API data shows a larger-than-expected draw, extending a nine-week decline totaling 52 million barrels. US crude oil inventories fell by 8.33 million barrels in the week ending June 12, exceeding analysts' expectations of a 4.5 million barrel draw. The decline follows a 9.1
Clearing arrears to foreign oil firms may accelerate investment in Egypt’s 93 trillion cubic feet of gas reserves. Egypt has repaid $6 billion in outstanding energy debts to international oil companies, removing a key obstacle to foreign investment. The move follows Wester
May housing starts fell short of forecasts while crude prices declined over $4 on Iran supply resumption expectations. US housing starts reached 1.177 million in May, below the 1.430 million estimate, signaling a weaker-than-expected construction sector. Import prices rose
Unexpectedly large draw in private crude inventories sends Brent below $80 as geopolitical risk premium eases. Private inventory data revealed a larger-than-expected draw in crude oil stockpiles, surprising markets already adjusting to easing tensions in the Strait of Horm
Crude prices fell 5.82% to settle near their 200-day moving average, raising concerns over further downside risks. Crude oil futures settled at $76.05, marking their lowest close since March 3 and a 5.82% decline for the session. The drop brings prices within $1.57 of the
Brent crude futures fell to lowest level since March Brent crude futures dropped below $79 per barrel on Tuesday, its lowest level since March. The decline follows a peace agreement between the United States and Iran. The agreement includes the reopening of
SpaceX rises 9% to $2.78 trillion valuation SpaceX saw its valuation rise to $2.78 trillion, a 9% increase, bringing its total gains to 40% since last week. The company's valuation now surpasses that of Amazon and is merely $200bn below Microsoft's. This su
Easing crude costs and higher refined petroleum exports helped shrink India’s May trade gap from April’s $28.38 billion. India’s trade deficit narrowed to $28.21 billion in May from $28.38 billion in April, as falling oil prices and increased refined petroleum exports offs
WTI crude is now down more than 5% to $76.01 on a report that the US will allow Iran to immediately sell oil when the deal is signed. There was some speculation it would be phased or slow walked along with Iran opening the Strait Obviously, there was pressure on Tru
National average gasoline prices fall to $4.04 per gallon ahead of expected Strait of Hormuz reopening this week. Gasoline prices declined to a national average of $4.04 per gallon, down $0.13 from last week and $0.47 from a month ago. The drop follows a brief dip in oil f
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