Brent rose to a two-month high of $99.56 a barrel on Monday, before paring gains
Oil markets remain in backwardation, a bullish pattern in which near-term prices command a premium to longer-dated ones
Global benchmark Brent topped $122 a barrel, hitting a two-month high
Oil has rallied by more than 50 per cent this year in extremely volatile trading
Brent crude surged as much as 18 per cent after opening on Monday
Russia is a key supplier of energy to global customers
Oil futures have soared to the highest level in seven years in the opening weeks of 2022
Oil has roared higher in the opening days of the new year as concerns about the pandemic, especially the impact of the omicron variant, have eased off
Oil’s drop this week has eaten into a partial recovery from a bear market at the end of November
Oil has more than doubled over the past 12 months as the global economy rebounded from the dislocation caused by the coronavirus pandemic
The delta variant has spurred fresh curbs on mobility in many nations including China, harming energy consumption
Oil has run into stiff headwinds in July after rising in seven of the past eight months
If there is a deal on Sunday, it is unclear how quickly additional supplies can be delivered to the market
Oil has rallied more than 50 per cent this year as the vaccine rollout boosts demand in key economies
The US benchmark is on course for a fifth quarterly advance, which would be the best run since 2010
Futures in New York dropped back below $69 a barrel on Tuesday after closing 0.6 per cent lower in the previous session
Oil is up 40 per cent this year as the recovery from the pandemic in the US, China and parts of Europe boosts the outlook for fuel consumption
A rising currency wiped out a solid surge following an attack on a major Saudi Arabian export crude terminal
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
The price of Brent crude is still below what most of the region’s economies need to balance their budgets
The kingdom’s pledge comes amid more stay-at-home orders and travel restrictions to rein in a surge of infections
More than 40 countries are restricting flights and effectively isolating the UK
Prices have remain unaltered for the ninth straight month
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day
Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.