Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC's robust demand outlook
The company benefited from a rebound in oil prices, up about 23% during the first quarter, as fuel demand recovered after being decimated last year by lockdowns
Oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook
Oil prices fell on Thursday as gasoline inventories in the US, the world's largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices
Brent crude futures were up 49 cents, or 0.7 per cent, at $69.37 barrel after touching a more than seven-week high of $69.78 earlier in the session
Aramco is more than 98 per cent owned by the Saudi government
Oil prices extended gains on Tuesday as more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as Covid cases soar
West Texas Intermediate advanced 1.3 per cent, adding to Monday's modest climb as the dollar weakened, while production in Libya fell below 1 million barrels a day amid a budget dispute
Crude oil and natural gas production also declines
Buyers using other currencies pay less for dollar-denominated oil when the greenback weakens
Brent crude was down 4 cents, at $66.73 a barrel by 11:06 AM ET (1506 GMT), after rising 6% last week
This is the second reduction in rates this month
Crude oil prices could shift higher again once the market shakes off the latest bout of coronavirus jitters
Futures in New York lost 0.5 per cent on Monday after falling 3.5 per cent last week
Oil prices climb on favourable outlook for United States fuel demand
India-Saudi relationship must survive oil price dispute
NEW YORK (Reuters) - Oil prices eased on Wednesday after U.S. gasoline inventories unexpectedly swelled, fanning fears that new coronavirus outbreaks will weaken the global recovery in fuel demand.
Futures in New York fell as much as 3 per cent on Monday
Ministry of Petroleum and Natural Gas is reviewing closely the global crude supplies and price situation
Brent crude settled up $2.12, or 3.4%, to $64.86 a barrel. US oil settled up $2.29, or 3.9%, at $61.45 a barrel.