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Brent crude futures slid $1.08 cents, or 1.3%, to $84.48 per barrel by 0729 GMT

Oil prices drop as US inventories jump fuels worries

Oil prices extended losses today as a much bigger-than-expected surge in the US crude inventories and anticipation of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession.

Business • 15 Feb 23

The US Department of Energy (DOE) said after the previous session ended that it would sell 26 million barrels of oil from the SPR

Oil prices fall on US crude reserve release

Oil prices fell today after the US government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed.

Business • 14 Feb 23

The European Union, once the largest buyer of Russian gas, drastically reduced its imports last year

Russia says gas exports sank in 2022 but oil up

Russia said today that its gas exports plummeted by 25% in 2022 after the Ukraine conflict brought turmoil to Moscow's ties with key buyers in Europe.

Business • 13 Feb 23

China has been easing stringent Covid-19 restrictions this month

Oil prices firm on China demand optimism

Oil prices rose more than 1% today on expectations demand will strengthen as top oil importer China reopens its economy and on positive US economic data.

Business • 26 Jan 23

This week traders are watching for more business data as corporate earnings season gathers momentum

Oil dips $1 on global economic concerns

Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in US oil inventories were offset by hopes of a fuel demand recovery from top importer China.

Business • 24 Jan 23

Brent crude futures rose $1.39, or 1.7%, to $85.85 a barrel by 1658 GMT

Oil prices hit two-week highs

Oil prices rose to their highest in two weeks today after China posted weak but expectation-beating annual economic growth data and on hopes that a recent shift in its Covid-19 policy will boost fuel demand.

Business • 17 Jan 23

A stronger dollar can weaken oil demand because it makes the commodity more expensive for those holding other currencies

Oil prices slide 2% as dollar firms

Oil prices slid about 2% today as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks.

Business • 15 Dec 22

OPEC+ have agreed to stick to their October plan to cut output by 2 million barrels per day (bpd) from November

Oil prices fall as data raises US interest rate worries

Oil prices pared gains today, following US stock markets lower, after US service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.

Business • 05 Dec 22

Talks begin on Saturday when OPEC ministers hold a virtual meeting

OPEC+ seen heading for oil policy rollover

OPEC+ is likely to stick to its current oil output target when it meets on Sunday, according to OPEC+ sources, although some say a further output cut is not completely off the table given concern about economic growth and demand.

Business • 02 Dec 22

Beijing has shut parks, shopping centres and museums today and more Chinese cities resumed mass Covid testing

Oil up as OPEC+ focus on cuts offsets recesssion woes

Oil rose today after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China's rising Covid-19 case numbers.

Business • 22 Nov 22

The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by February 5

Europe rushes to fill up on Russian diesel before ban

European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.

Business • 21 Nov 22

BP has benefitted from higher oil prices following Russia's invasion of Ukraine

Oil giant BP made $8.2bn profit in its third quarter

BP has revealed its profits more than doubled for the past three months amid ratcheting calls for stiffer windfall taxes for energy producers.

Business • 01 Nov 22

Oil rises on strong crude demand

Oil rose today, extending a rally of nearly 3% in the previous session, as optimism over record US crude exports and signs that recession fears are abating outweighed concern over slack demand in China.

Business • 27 Oct 22

Shell had posted record quarterly earnings of $11.5 billion in the previous quarter and $4.1 billion a year ago

Shell reports $9.5 billion quarterly profit

Shell has today reported a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, and announced plans to sharply boost its dividend by year end.

Business • 27 Oct 22

International Energy Agency (IEA) head Fatih Birol

World is in its first truly global energy crisis - IEA

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency said today.

Business • 25 Oct 22

Brent is on track for a weekly gain of almost 1%, while US crude was set to fall less than 1%

Oil steadies as rate hike talk offsets China demand

Oil steadied today as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies.

Business • 21 Oct 22

Oil prices had slumped by about 5% on Friday

Oil prices claw back losses from 9-month lows

Oil prices hit nine-month lows today before recovering to stand higher on the day in choppy trade, as recession fears and a strong dollar spooked the market where participants were waiting for details on new sanctions on Russia.

Business • 26 Sep 22

Brent crude futures fell 41 cents, or 0.5%, to $90.05 per barrel

Oil prices plunge 4% with recession fears in focus

Oil prices dumped today to trade at levels not seen since January as the dollar index hit its strongest level in two decades and on demand fears, as rising interest rates risked tipping major economics into recession.

Business • 23 Sep 22

Oil prices are being pressured by expectations of weaker global demand and by US dollar strength ahead of a possible large interest rate hike

Oil falls over 2% on demand fears and strong dollar

Oil fell by more than 2% today, pressured by expectations of weaker global demand and by US dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline.

Business • 19 Sep 22

Russia's Rosneft paid just €1 for Equinor's main assets, sources say

How Equinor exited Russia - move fast, sell cheap

Norway's Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals - but it also paid a price.

Business • 14 Sep 22

Oil prices have stabilised after an IEA report published today

Oil prices stabilise on IEA demand outlook

Oil prices stabilised today, after dropping by more than $1 earlier in the session, following signs of bullish demand in an International Energy Agency (IEA) report.

Business • 14 Sep 22

Investors eye possible moves by OPEC+ producers to cut output and support prices at a meeting later today

Oil prices jump more than $2 ahead of OPEC+ meeting

Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later today.

Business • 05 Sep 22

Expectations that OPEC would cut output if needed to support prices are supporting oil prices today

Oil edges higher on prospect of OPEC+ supply cut

Oil edged higher today to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth.

Business • 29 Aug 22

There were no UK imports of fuels from Russia in June for the first time ever, new ONS figures show

Sanctions take UK imports from Russia to record lows

UK sanctions on Russia after the invasion of Ukraine have led to a slump in imports to record lows, official figures showed today.

Business • 24 Aug 22

Investors worry that big US interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure

Oil falls 4% on concerns of economic slowdown

Oil prices fell on Monday in volatile trading, ending three days of gains, on fears aggressive US interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Business • 22 Aug 22