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RIO DE JANEIRO (Reuters) -Petroleo Brasileiro SA will leave its fuel pricing policy unchanged, the company’s new trading chief said on Friday, which in practice gives the company significant flexibility to avoid international market volatility when it sets prices.
FILE PHOTO: A logo of Brazil s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo
In 2020, Petrobras, as the Rio de Janeiro-based firm is known, extended from three months to one year the period for which it calculates the international price parity of the fuels it sells.
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MELBOURNE, May 12 (Reuters) - 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, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.
U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.
Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.
“Crude oil gained as investors continue to bet on a bright outlook for demand. A weak U.S. dollar also lent support,” ANZ Research said in a note.
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NEW YORK, May 12 (Reuters) - U.S. crude oil stockpiles dropped last week and exports fell to their lowest since 2018, while gasoline inventories rose unexpectedly and distillate hit their lowest levels in more than a year, the Energy Information Administration said on Wednesday.
Crude inventories fell by 427,000 barrels in the week to May 7 to 484.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop. East Coast stockpiles fell to the lowest on record, according to the data.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 421,000 barrels last week, the EIA said.
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NEW DELHI (Reuters) - OPEC’s share of India’s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia’s third largest economy fell to a six-year low, data obtained from industry and trade sources showed.
FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo
Total crude imports by the world’s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed.
By Reuters Staff
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BEIJING (Reuters) - China’s crude oil imports from top supplier Saudi Arabia rose 8.8% in March from a year earlier, driven by strong demand and as shipments delayed due to a port congestion finally arrived.
FILE PHOTO: Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. Picture taken June 11, 2019. REUTERS/Stringer /File Photo
Imports from the United Arab Emirates also rose again, up 86%, as some Iranian barrels were believed to have slipped in.
Shipments from Saudi Arabia were 7.84 million tonnes, equivalent to 1.85 million barrels per day (bpd), data issued by China’s General Administration of Customs showed on Tuesday.