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InvestingOil Jumps 3% to 2-month High as EU Seeks to Ban Russian Crude
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Top StoriesOil Climbs on Tight Supply, Prospect of EU Ban on Russian Supply
Oil Snaps Inverse Dollar Link Leaving Little to Check Its Bull Run
Date: May 26, 2022
By Ahmad Ghaddar and Saikat Chatterjee LONDON (Reuters) – Oil’s bull run is taking little notice of the strong U.S. dollar, breaking crude’s historical inverse link to the greenback and giving analysts confidence it has further to go based on current market fundamentals. A strong dollar typically weighs on oil prices because it makes the...
Analysis-Schroeder Throws in Towel as German Industry Clings on to Russian Gas
Date: May 26, 2022
By John O’Donnell and Christoph Steitz FRANKFURT (Reuters) – Gerhard Schroeder has backed off from taking a top role at Russian energy giant Gazprom, dealing a setback to Germany’s gas lobby as it seeks to keep the energy lifeline from Russia open. The former German chancellor played a critical role in establishing the energy bond...
Russian Oil’s Achilles’ Heel: Insurance
Date: May 25, 2022
By Jonathan Saul, Nidhi Verma, Yuka Obayashi and Carolyn Cohn LONDON/NEW DELHI/TOKYO (Reuters) – Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. Insurers...
Hungary Must Work With EU on Russian Oil Embargo – German Economy Minister
Date: May 23, 2022
DAVOS (Reuters) -German Economy Minister Robert Habeck has warned Hungary against blocking efforts to impose an European Union-wide embargo on Russian oil imports in response to the war in Ukraine. “There are different solutions for different countries,” Habeck said at the World Economic Forum in Davos on Monday. “I expect everyone, including Hungary to work...
More Russian Oil Going East Squeezes Iranian Crude Sales to China
Date: May 19, 2022
By Bozorgmehr Sharafedin, Florence Tan and Chen Aizhu LONDON (Reuters) -Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. U.S. and European sanctions imposed...
Oil Prices Recoup Early Losses on China Hopes, Global Supply Fears
Date: May 19, 2022
By Yuka Obayashi and Florence Tan TOKYO (Reuters) -Oil prices rose on Thursday, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth. Brent crude futures for July were up $1.32, or 1.2%, at $110.43...