Energy news

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Oil sellers fret over Saudi threat, API Inventory decline 6.799 million barrels

API inventory data posts 6.799 million barrel drop vs 0.525 million expected build, Cushing rises 1.71 million Gold steadies as dollar rally extends Bitcoin streak of monthly gains is in jeopardy Oil On Wall Street, we have the mantra of ‘Don’t fight the Fed’, but that is currently being tested as investors continue to price in rate cuts for later this year. Energy traders have quickly learned that when it comes to oil prices, you ‘Don’t fight the Saudis’ as they will do whatever it takes to d

23-05-2023 16:36 GMT by Edward Moya

Oil edges higher, gold remains supported at $1960

Oil edges higher after fresh warnings from Saudi Energy Minister Oil prices have nudged higher today following another warning from Saudi Energy Minister Prince Abdulaziz bin Salman that short-sellers will be "ouching" as they did in April. "Watch out" was the message ahead of the next OPEC+ meeting early next month in what may be a sign that the group is considering cutting output once more amid a more bleak global economic outlook. Of course, actions speak louder than words and traders haven't

23-05-2023 10:47 GMT by Craig Erlam