Energy news

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Oil pops on surprise draw, gold firm ahead of CPI

Oil rallies on tight supplies Oil rallied after a surprise crude draw reinforced how tight the oil market remains. Crude prices have too many catalysts that support a move to USD 100 oil in the near future: Geopolitical tensions across Europe and the Middle East should remain wildcards for oil, crude demand continues to improve as large parts of the world return to normal travel behavior, and as OPEC and non-OPEC output gradually increases. The weekly EIA crude oil inventory report showed sto

09-02-2022 12:19 GMT by Edward Moya

Oil dips as Iran talks continue, gold flat

Oil eases as talks continue Oil prices are continuing to soften on Wednesday, as traders continue to weigh up the prospect of a nuclear deal between the US and Iran that could see more than a million barrels of oil flood the market at a time when it's very much needed. One eye will also be on the EIA inventory data after API reported a more than two million barrel drawdown on Tuesday. WTI has slipped back below USD 90 but Brent is continuing to hold around there, after finding strong support o

09-02-2022 08:39 GMT by Craig Erlam