Economic headwinds have yet to significantly erode the world's demand for oil, top oil traders said at the Argus European Crude Conference in Geneva on Tuesday. The forecasts by senior executives of the world's main commodity trading houses may buttress the case for more resilient oil prices after recession fears sent them plunging by around a quarter in the last three months to near $90 a barrel.
Commodities trading firm Trafigura said on Tuesday it has appointed Richard Holtum as its global head of a newly combined gas and power division. Holtum has also become the 11th member of the Geneva-based company's management committee. He was previously Trafigura's global head of gas and liquefied natural gas trading after joining the LNG desk in 2014.
Oil prices rose on Tuesday on expectations that OPEC+ may agree to a large cut in crude output in its meeting this week, while strong demand and upcoming sanctions on Russian oil also lent some support to prices. Brent crude was up 79 cents, or 0.9%, to $89.65 per barrel by 1054 GMT after gaining more than 4% the previous day.
BHP Group expects to receive three more bulk carriers powered partly by liquefied natural gas in the next six to nine months, part of the company's plans to cut emissions from shipping, a senior executive said.
Oil prices rose on Tuesday on expectations that OPEC+ may agree to a large cut in crude output in its meeting this week, while strong demand and upcoming sanctions on Russian oil also lent some support to prices. Brent crude was up 79 cents, or 0.9%, to $89.65 per barrel by 1054 GMT after gaining more than 4% the previous day.
Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains. Brent crude futures rose 43 cents, or 0.5%, to $89.29 per barrel by 0108 GMT after gaining more than 4% in the previous session. U.S. crude futures rose by 22 cents, or 0.3%, to $83.85 a barrel.
U.S. natural gas futures dropped about 4% on Monday to the lowest in nearly 12 weeks
on record output and forecasts for milder weather and slower demand over the next two weeks due to ...
- Chinese refiners are likely to boost refined oil products exports in the last two months of 2022 and into early 2023 after receiving the biggest allocation from Beijing this year, trade sources and analysts said on Monday.
Oil prices jumped nearly $4 a barrel on Monday as OPEC+ considered reducing output by more than 1 million barrels per day to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures for December delivery rose $3.72 to $88.86 a barrel, a 4.4% gain.
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