Global surplus crude production capacity in May 2022 was less than half its 2021 average, as Western sanctions on Russia for its invasion of Ukraine took hold, the U.S. Energy Information Administration said on Friday.
-Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession. Brent crude settled up $3.07, or 2.8%, at $113.12 a barrel by 12:10 p.m. EDT.
Oil prices dropped by nearly $2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth.
Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said.
Oil prices dropped by nearly $2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth.
Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand. U.S. West Texas Intermediate crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT.
Brazilian state-controlled oil company Petrobras has bought its first cargo of Guyanese crude for refining domestically, the company told Reuters, as South America's newest producer expands its market reach. With the start of a second floating production facility in February, Guyana now sells two light and sweet oil grades with plans to pump up to 360,000 barrels per day this year.
Fujairah Oil Industry Zone on Wednesday published the following
inventory data for oil products for the week ended June 20, according to industry information
service S&P Global Commodity Insights.
* Powell says Fed 'strongly committed' to bringing down inflation. * Biden asks Congress to pause gasoline tax to help lower prices. * U.S. energy secretary to meet oil company CEOs on Thursday. * POLL-U.S. crude, gasoline inventories likely fell last week. * Coming Up: Weekly API inventory data at 4:30 p.m. ET/2030 GMT. By Stephanie Kelly.
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