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EU inches towards deal on Russian oil price cap this week

Illustration shows models of oil barrels and a pump jack in front of U.S. and Russia flag colors
European Union countries are inching towards a deal this week on a price cap on Russian oil, a way to adjust the cap in future, and on linking it to a package of new sanctions against Moscow over its invasion of Ukraine, diplomats said on Tuesday.
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Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang

Oil steadies after 3% drop on demand fears

Oil prices were mostly unchanged in early trade on Wednesday, after sliding 3% in the previous session on worries about demand stalling on potential new lockdowns in top oil importer China as COVID-19 cases rebound.
An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara

Oil falls as China sticks to strict COVID policy

Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer.
OPEC+ holds a meeting in Vienna

Oil takes a breather, eases off 5-week highs

Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts and ahead of the European Union embargo on Russian oil.
The Exxon Mobil Corp building is pictured in Georgetown

Exxon signals strong Q3 earnings on natural gas

Exxon Mobil Corp on Tuesday signaled strong third quarter operating profits on the heels of the second quarter's all time high as earnings from high natural gas offset weaker refining and chemicals, according to a securities filing.
Pump jacks operate in front of a drilling rig in an oil field in Midland

OPEC+ heads for deep supply cuts, clash with U.S.

OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more.
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

OPEC+ supply cuts loom over tight oil market

OPEC+ producers look set to cut output when they meet on Wednesday, squeezing supply in an oil market that energy company executives and analysts say is already tight due to healthy demand, lack of investment and supply problems.