2025-02-27 07:00:00
OIL PRICE: BRENT NEAR $73, WTI NEAR $69
REUTERS - Feb 27, 2025 - Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron (CVX.N), opens new tab to operate in Venezuela.
Brent crude oil futures rose 24 cents or 0.33% to $72.77 a barrel by 0328 GMT. U.S. West Texas Intermediate crude oil futures were up 18 cents or 0.26% at $68.80 per barrel.
A day earlier, the contracts settled at their lowest since December 10 due to a surprise build in U.S. fuel inventories that hinted at weakening demand and hopes for a potential peace deal between Russia and Ukraine. Both benchmarks have lost about 5% so far this month.
Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago.
Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude.
"The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
"Potential buying from the U.S. Strategic Petroleum Reserve also supported the market since WTI was trading near its lowest level in over two months," he said.
Last week, Trump said his administration would quickly fill up the SPR. He criticized Biden for tapping the SPR to bring down the price of gasoline.
Market participants remain focused on Trump's Russian-Ukrainian peace talks. Trump said Volodymyr Zelenskiy would visit Washington on Friday to sign an agreement on rare earth minerals, while the Ukrainian leader said the success of the deal would hinge on those talks and continued U.S. aid.
U.S. crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprising gains, the Energy Information Administration said on Wednesday.
"Since this is a seasonal off-peak period, with demand shifting from kerosene to gasoline, the sell-off driven by rising product inventories has likely run its course," NS Trading's Kikukawa said.
Separately, Goldman Sachs said in a note on Wednesday that the U.S. administration's dual goals of commodity dominance and affordability reinforce the bank's Brent $70-85 range baseline, a range that is conducive to robust U.S. supply growth.
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Earlier:
2025, February, 20, 07:00:00
OIL PRICE: BRENT NEAR $76, WTI NEAR $72
Brent were down 22 cents, or 0.29%, at $75.82 a barrel, WTI dropped 30 cents, or 0.42%, to $71.95.
2025, February, 20, 06:50:00
U.S. ENERGY DOMINANCE
To compete globally, US must expand energy production and reduce energy costs for American families and businesses.
2025, February, 20, 06:45:00
BRAZIL, OPEC COOPERATION
OPEC welcomes the decision approved today by the National Energy Council of the Federative Republic of Brazil (CNPE) that formally paves the way for the participation of Brazil as a Member of the Charter of Cooperation (CoC) between oil producing countries.
2025, February, 13, 07:00:00
OIL PRICE: BRENT ABOVE $74, WTI NEAR $71
Brent were down 68 cents, or 0.9%, at $74.50 a barrel, WTI dropped 65 cents, or 0.9%, to $70.72.
2025, February, 13, 06:55:00
ПОСТАВКИ РОССИЙСКОЙ НЕФТИ
Россия не откажется от своих соглашений с дружественными странами.
2025, February, 7, 07:00:00
OIL PRICE: BRENT ABOVE $74, WTI ABOVE $70
Brent rose 32 cents to $74.61 a barrel, WTI was up 24 cents at $70.85 a barrel.
2025, February, 7, 06:55:00
ОПЕК+ РОССИЯ: ВЫСОКИЙ УРОВЕНЬ
Стороны рассмотрели данные по добыче сырой нефти за ноябрь и декабрь 2024 года и отметили высокий уровень соблюдения обязательств странами ОПЕК и не-ОПЕК, участвующими в Декларации о сотрудничестве. Страны выразили приверженность Декларации о сотрудничестве, действие которой продлено до конца 2026 года.
2025, January, 29, 07:00:00
OIL PRICE: BRENT ABOVE $77, WTI ABOVE $73
Brent fell 2 cents to $77.47 a barrel WTI were at $73.81 a barrel, up 4 cents, or 0.1%.