Oil continued its downward trajectory on Monday afternoon, with the stock market briefly reversing losses after CNBC reported the White House was considering a 90-day pause in tariffs for everyone except China. Oil prices barely got to respond before the White House walked the report back as “fake news”. On Monday at 11:12 a.m. ET, Brent crude was trading down another 1.17%, sitting at $64.81, while the U.S. crude benchmark West Texas Intermediate (WTI) was trading down 1.18% at $61.26.  ??U.S. stock markets opened sharply lower…

The US ambassador expressed “solidarity” with Kyiv following multiple Russian attacks on civilian areas, a day after Ukrainian President Volodymyr Zelenskyy criticized Washington for what he called a “weak response” to Moscow’s deadly campaign against his country’s cities. “We stand in solidarity with the people of Ukraine on this day of national mourning after a Russian missile attack in Kryviy Rih killed 20, including 9 children. Our deepest condolences to the families and loved ones of all those killed…

A Reuters survey on Monday showed OPEC oil output falling in March, driven primarily by drops in supply from Nigeria, Iran and Venezuela.  OPEC pumped 26.63 million barrels per day in March, or 110,000 bpd less than February, according to the survey.  Nigeria, Iran, and Venezuela each saw a drop in March output of 50,000 bpd.  Nigeria is still pumping just above its OPEC quota, but in March, the country reduced supply to its new Dangote refinery. With respect to Iran, February’s output was a record high not seen in six years,…

The oil industry in Alberta is bracing for difficult times ahead, with WTI prices crashing to $60 per barrel and uncertainties about oil demand growing in a world of trade and tariff wars. Last week, the tariffs announced by the Trump Administration and the decision by OPEC+ producers to add in May more barrels to the market than expected crushed oil prices, with WTI Crude, the U.S. benchmark, crashing to $60 per barrel—the lowest level in four years. The benchmark U.S. oil price, against which Alberta’s producers plan and budget their…

Libya will offer production sharing agreements to the successful bidders in its first oil and gas exploration bid round in 18 years, top Libyan oil officials said at an event in London on Monday. Libya is offering a total of 22 blocks for exploration and development, 11 offshore and 11 onshore blocks, including areas with undeveloped discoveries, in the first International Exploration and Development Bid Round in 18 years. The previous such bid round was held in 2007, four years before the toppling of Muammar Ghaddafi in 2011, which led to a protracted…

Libya will offer production sharing agreements to the successful bidders in its first oil and gas exploration bid round in 18 years, top Libyan oil officials said at an event in London on Monday. Libya is offering a total of 22 blocks for exploration and development, 11 offshore and 11 onshore blocks, including areas with undeveloped discoveries, in the first International Exploration and Development Bid Round in 18 years. The previous such bid round was held in 2007, four years before the toppling of Muammar Ghaddafi in 2011, which led to a protracted…

Libya will offer production sharing agreements to the successful bidders in its first oil and gas exploration bid round in 18 years, top Libyan oil officials said at an event in London on Monday. Libya is offering a total of 22 blocks for exploration and development, 11 offshore and 11 onshore blocks, including areas with undeveloped discoveries, in the first International Exploration and Development Bid Round in 18 years. The previous such bid round was held in 2007, four years before the toppling of Muammar Ghaddafi in 2011, which led to a protracted…

India is raising the excise duty on gasoline and diesel effective April 8, the government said on Monday, but noted that the increase in the excise duty would not be felt at the pump. The rise in the excise duty will not raise retail gasoline and diesel prices as it would be borne by oil marketing companies and would be adjusted against the price cut that was warranted because of falling international oil prices. India has regularly raised the excise duty on fuels when international oil prices drop significantly. Since the middle of last week,…

Oil prices experienced a significant drop, with West Texas Intermediate crude momentarily falling below $60 per barrel. President Trump's recent tariff announcements have sparked fears of a global recession and reduced trade activity, negatively impacting oil demand. Analysts warn that escalating trade disputes could lead to industrial slowdowns and further depress oil consumption, potentially pushing prices even lower. 1m ago 10:52am CST Natural Gas Prices Slide Alongside Oil Natural gas prices are dropping in lockstep with oil, falling 1.72%…

Citi has cut its Brent Crude forecast to $60 per barrel for the next three months on the back of last week’s tariff announcement by U.S. President Donald Trump. The investment bank also reduced its 0-3 month copper and aluminum price forecasts amid expectations of slowing economic growth, according to a note on Monday carried by Reuters. Oil prices have lost about $10 in the two and a half trading days since Wednesday’s across-the-board tariffs which were a lot higher than the market was expecting. Early on Monday, WTI Crude prices…

Citi has cut its Brent Crude forecast to $60 per barrel for the next three months on the back of last week’s tariff announcement by U.S. President Donald Trump. The investment bank also reduced its 0-3 month copper and aluminum price forecasts amid expectations of slowing economic growth, according to a note on Monday carried by Reuters. Oil prices have lost about $10 in the two and a half trading days since Wednesday’s across-the-board tariffs which were a lot higher than the market was expecting. Early on Monday, WTI Crude prices…

Russia’s flagship Urals crude grade has tumbled alongside all major oil benchmarks in the global market rout and is close to the $50 per barrel threshold for the first time in nearly two years. The Urals price was at around $52 per barrel at the Baltic Sea port of Primorsk on Friday, according to data from Argus Media cited by Bloomberg. The price of Urals further dropped on Monday as oil prices continued to fall, with WTI Crude, the U.S. benchmark, down to $60 per barrel, and Brent Crude prices at $64. The market selloff that began on Thursday,…

Independent refineries in China, often called teapots, raised their run rates in March in a positive sign for oil demand from the world’s largest importer but worry remains about the immediate outlook. The average run rate for the independents last month was 46%, Reuters reported, citing figures from Chinese energy consultancy Oilchem. The publication noted, however, that the March increase came from a rather low base of below 45% in February as the effect of the Biden administration’s parting sanctions on Russia’s energy industry…

The price slump in crude oil that began last week has extended into this one as market players’ fears about a global recession deepen. At the time of writing, Brent crude was trading at just below $64 per barrel, while West Texas Intermediate was changing hands for $60.54 per barrel, both down by over 2% from Friday’s close. Last week, crude oil prices took a 7% dive after China announced retaliatory tariffs for U.S. imports, matching the U.S. rate of 34% on top of existing levies. The move was universally seen as bearish for crude…

Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab Light set to be $2.30 per barrel cheaper in May, at a premium of $1.20 per barrel over the Dubai/Oman benchmark. This is the sharpest price cut in over two years, Reuters reported. The move comes amid an oil price rout that followed President Trump’s announcement of a flurry of tariffs on all trade partners, notably China, which is the world’s…

Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab Light set to be $2.30 per barrel cheaper in May, at a premium of $1.20 per barrel over the Dubai/Oman benchmark. This is the sharpest price cut in over two years, Reuters reported. The move comes amid an oil price rout that followed President Trump’s announcement of a flurry of tariffs on all trade partners, notably China, which is the world’s…

The reciprocal tariffs that the world has been holding its breath about are here, stock markets are reeling, and crude oil took a dive. The question now is whether tariffs will hurt oil demand for longer or whether the effect will be transitory, with prices rebounding before long. For now, a majority of observers appear to agree that the tariffs that U.S. President Donald Trump imposed on all of the country’s trade partners would hurt oil demand quite seriously and continue hurting it for their duration. The International Monetary Fund came…

It is 3 April, so any country buying Venezuelan oil must face a 25% tariff on all its trade with the United States. That is according to President Donald Trump’s executive order signed on 24 March. The White House has also ordered companies with sanctions waivers to quit Venezuela by 27 May, including Chevron, Repsol, and Maurel et Prom. But it looks like some traders are undaunted by the U.S. government’s threats. Tankers are still sailing to Venezuela, contradicting Trump’s statement on 30 March: “Every ship just got out…

The U.S. stock market tanked for a second day running on Friday, with the S&P 500 falling -4.5% a day after U.S. President Donald Trump unveiled reciprocal tariffs,  including a baseline 10% tariff applied on imports from all countries. The energy sector was one of the hardest hit by the tariffs, with the Energy Select Sector SPDR Fund (NYSEARCA:XLE) falling -7.4% on the day thanks to the ongoing oil price crash. Brent crude for June delivery fell -7.1% to trade at $65.47 per barrel at 11.50 am ET while WTI crude for May delivery declined…

The Rare Earths MMI (Monthly Metals Index) moved sideways, edging up by a slight 1.82%. The global rare earth market has taken a significant hit lately, thanks to a combination of natural disasters and big geopolitical moves. A strong earthquake in Myanmar and the recent wave of U.S. tariffs have thrown this somewhat delicate industry into even more uncertainty. Myanmar’s Quake: A Jolt to the Supply Chain? On March 28, a powerful 7.7-magnitude earthquake rocked the country of Myanmar. While the tremors didn’t directly damage rare earth…