Global Oil Output

Brent crude futures were up $1.78, or 2.2%, to $82.77 per barrel at 1042 GMT, while West Texas Intermediate U.S. crude futures rose $1.74, or 2.4%, to $75.88 per barrel

The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months

The gains, due to high oil prices, are expected to provide 'firepower' to the region's sovereign wealth funds (SWFs), one of the largest in the world

The OPEC+ coalition said it will increase output to 100,000 barrels a day next month after raising it by by 648,000 barrels per day in July and August.

They also will be considering what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.

The sanctions proposal, which was announced by European Commission President Ursula von der Leyen and needs unanimous backing by the 27 EU countries to take effect

Brent crude fell $2.35, or 2.4%, to $94.13 by 0912 GMT. U.S. West Texas Intermediate (WTI) crude dropped $2.00, or 2.1%, to $93.46

Brent crude futures were at $95.60 a barrel by 0747 GMT, down 88 cents, or 0.9%, after rising $2.04 on Monday

Investors are closely watching the outcome of U.S.-Iran nuclear talks which resumed this week. A deal could lift U.S. sanctions on Iranian oil and ease global supply tightness

Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and a surge in the U.S. dollar

For 2022, crude consumption is expected to reach 99.53 million barrels per day (bpd), up from 96.2 million bpd this year, according to the International Energy Agency

Prices jumped over 4%, recovering some ground after plunging more than 10% in the previous trading session

The sale of SPR oil, which is mainly blended sour crude, is expected to depress the value of U.S. sour crude Mars and benefit buyers in Asia which processes mainly high-sulphur oil

Global oil prices rebounded to a one-week high on Tuesday

TOKYO (Reuters) -Oil prices largely held gains Wednesday, with investors sceptical about the effectiveness of a U.S.-led coordinated release of stocks from strategic reserves and turning their focus to the next step by oil producers.

China's state reserve bureau later said it is working on a release of crude oil reserves but declined to comment on the U.S. request.

U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day

WASHINGTON (Reuters) - The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day

Even with Covid concerns creating recent jitters in big consumers like China and US, the impact appears to be diminishing as the global economy recovers