Oil declined in the morning Asian session amid lingering oversupply concerns. ...

Oil storage tanks. Bloomberg Source: Bloomberg Oil rose on Friday but still notched a second weekly loss as the market continued to weigh the threat to output from sanctions on Russia against a looming oversupply. West Texas Intermediate futures rose around 0.5% to settle below $60 a barrel, but were still down for the week. Adding to fears of a glut, oil prices have also been buffeted by swings in equity markets this week. Most Read from Bloomberg Meanwhile, the White House’s move to clamp down on the ...

Oil prices are once again under moderate pressure, primarily due to the continued increase in global oil production easing earlier concerns about market tightness caused by sanctions. Industry survey... ...

Saudi Arabia has announced a sharp reduction in its official selling price (OSP) for crude oil destined for Asia in December, an announcement that follows closely on the heels of the OPEC+ decision to halt output increases in early 2026. Saudi Aramco will sell its flagship “Arab Light” grade to Asian buyers at a premium of $1.00 per barrel above the Oman/Dubai average for shipments in December, down by $1.20 from the November level. Meanwhile, its Arab Medium and Arab Heavy grades were each cut by $1.40 t ...

An oil pumping jack in an oil field in Kansas, U.S. Photographer: Angus Mordant/Bloomberg Oil extended a run of lackluster trading as investors assessed mixed US inventory data and a persistent outlook for oversupply. West Texas Intermediate fell 1.6% to settle below $60, a key level that can trigger accelerated buying when breached, with prices undulating in a band of about $2 since early last week. Most Read from Bloomberg The commodity was already under pressure when a US government report on Wednes ...

Core Viewpoint - Oil prices declined during the morning Asian session due to concerns over oversupply in the market [1] Group 1 - The decline in oil prices is attributed to the prospect of oversupply, indicating a potential imbalance between supply and demand [1]

For months, the oil market has been bracing itself for a looming large oversupply. Forecasters, investment banks, and analysts expect the overhang to depress oil prices at the end of this year and early next year as inventory builds begin to show up at the key pricing hubs. The consensus appears to be that a glut will soon overwhelm the market. But estimates on how big the overhang will be vary, ranging from a super-glut of record proportions to more modest inventory increases in the historically weaker d ...

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices settled lower on Tuesday as weaker manufacturing numbers and a stronger dollar weighed on demand, while the OPEC+ decision to pause output hikes in the first quarter of next year could signal the group's concern about a potential supply glut. Brent crude futures closed 45 cents, or 0.7% lower at $64.44 a barrel. U.S. West Texas Intermediate crude was down 49 cents, or 0.8%, at $60.56. "Crude futures are feeling the pressure today from high U.S. dollar v ...

An oil refinery and petrochemical plant in Houston, Texas. Photographer: Mark Felix/Bloomberg Oil fell, halting a four-session run of gains, pressured by a strong dollar and a backdrop of oversupply. West Texas Intermediate fell 0.8% to settle below $61 a barrel on Tuesday. A global equities rally hit a speed bump amid concerns about lofty valuations while the greenback climbed to the highest in more than five months, weighing on crude and other dollar-denominated commodities. Most Read from Bloomberg ...

By Seher Dareen LONDON (Reuters) -Oil prices fell more than 1% on Tuesday as the OPEC+ decision to pause output hikes in the first quarter of next year, along with weak manufacturing data and a stronger dollar, weighed on the market. Brent crude futures fell 81 cents, or 1.25%, to $64.08 a barrel by 1310 GMT. U.S. West Texas Intermediate crude was down 84 cents, or 1.38%, at $60.21. "The succession of poor manufacturing PMIs from Asia and then the U.S. ISM is a worry for oil demand. So is the ever prese ...