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NEW YORK: Oil prices fell from six-week highs on Friday as investors unloaded positions after weak Japanese crude import data and on worries about fuel demand in India, where COVID-19 infections have soared. U.S. crude and global benchmark Brent logged their biggest daily drops in more than three weeks, but saw monthly gains of near 6% and 8%, respectively. Fuel demand worldwide is mixed, with consumption rising in the United States and China, while other nations resume lockdowns to stem the rising infection rate. Brent crude settled at $67.25 a barrel, falling US$1.31, or 1.9% on the last day of trading for the front-month June contract. U.S. West Texas Intermediate crude for June settled at $63.58 a barrel, down $1.43, or 2.2%. Brent gained 1.7% on the week and WTI rose 2.3%. "It was the end of the month so there was some profit-taking, but I think the biggest issues were the reports coming out of India concerning COVID," said Phil Flynn, senior analyst at Price Futures Group ... » Learn More about India demand fears, weak Japan crude imports knock oil prices

KUALA LUMPUR: Oil and gas (O&G) stocks are among the most active counters on Bursa Malaysia in early trade Wednesday on stronger Brent crude oil price. Reuters reported that oil prices rose nearly 2% on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring Covid-19 cases in India capped gains. Brent crude futures settled at US$68.88 a barrel, up US$1.32, or 1.95%. U.S. West Texas Intermediate (WTI) crude futures rose by US$1.20, or 1.86%, to settle at US$65.69. The Bursa Malaysia Energy Index rose 1.52%, or 13.62 points to 911.32. KNM is the second most active counter on Bursa. It added 2.7%, or 0.5 sen to 19 sen with 59.16 million shares traded. Velesto fell 3.13% to 15.5 sen and Sapura Energy unchanged at 14 sen. Bumi Armada added 2.41%, or one sen to 42.5sen, Hibiscus gained 3.1%, or two sen to 66.5 sen and Uzma rose 3.6%, or 2.5 sen to 72 sen. ... » Learn More about Quick take: O&G counters gain as Brent crude rises

SINGAPORE: Oil prices rose on Wednesday, extending gains from the previous session after industry data indicated U.S. crude stocks fell much more than expected last week, reinforcing bullish views on fuel demand in the world's largest economy. U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.7%, to $66.17 a barrel at 0440 GMT, after climbing to $66.58, a level not seen since March 8. Brent crude futures were up 49 cents, or 0.7%, at $69.37 barrel after touching a more than seven-week high of $69.78 earlier in the session. Both benchmark contracts rose nearly 2% on Tuesday ahead of data from the American Petroleum Institute (API) industry group. "Crude oil prices appear to be supported by a large draw in crude and gasoline inventories, according to API figures," said Margaret Yang, a strategist at Singapore-based DailyFX. "The energy demand outlook is brightened by eased lockdown measures in parts of the U.S. and UK, which helped to offset concerns over ... » Learn More about Oil prices rise after steep drop in US crude inventories

NEW YORK: Oil prices rose nearly 2% on Tuesday after more U.S. states eased lockdowns and the European Union sought to attract travellers, though soaring COVID-19 cases in India capped gains. Futures strengthened in post-settlement trade after American Petroleum Institute estimates of U.S. crude inventories fell more than expected, according to traders. Brent crude futures settled at US$68.88 a barrel, up$1.32, or 1.95 percent. The global benchmark continued to rise after the API data was issued, and was trading $1.80 at $69.36 a barrel by 4:40 p.m. ET. (2040 GMT) U.S. West Texas Intermediate (WTI) crude futures rose by $1.20, or 1.86%, to settle at $65.69 after a 1.4% jump on Monday. In post-settlement trade the contract traded up $1.65, or 2.56% at $66.14 a barrel. "Markets were optimistic coming into the day, boosted by flight movement between U.S. and Europe," said Phil Flynn, senior analyst at Price Futures Group in Chicago. Demand for diesel fuel, including jet, has ... » Learn More about Oil climbs nearly 2% as travel seen rising

SINGAPORE: Oil prices recovered after a 1% dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices. Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents, or 0.6%, while U.S. West Texas Intermediate (WTI) crude for June rose 38 cents, or 0.6%, to $65.09. Both Brent and WTI are on track for a second weekly gain as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand, while pent-up summer travel is likely to give gasoline and jet fuel consumption a further boost. In China, export growth accelerated in April while the services sector expanded, bucking expectations of a slowdown at the world's second-largest economy, data released on Friday showed. However, crude imports at the world's biggest buyer fell 0.2% in April from a year earlier to 40.36 million tonnes, or ... » Learn More about Oil prices rise on buoyant China, US economic data

NEW YORK: Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at US$72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1%. U.S. West Texas Intermediate (WTI) crude futures settled at $70.91 a barrel, up 62 cents, settling at their highest since October 2018. WTI was up 1.9% on the week. "Demand is coming back faster than supply and we're going to need more supply to meet that demand," said Phil Flynn, senior analyst at Price Futures Group in Chicago. The International Energy Agency (IEA) said in its monthly report that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, would need to boost output to meet demand set to recover to pre-pandemic levels by the end of 2022. "OPEC+ needs to open the taps to keep the world oil ... » Learn More about Oil price hits multi-year highs in third weekly gain on demand recovery

NEW YORK: Oil prices were steady on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season. Brent crude futures remained unchanged to settle at $72.22 a barrel, having earlier touched $72.83, their highest since May 20, 2019. U.S. West Texas Intermediate (WTI) crude closed 9 cents, or 0.1%, lower at $69.96 a barrel, after reaching $70.62, its highest since Oct. 17, 2018. Despite a 5 million-barrel draw in crude oil last week, stocks of gasoline and other fuels rose sharply due to weak demand, according to Energy Information Administration data for the week that included the long Memorial Day holiday weekend. Product supplied fell to 17.7 million barrels per day, versus 19.1 million the week before. "This could be canary in a coal mine at peak economic activity having occurred, but it's early days to conclude that," said John Kilduff, ... » Learn More about Oil steadies amid weak summer kickoff for US fuel demand

SINGAPORE: Oil prices fell on Monday as a catastrophic second wave of a coronavirus epidemic in India cut short a recovery in oil demand there, offsetting optimism about a strong rebound in consumption in developed countries and China in the second half of the year. Brent crude futures for July fell 48 cents, or 0.7%, to $66.28 a barrel by 0620 GMT while U.S. West Texas Intermediate for June was at $63.11 a barrel, down 47 cents, or 0.7%. State-level restrictions aimed at stemming infections in India have led to a drop fuel sales in the world's third largest consumer in April, preliminary data shows. "Overall fuel demand is down by about 7% from pre-COVID level of April 2019," A.K. Singh, head of marketing at refiner Bharat Petroleum Corp said, adding that India's demand was close to pre-COVID levels in March. India's COVID-19 total cases are nudging close to 20 million and analysts are expecting a sharper slump in the country's demand for transportation fuels in May due to ... » Learn More about Oil prices slip as pandemic takes toll on India’s fuel sales

NEW YORK: Oil rose more than 1% on Monday as Chinese economic figures and U.S. vaccination rates pointed to a strong rebound in demand in the world's two largest economies. Investors remain wary, however, over record-breaking infection rates in India, the third-largest fuel importer worldwide, along with higher OPEC+ oil supply. Brent crude rose 80 cents, or 1.2%, to settle at $67.56 a barrel. U.S. West Texas Intermediate rose 91 cents, or 1.4%, to settle at $64.49 a barrel. The United States and China, the world's top two oil consumers, are expected to drive a recovery in demand from the coronavirus pandemic. "Even as COVID-19 cases hit record levels this week, oil prices have moved higher on growing vaccination numbers in developed markets," a BofA Global Research report said. "Recent data points to the high effectiveness of vaccines at preventing infections and fatalities." About a third of U.S. residents have been fully vaccinated, Reuters' coronavirus tracker ... » Learn More about Oil rises over 1% as demand hopes bolster sentiment

Brent crude futures were US$1.30, or 1.92%, higher at US$68.86 a barrel at 0943 GMT, after climbing 1.2% on Monday. US West Texas Intermediate (WTI) crude futures also rose US$1.18, or 1.83%, to US$65.67 a barrel, after gaining 1.4% on Monday. Prices are being supported by the prospect of a pick-up in fuel demand in the United States and Europe, as New York state, New Jersey and Connecticut were set to ease pandemic curbs and the European Union planned to open up to more foreign visitors who have been vaccinated, analysts said. "The current strength is led by U.S. gasoline where demand is seen healthy as more motorists take on the roads," Tamas Varga, analyst at PVM Oil Associates, said. "Yesterday's stock market strength is being followed through this morning in the oil market...the market focuses on the successful roll-out of vaccine programmes in the US and in other developed countries and not on the devastation in India and Brazil." For further signs of rising US oil ... » Learn More about Oil rises on US, Europe demand growth optimism