By Anna Hirtenstein LONDON (Reuters) -Oil prices declined on Friday, after settling around 1.6% lower in the previous session, as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza. Brent crude futures were down 16 cents, or 0.25%, at $65.06 a barrel at 0819 GMT. U.S. West Texas Intermediate crude was down 7 cents, or 0.11%, to $61.44. "Finally having some kind of peace process in the Middle East is lowering the shoulders a little bit," said ...

Oil prices rose early on Wednesday after an industry report showed on Tuesday that the crude stocks at the key Cushing hub fell further and OPEC+ somewhat eased fears of an imminent glut with a planned modest increase in output. As of 8:05 a.m. EDT on Wednesday, WTI Crude prices were up by 1.44% at $62.62, while the front-month Brent Crude futures traded 1.42% higher at $66.38. Cushing, Oklahoma, is the physical delivery spot for oil bought and sold in West Texas Intermediate futures contracts. The Amer ...

In early Asian trade on Thursday, oil prices recovered slightly from 16-week lows, with WTI rising to $62.09 and Brent trading at $65.68. Markets were buoyed by renewed expectations of tougher sanctions on Russian crude, even as caution over higher OPEC+ supply and weak U.S. economic signals capped upside. The two benchmarks had suffered across the prior three sessions. On Wednesday, Brent and WTI each fell roughly 1 %, with Brent closing at its lowest since June and WTI at its weakest since May. A key ...

Group 1: Oil Price Movements - Oil prices increased due to Ukraine's drone attacks on Russia's energy infrastructure, leading to a reduction in fuel exports from Russia. Brent futures rose to $70.13 per barrel, up 71 cents (1.02%), while U.S. West Texas Intermediate (WTI) crude finished at $65.72 per barrel, gaining 74 cents (1.14%) [1] - Both Brent and WTI benchmarks are on track to register their largest increases since mid-June [1] Group 2: Geopolitical Factors - The situation between Russia and Ukraine remains a focal point for the markets, with drone attacks by Ukraine contributing to rising oil prices [2] - Russia is implementing a partial ban on diesel exports until the end of the year and extending an existing ban on gasoline exports, which has resulted in fuel shortages in several Russian regions [2] Group 3: U.S. Government Actions and Economic Data - U.S. government actions, including pressure from President Trump on allies to reduce Russian imports, are supportive of rising oil prices. There are expectations that countries like India and Turkey may reduce their Russian imports [3] - The U.S. gross domestic product (GDP) increased at an upwardly revised annualized rate of 3.8% in the last quarter, which may influence oil demand positively [5] - However, stronger-than-expected economic data could lead the U.S. Federal Reserve to be more cautious about further interest rate cuts, which could impact demand dynamics [5] Group 4: Supply Dynamics - Crude oil exports from Iraq's semi-autonomous Kurdistan region are set to resume, which may affect overall supply levels in the market [4] - The market is closely monitoring Kurdish production to assess its impact on supply [4]

Group 1: Ukraine's Impact on Oil Prices - Ukraine has intensified attacks on Russian oil infrastructure, leading to a reduction in Russian crude exports and tightening global oil supplies [1] - Recent attacks have halted approximately 300,000 bpd of refining capacity and damaged key refineries, resulting in a significant drop in Russia's refined-product flows to 1.94 million bpd, the lowest in over 3.25 years [1] Group 2: Global Oil Supply Concerns - Ongoing war in Ukraine raises concerns about potential additional sanctions on Russian energy exports, which could further reduce global oil supplies [2] - The US has proposed imposing tariffs on countries purchasing Russian oil to pressure Russia to end the conflict [2] Group 3: Crude Price Movements - Crude oil and gasoline prices have surged, with crude reaching a three-week high due to concerns over Russian supplies and a drop in US crude inventories to an eight-month low [3][7] - EIA reported a surprising decline in crude inventories by 607,000 bbl, contributing to bullish sentiment in the market [7] Group 4: OPEC+ Production Adjustments - OPEC+ has agreed to increase crude production by 137,000 bpd starting in October, which is less than previous increases, indicating a cautious approach to market conditions [6] - OPEC's crude production rose by 400,000 bpd to 28.55 million bpd, the highest level in over two years [6] Group 5: Other Supply Factors - Iraq's agreement to resume oil exports from the Kurdish region could add at least 230,000 bpd to global supplies, which may exert downward pressure on prices [4] - A decrease in crude demand from India, along with an increase in crude oil stored on tankers, is seen as bearish for oil prices [5]

(Bloomberg) -- Oil companies in Iraq’s Kurdistan agreed with the federal and regional governments to resume oil exports that have been halted for more than two years, paving the way for supply into a market on the brink of a glut. Eight companies that together account for more than 90% of the Kurdistan region’s production have reached in-principle deals, according to a statement from the group representing the firms. Shipments through a pipeline to Turkey’s Mediterranean coast should begin “in the coming ...

Group 1: Ukraine's Impact on Oil Prices - Ukraine has intensified attacks on Russian oil infrastructure, leading to a reduction in Russian crude exports and tightening global oil supplies [1] - Recent attacks have halted approximately 300,000 bpd of refining capacity and damaged key refineries, resulting in a significant drop in Russia's refined-product flows to 1.94 million bpd, the lowest in over 3.25 years [1] Group 2: Global Oil Supply Concerns - The ongoing conflict in Ukraine raises concerns about potential additional sanctions on Russian energy exports, which could further reduce global oil supplies [2] - Iraq's agreement to resume oil exports from the Kurdish region could add at least 230,000 bpd to global markets, potentially limiting the upside for crude prices [4] Group 3: Crude Price Movements - Crude oil and gasoline prices have been rising, with crude reaching a three-week high due to concerns over Russian supplies and a drop in EIA crude inventories to an eight-month low [3][7] - The EIA report indicated a significant decrease in crude oil inventories by 607,000 bbl, which was unexpected and contributed to bullish sentiment in the market [7] Group 4: OPEC+ Production Adjustments - OPEC+ has agreed to increase crude production by 137,000 bpd starting in October, which is less than previous increases, indicating a cautious approach to restoring production levels [6] - OPEC's crude production rose by 400,000 bpd to 28.55 million bpd, the highest in over two years, reflecting a gradual recovery from prior production cuts [6] Group 5: US Oil Rig Count and Production - The number of active US oil rigs increased by 2 to 418 rigs, slightly above a four-year low, indicating a modest recovery in drilling activity [9] - US crude oil production rose by 0.1% week-over-week to 13.501 million bpd, remaining below the record high of 13.631 million bpd [8]

Core Viewpoint - Oil prices have risen approximately 3% to a seven-week high due to a surprise drop in U.S. crude inventories and ongoing supply issues in Iraq, Venezuela, and Russia [1]. Group 1: Oil Price Movements - Brent futures increased by $1.68, or 2.5%, closing at $69.31 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by $1.58, or 2.5%, settling at $64.99 [1]. - This marks the highest closing price for Brent since August 1 and for WTI since September 2 [1]. Group 2: U.S. Crude Inventories - U.S. crude inventories unexpectedly fell by 607,000 barrels last week, contrasting with a forecasted increase of 235,000 barrels [2]. - This decline is smaller than the 3.8 million-barrel draw reported by the American Petroleum Institute [2]. Group 3: Geopolitical Factors - Oil prices received support from reports of Ukrainian military actions targeting oil pumping stations in Russia's Volgograd region, leading to a state of emergency in Novorossiisk, a key Russian seaport [3]. - The focus has shifted back to Eastern Europe, with potential new sanctions on Russia being discussed [4]. - Ukraine's increased drone attacks on energy infrastructure are impacting Russian refinery operations and export revenues [4]. Group 4: Russian Economic Measures - Russia's finance ministry has proposed raising the value-added tax from 20% to 22% in 2026 to fund military spending amid a growing budget deficit [5]. - Russia is the second-largest crude producer in 2024, following the U.S., and is part of the OPEC+ alliance [5]. Group 5: U.S. Production Trends - Oil and gas production in key U.S. states, including Texas, Louisiana, and New Mexico, has seen a slight decline in the third quarter of 2025 [7].

Group 1 - Crude oil and gasoline prices have increased due to concerns over Russian crude supplies following NATO's commitment to a "robust" response to Russian incursions into its airspace [1][2] - The ongoing war in Ukraine raises concerns about potential additional sanctions on Russian energy exports, which could further reduce global oil supplies [3] - The resumption of oil exports from Iraq's Kurdish region to Turkey could add at least 230,000 barrels per day (bpd) to global markets, exerting downward pressure on crude prices [5] Group 2 - Weaker-than-expected manufacturing activity in both the Eurozone and the US is negatively impacting energy demand and crude prices, with the US S&P manufacturing PMI falling to 52.0 and the Eurozone PMI dropping to 49.5 [4] - Reduced crude demand from India, the world's third-largest crude oil importer, is also bearish for oil prices, as India's August crude imports fell by 2.9% year-on-year to 19.6 million metric tons [6] - An increase in crude oil stored on stationary tankers, which rose by 14% week-on-week to 74.18 million barrels, indicates a bearish trend for oil prices [6]

Group 1 - Oil prices declined due to concerns over large supplies and weakening demand, despite expectations of increased consumption from the Federal Reserve's interest rate cut [1][2] - Brent crude futures settled at $66.68 per barrel, down 1.1%, while U.S. West Texas Intermediate futures finished at $62.68, down 1.4% [1] - OPEC is reducing its oil production cuts, and there has been no significant impact on Russian crude oil exports from sanctions [2] Group 2 - Future Federal Reserve rate cuts may not boost oil markets as they could weaken the dollar, making oil more expensive [3] - Analysts express concerns about weakening demand, with all energy agencies signaling tempered expectations for significant near-term price increases [3][4] - The refinery turnaround season is expected to further reduce demand, as refineries shut production units for overhauls [4] Group 3 - A higher-than-expected increase of 4 million barrels in U.S. distillate stockpiles has raised worries about demand in the U.S., the world's top oil consumer [4] - Recent economic data indicates a softening U.S. jobs market and a significant decline in single-family homebuilding, contributing to demand concerns [4]