crude oil News Updates

Nearly half of the crude oil released from the U.S. Strategic Petroleum Reserve is being exported, a fresh sign of how severely global supplies have tightened.

Brent crude, the international standard, fell 0.1% to $105.54 per barrel.

Flows of crude oil and fuels through the Strait of Hormuz fell by nearly 6 million barrels per day in Q1, the start of a seismic energy shock.

A broad group of industrial lubricants known as base oils, which are used to make motor oil, are in very short supply with no signs of easing on the horizon.

The price for a barrel of Brent crude slipped 0.9% to $106.84.

Brent crude, the international standard, climbed 3.3% to $107.66 a barrel.

American Trucking Associations, Truckload Carriers Association and National Tank Truck Carriers released a statement detailing their position on the proposal.

That shortfall in supply is being met by companies and governments dipping into storage, with stockpiles running dangerously low, Saudi Aramco CEO Amin Nasser said.

Brent crude, the international standard, gained 3.5% to $104.88 per barrel.

Even if movement is restored, “the vase has been broken. You can’t glue it back together,” chief Fatih Birol said.