- Oil prices settled mixed on Thursday as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets as inflation soars. Brent crude fell 6 cents to settle at $107.45 a barrel. "The trading has been thin and nobody knows what's going to move the needle," said John Kilduff, partner at Again Capital LLC in New York.
Wall Street closed higher on Tuesday as investors waited for inflation data and worried about the prospects of slowing economic growth and the impact of policy tightening.
Oil prices edged lower in early Asian trade on Tuesday, adding to a 6% slump in the previous session, as coronavirus lockdowns in top oil importer China and potential economic ructions in Europe fed worries about the demand outlook. Brent crude fell 36 cents, or 0.3%, to $105.58 at 0009 GMT.
Workers represented by the United Steelworkers union at Valero Energy Corp's McKee refinery in Sunray, Texas, rejected the company's latest contract offer, sources familiar with the matter said. Workers voted on April 29 to reject Valero's offer because of changes in work assignments and schedules the company desires, the sources said. A Valero spokesperson did not reply to a request for comment.
- When Jeremy Davis was laid off from his oilfield job in Texas in 2020, he did not want to leave the industry after 17 years in oil and gas. But his next jobs brought one mishap after another.
When Jeremy Davis was laid off from his oilfield job in Texas in 2020, he did not want to leave the industry after 17 years in oil and gas. But his next jobs brought one mishap after another. "There comes a point and time where you also get extremely frustrated with the unpredictability and stability," said Davis, 38, who now works in construction closer to his home and family near Austin, Texas.
Jet fuel supplies at one of Africa's busiest airports, O.R.Tambo International in Johannesburg, are running low after transportation of the product was hit by flood damage to railway lines, South Africa's oil industry body SAPIA said on Tuesday. The floods, among the worst to hit KwaZulu-Natal province, have left thousands homeless and caused at least 10 billion rand of damage to infrastructure.
Oil prices settled higher on Tuesday, rebounding in volatile trading as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
HOUSTON -Oil prices settled higher on Tuesday, rebounding in volatile trading as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
* Shanghai fences up COVID-hit areas, fuelling fresh outcry. * U.S. drillers add oil and gas rigs for fifth week -Baker Hughes. * Morgan Stanley raises Q3 Brent forecast on supply concerns. By Yuka Obayashi. Oil prices extended losses on Monday amid persistent worries that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would dent global economic growth and fuel demand.
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