s high. Alphabet Inc. (...

The Saudi defense minister and King Salman's son, Prince Khalid bin Salman on Sunday refuted claims by the U.S. that more than one OPEC member had felt coerced by Saudi Arabia into the decision to trim the oil output and that the kingdom is supporting Russia. “...

Saudi Arabia has hinted that the Biden Administration had suggested delaying the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to reduce its production output by a month, which it believed “would have had negative...