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Tom DiChristopher 4 minutes A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata. Rupak De Chowdhuri | Reuters Oil prices steadied on Wednesday near six-month highs after data that showed U.S. stockpiles rose to their highest since October 2017, countering fears of tight supply resulting from OPEC output cuts and U.S. sanctions on Venezuela and Iran. Brent crude futures fell 8 cents to $74.43 per barrel around 12:50 p.m. ET (1650 GMT). The international benchmark reached $74.73 a barrel on Tuesday, highest since Nov. 1. U.S. West Texas Intermediate crude futures were down 48 cents at $65.82 per barrel. The contract hit $66.60 a barrel on Tuesday, highest since Oct. 31. U.S. crude inventories rose 5.5 million barrels last week, the Energy Information Administration said, far more than analysts’ forecast of an increase of 1.3 million barrels. U.S. crude stocks jumped l

Tom DiChristopher 4-5 minutes Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016. Essam Al-Sudani | Reuters Oil prices hit nearly six month highs on Tuesday, continuing to rally after U.S. President Donald Trump surprised the market with strict new measures aimed at driving Iran’s crude exports to zero. The Trump administration announced on Monday that it will not extend sanctions waivers to a handful of countries that import Iranian oil. The decision means any entity caught purchasing Iran’s barrels after May 1 risks triggering U.S. sanctions, which are designed to deprive the Iranian leadership of oil revenue. U.S. West Texas Intermediate crude rose 73 cents, or 1.1%, to $66.28 a barrel around 1:45 p.m. ET (1745 GMT). WTI earlier hit $66.60, its highest level since Oct. 31. Brent crude futures were up 38 cents, or half a percent, at $74.42 per barrel. The international benchmark for oil prices

Tom DiChristopher, Weizhen Tan 5-7 minutes Oil prices surged about 3% at midday on Monday, hitting fresh 2019 highs, after the Trump administration announced that all oil buyers will have to end imports from Iran in just over a week or be subject to U.S. sanctions. The administration said the State Department will cease granting sanctions waivers to any country still importing Iranian crude or condensate, an ultra-light form of crude oil, after May 2. Brent crude futures shot up more than 3% to $74.52 per barrel around midday, sailing past last week’s 2019 high at $72.27 and hitting the highest level since Nov. 1, 2018. Brent, the international benchmark for oil prices, was last up $2.26, or 3.1%, at $74.23 per barrel. U.S. West Texas Intermediate crude futures  rose $1.75, or 2.7%, to $65.75 per barrel, after earlier hitting $65.92, the highest level since Oct. 31, 2018. WTI had been trading sideways after hitting a five-month hig

Tom DiChristopher 4 minutes Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016. Essam Al-Sudani | Reuters Oil prices rose on Wednesday after U.S. data showing a hefty drawdown in gasoline stockpiles overshadowed crude inventories rising to their highest levels in more than a year. Brent crude futures , the international benchmark for oil prices, were up $1.04, or 1.5%, at $71.65 per barrel around 2:30 p.m., after hitting a five-month high. U.S. West Texas Intermediate crude oil futures rose 64 cents, or 1%, to $64.62 per barrel, holding just below their strongest level since November. U.S. crude stockpiles last week rose to their highest since November 2017 last week as imports increased, while gasoline inventories posted the steepest drawdown since September 2017, the Energy Information Administration said. Crude inventories swelled by 7 million barrels last week, compare

Tom DiChristopher 3-4 minutes A worker walks through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018. Nick Oxford | Reuters  Oil prices rose on Friday amid the ongoing OPEC -led supply cuts and U.S. sanctions against Iran and Venezuela , putting crude markets on track for their biggest quarterly rise since 2009. The rebound comes after a swift and punishing collapse in oil prices during the final quarter of 2018. U.S. West Texas Intermediate  crude futures were up 79 cents, or 1.3 percent, at $60.09 per barrel around 12:40 p.m. ET (1640 GMT). WTI earlier touched $60.73, its highest level since Nov. 12. WTI futures were set to rise for a fourth straight week and were on track to rise 32 percent in the first three months of the year. International benchmark  Brent crude futures rose 57 cents to $68.39 per barrel, after hitting a 2019 high at $68.89. Brent futures were set

Tom DiChristopher 3 minutes Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with U.S. sanctions on Iran and Venezuela tightened global supplies. An unexpected dip in U.S. crude oil inventories and production also supported prices, traders said. Brent crude oil futures hit a 2019-peak of $68.14 per barrel on Thursday before easing to $67.19. U.S. West Texas Intermediate (WTI) crude futures were at $58.56 per barrel, up 30 cents, or 0.51 percent, from their last settlement. “With OPEC’s cuts in full-swing ... persistent supply issues and a deteriorating picture on Venezuela, oil is looking well supported,” said Jasper Lawler, head of research at futures brokerage London Capital Group. The Organization of the Petroleum Exporting Countries (OPEC) and some non-aligned producers including Russia have been withholding oil supply since the

Tom DiChristopher 3 minutes Oil rose to around $67 a barrel on Tuesday, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and by a cut in oil exports from Venezuela due to a power outage. Saudi Arabia, seeking to drain a supply glut and support prices, plans in April to keep its oil output well below the level required of it as part of an OPEC -led supply cutting deal, a Saudi official said on Monday. Brent crude, the global benchmark, rose by 15 cents to $66.73 a barrel. U.S. West Texas Intermediate crude added 13 cents to $56.92. “This shows Saudi Arabia’s resolve to keep the oil market balanced by keeping oil supply tight,” said Carsten Fritsch, analyst at Commerzbank. “Additional buoyancy has come from news that the massive power outage in Venezuela is also hampering the country’s oil exports.” Crude has rallied this year after the Organizaton of the Petroleum Exporting Countries and its allies including

Tom DiChristopher 3-4 minutes An oil well owned an operated by Apache Corporation in the Permian Basin is shown in Garden City, Texas, Feb. 5, 2015. Getty Images Oil prices fell on Friday, but managed to retrace losses after plunging on data that showed recent U.S. job gains grinding to a halt in February. Crude futures were also under pressure after data showed a slump in Chinese imports and exports last month and the European Central Bank slashed its outlook for economic growth on the continent. U.S. West Texas Intermediate crude futures fell 66 cents, or 1.2 percent, to $56 around 2:30 p.m. ET. WTI earlier fell more than 3 percent to a three-week low at $54.52. The contract is on pace to rise half a percent this week. Brent crude futures were down 54 cents, or nearly 1 percent, to $65.76 a barrel, bouncing from a three-week low at $64.02. The international benchmark for oil prices was on pace for a roughly 1 percent gain on the w

Tom DiChristopher 3-4 minutes A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. Getty Images Oil prices bounced in volatile trade on Thursday, as the market continues to draw support from ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran. However, gains were capped by record U.S. crude output and rising inventories and falling estimates of global economic growth. Crude futures briefly tumbled towards session lows in mid-morning trade, tracking a slump in equity markets after the European Central Bank cut its economic growth forecast for the continent. Brent crude futures were up 28 cents at $66.27 per barrel around noon (1700 GMT). The international benchmark for oil prices earlier rose as high as $67. U.S. West Texas Intermediate crude futures rose 45 cents to $56.67 per barrel, creeping back towards the session peak at $56.99. Prices are being supported by efforts led by OPEC and other

Tom DiChristopher 3-4 minutes A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma. Nick Oxford | Reuters Oil prices were lower in choppy trade on Wednesday, after government data showed a surge in weekly U.S. crude stockpiles that was partly offset by a drop in the nation’s inventories of refined fuel. A drop in U.S. equity indexes also weakened sentiment in crude prices. International Brent crude futures briefly turned positive after the report, but were last down 4 cents at $65.82 per barrel around 1:55 p.m. ET.  U.S. West Texas Intermediate crude futures were down 39 cents at $56.17 per barrel, off a session low at $55.42. U.S. crude inventories rose by 7.1 million barrels in the week ending March 1, the U.S. Energy Information Administration reported. That compared with analysts’ expectations for a modest increase of 1.2 million barrels in a Reuters poll. Meanwhile, the nation’s gaso

Tom DiChristopher 3-4 minutes Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth. The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations. U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel. The contract had earlier hit a high of $57.88. Global benchmark Brent crude futures for May fell $1.26 to $65.05 a barrel, after earlier touching a session high of $67.14. “We have been the island of prosperity, globally, so if the economic slowdown is coming our way that is bad news for oil prices,” said John Kilduff, a partner at Again Capital LLC in New York. “We were up all morning until that data hit,” he said. The data sent a strong message to a market that has been looking for direction, said Phil Flynn, an analyst at Price Futures Group in Chicago. “I think the market is nervous, and

Tom DiChristopher 4-5 minutes Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Spencer Platt | Getty Images Oil prices were mixed on Thursday, following a volatile trading period that saw crude futures plunge more than 3 percent at the start of the week and rally more than 2 percent in the previous session. Crude futures recovered on Wednesday after Saudi Arabia’s influential oil minister brushed off pressure from President Donald Trump to “take it easy” on price-boosting production cuts. Trump’s warning to Saudi Arabia and its fellow OPEC members was the catalyst for oil’s decline earlier in the week. An unexpected plunge in U.S. crude stockpiles added fuel to Wednesday’s rally. But on Thursday, traders said the oil market was dealing with several headwinds, as U.S.-China trade tensions persisted, the Chinese economy showed signs of slowing and record U.S. production undermined OPEC-led ou

7-9 minutes Getty Images A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. Oil prices slipped from 2019 highs on Thursday, as U.S. government data showed a

8-10 minutes Spencer Platt | Getty Images Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Oil prices rose on Wednesday, hitting their highest this

6-8 minutes Jason Reed | Reuters Brent crude oil climbed above $66 a barrel to its highest this year as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi

6-8 minutes Oil rose for a third day on

6-8 minutes Jean-Paul Pelissier | Reuters Oil prices were more than 1 percent on Tuesday on steep OPEC production cuts and Saudi Arabia's plan to drop March crude output by more than a half a