crude oil News Updates

Consumption of crude is still rising and countries will require even more supply for at least the next two years while rebuilding their inventories, Amin Nasser said.

The OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review conditions in the oil market.

FBI and U.S. Coast Guard investigators say they have found evidence that hackers accessed the propulsion system of an oil supertanker as it was approaching Texas in August.

 Brent crude, the international standard, lost 2% to $100.24 a barrel.

The release, being coordinated by the International Energy Agency, will take place over the next four months, French President Emmanuel Macron said.

Designating the pipeline effectively deems it approved and shifts the regulatory process toward setting conditions around its construction. 

Oil prices have been swinging wildly in recent months amid uncertainty about when the war with Iran will allow the flow of crude to be fully restored. Brent crude rose 1.9% to $99.88 a barrel.

Europe has moved more slowly than the U.S. to draw down emergency oil reserves in response to war-driven turmoil in global markets, leaving the region with significant supplies still available. 

The high gas prices took center stage in Ohio on Sept. 30, as lawmakers passed a 90-day state gas tax holiday with broad bipartisan support.

In a series of anonymous comments from a report released by the Federal Reserve Bank of Dallas, energy executives called out the wide swings in oil prices as the main source of their unease.