Weak factory activity in China, a stronger U.S. dollar, and reports that OPEC+ is going to add more barrels to production in December have combined to push oil prices lower, setting them on a course to their third monthly decline in a row. At the time of writing, Brent crude was trading at $64.61 per barrel, with West Texas Intermediate at $60.16 per barrel. That’s down from over $67 per barrel for Brent crude and $62 per barrel for WTI at the end of September. “The market is now watching this weekend’s ...

By Enes Tunagur LONDON (Reuters) -Oil prices rose 5% on Thursday after the U.S. imposed sanctions on major Russian suppliers Rosneft and Lukoil over the Ukraine war, extending gains from the previous session. Brent crude futures were up $3.39, or 5.4%, at $65.98 a barrel at 1018 GMT, while U.S. West Texas Intermediate crude futures were up $3.31, or 5.7%, at $61.81. The U.S. sanctions mean refineries in China and India, major buyers of Russian oil, will need to seek alternative suppliers to avoid exclus ...

The volumes of oil in transit at sea continue to increase to multi-year highs as supply grows from both OPEC+ and non-OPEC+ exporters, and more long-haul voyages from the Atlantic to the Pacific basin are being made due to favorable arbitrage economics. This massive supply buildup has helped push prices down, with WTI crude falling to $56.84 (-1.22%) and Brent crude dropping to $60.55 (-1.26%). As many as 1.24 billion barrels of crude and condensate were in transit on tankers in the week to October 17, per ...