By Florence Tan SINGAPORE (Reuters) - Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after ...
By Florence Tan SINGAPORE - Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and onaFrite Restaurant's Fight for Survival: little Halifax versus Halifax's little Toronto | SaltWireSINGAPORE - Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China,...
"China's stimulus policy, resilient U.S. economic data, and OPEC+’s ongoing output cuts are the bullish factors that support the oil market's upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by China's central bank last week to boost liquidity and support its economy.
Both contracts are also on track for their biggest quarterly increase since Russia's invasion of Ukraine in the first quarter of 2022. Global oil demand growth, on the other hand, is on track to hit 2.1 million bpd, they added, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries .
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Oil inches higher on supply concerns, China demand recoveryOil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Brent crude futures rose 5 cents, or 0.1%, to $93.98 a barrel by 0027 GMT while U.S. West Texas Intermediate crude was at $90.92 a barrel, up 15 cents, or 0.2%. 'China's stimulus policy, resilient U.S. economic data, and OPEC+’s ongoing output cuts are the bullish factors that support the oil market's upside movement,' CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by China's central bank last week to boost liquidity and support its economy.
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Global Oil Execs Are Stuck Between Shareholders and Climate PromisesAt this year’s World Petroleum Congress in Calgary, Canada, about 500 speakers, including Exxon Mobil Corp. Chief Executive Officer Darren Woods and Saudi Energy Minister Abdulaziz bin Salman Al Saud, will tackle topics including decarbonizing hydrogen production and indigenous participation in net zero efforts — fitting for a gathering titled “Energy Transition: The Path to Net Zero.” But the theme runs counter to the song many industry executives are singing.
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California sues oil giants for downplaying risks posed by fossil fuels(Reuters) - The state of California has sued major oil companies including Exxon Mobil Corp, Shell PLC, and Chevron Corp, accusing them of playing down ...
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BP CEO Search Is Big Oil’s Best Chance to Fix Its Gender ProblemTitans of the oil and gas world like Exxon Mobil Corp., Chevron Corp., Shell Plc, and BP Plc have successfully adapted to countless societal changes over the last century — war, nationalizations, even the climate movement. But a major hurdle remains: Big oil has yet to appoint its first-ever female chief executive — something BP could soon change.
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Oil Steadies After Three-Week Rally With Tighter Markets in View(Bloomberg) -- Oil held near a 10-month high as OPEC+ supply cuts tightened the global market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address an industry conference on the kingdom’s crude policy and outlook.Most Read from BloombergWall Street Comes to Grips With How Wrong It’s Been in 2023MGM Resorts Hackers Broke In After Tricking IT Service DeskThe World Is Struggling to Make Enough DieselHouse Republicans Prepare to Turn US Government Shutdown Into Immigration ClashUS,
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California sues oil giants for downplaying risks posed by fossil fuelsThe lawsuit, which also targets BP and ConocoPhillips, alleges the energy giants' actions have caused tens of billions of dollars in damage and accuses them of deceiving the public, the report said, citing a filing in a superior court in San Francisco. The American Petroleum Institute, an industry trade group, has also been listed as a defendant in the case, the report said, adding that California has sought the creation of an abatement fund to pay for future damages caused by climate related disasters in the state.
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