Crude inventories in the U.S. rose by 515,000 barrels in the week to Jan. 14 to 413.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 938,000-barrel drop.
OPEC's share shrunk as refiners increased imports from Canada and the United States, data shows.
U.S. West Texas Intermediate crude futures climbed 66 cents, or 0.8%, to $86.09 a barrel. WTI earlier jumped to $87.08, its highest since Oct. 9, 2014.
While U.S., Canada and Brazil are set to pump at all-time highs for the year, Saudi Arabia and Russia could also break their output records.
Combined, the U.S. Energy Department has so far released more than 8 million barrels of the 32 million in exchanges of Strategic Petroleum Reserve oil outlined in November.
Triple-digit oil prices? Here are the factors that Stratas Advisors say will keep oil prices from moving into the triple-digits.
After launching drone and missile strikes that set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities.
While the new Omicron variant may have an impact in the first half of 2022, projections for economic growth remain robust, OPEC said in its latest report.
Here are some intriguing conclusions from a recent survey of institutional investors, who seem to be bullish about oil prices but not oil demand; concerned about climate risks, but not yet fully incorporating them into valuations.
The release of crude stocks by China will occur around Lunar New Year, which falls on Feb. 1, the sources said.