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Oil headed for its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East and weakening across fuel markets. Bloomberg's Stephen Stapczynski reports.
Oil traders focus on Powell's comments and the recent crude inventory data.
Russia has been quietly shipping refined petroleum to North Korea at levels that appear to violate the mandates of the United Nations Security Council, a U.S. official said on Thursday, adding the U.S. is planning new sanctions in response.
Brent crude oil prices have dropped to $83.95 per barrel on Thursday, marking the lowest level in seven weeks. This decline follows recent US statistics indicating a significant increase in crude oil inventories and production. According to the Department of Energy, inventories rose by 7.30 million barrels last week, contrary to the forecasted decrease of 2.3 million barrels. Additionally, February's oil production escalated to 13.15 million barrels per day from January's 12.58 million, the most substantial monthly increase in three and a half years.
The oil market has been rather negative over the last few days, and as a result we are now looking into whether or not we have buyers in a very important region.
The allegations come as Exxon Mobil struck an agreement with antitrust enforcers not to add the former Pioneer CEO to its board, allowing Exxon to close a deal to acquire Pioneer.
Oil prices are under pressure from rising inventories, softening demand and higher for longer interest rates.
Oil futures rose early Thursday, attempting to bounce back a day after data showing a jump in U.S. crude inventories sparked the steepest one-day selloff since early January.
OPEC and its allies have yet to begin formal talks on extending 2.2 million barrels per day of voluntary oil output cuts beyond June, but three sources from OPEC+ producers who have reduced production said they could extend if demand fails to pick up.
Oil rebounds from losses, buoyed by U.S. reserve plans amid steady rates and Middle East ceasefire hopes.