crude oil News Updates

Oil traders are concerned that the higher costs make it unprofitable for some refiners to turn crude into fuels, deterring them from buying cargoes that have to sail over long distances.

The agreements add to Halliburton’s presence in Venezuela as U.S. companies seek to secure new oil deals in the country.

Brent crude, the international standard, fell 3.1% to $100.62 per barrel. Oil supply concerns remain elevated.

The pace of increases has accelerated in September — gaining more than 87 cents so far this month — with prices rising almost every day and surging beyond the peak set in 2022.

The price for a barrel of Brent crude, the international standard, got to nearly $110 early this week. Early Sept. 18 it was down 0.3% to $104.07 a barrel.

Energy prices are soaring as the war in Ukraine and the conflict in the Middle East sap economic growth.

The wars in the Middle East and Ukraine are disrupting normal trade routes, tightening shipping capacity and sending freight rates surging.

Brent crude traded 2.3% lower to $103.38 a barrel Sept. 17. Saudi Arabia’s closure of a key oil pipeline also adds to oil supply pressure as it moves to repair the pipeline.

Brent crude fell 3.1% to $105.39. a barrel, but is still far above the $70 per barrel before the U.S. and Israel attacked Iran in late February.

State-run Saudi Aramco is working to bypass a damaged section on the route that will allow it to resume part of the pipeline’s capacity, Bloomberg reported.