U.S. crude climbs after White House comments on Saudi-Russia dispute

U.S. crude climbs after White House comments on Saudi-Russia dispute

U.S crude oil prices edged higher on Friday, extending gains after a 24% jump the previous day, buoyed by hints from U.S. President Donald Trump he may intervene in the price war between Saudi Arabia and Russia at an “appropriate time”, Trend reports citing Reuters.

U.S. crude and global benchmark Brent have both collapsed about 40% in the last two weeks since talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, broke down which led Saudi Arabia, the world’s biggest oil exporter, to ramp up supply.

The more active West Texas Intermediate (WTI) crude futures contract for May CLc2 was up 43 cents, or 1.7% at $26.34 a barrel by 0151 GMT.

U.S. crude futures for April CLc1 rose 56 cents, or 2% to $25.78 a barrel. The front-month April contract expires later on Friday.

Brent crude futures LCOc1 slipped 3 cents, or 0.1%, to $28.44 per barrel. Brent rose 14.4% on Thursday in its biggest one-day gain since September last year.

The international benchmark, however, has plunged about 16% this week having hit its weakest since 2003 on Wednesday.

The Trump administration is considering a diplomatic push to get Saudi Arabia to close its taps and using the threat of sanctions on Russia to force them to reduce output, the Wall Street Journal reported, quoting unidentified sources.

“A fair bit of short covering ensued after President Trump suggested he may tackle the oil crisis by brokering a deal between Moscow and Riyadh,” Stephen Innes, chief market strategist at AxiCorp, said in a note.

U.S. crude prices were also supported by the country’s plans to buy crude for stockpiling after the U.S. Department of Energy said it would buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve by the end of June.

“Buying oil for the strategic reserve is a very constructive measure to help some U.S. producers avoid collapse amid the international price war,” said Per Magnus Nysveen, head of analysis at Oslo-based energy research firm Rystad Energy.

Overall market sentiment still remains clouded by concerns the coronavirus epidemic will continue to suppress economic activity around the world, while markets are awash with cheap supplies due to the Saudi Arabia-Russia price war.

“Global oil demand is falling at an unprecedented pace...Saudi Arabia and Russia remain at the focal point of the price plunge, but the negative demand shock to the market may define the next several weeks,” said Helima Croft, global head of commodity strategy at RBC Capital Markets.

Subscribe to Trend in Google News! Subscribe
Kazakh Gas Processing Plant opens tender to buy pumping unit
Kazakh Gas Processing Plant opens tender to buy pumping unit
Number of participants of illegal actions detained in Almaty increased to 2,6 thousand people
Number of participants of illegal actions detained in Almaty increased to 2,6 thousand people
Nearly 150 civilians, over 10 law enforcers killed in riots in Almaty
Nearly 150 civilians, over 10 law enforcers killed in riots in Almaty
Loading Bars
Latest
India's vaccination drive completes 1 yr, Centre launches stamp
Iran's Energy Exchange announces products to be on sale on January 17
Azerbaijani currency rates for January 17
Weekly review of Azerbaijani oil market
Azerbaijan records increase in industrial production for 2021
India Inc expects 2022 to be growth wear
India’s tourism gets a huge push at Expo 2020 Dubai
Iranian currency rates for January 17
Khizi-Absheron wind farm to allow Azerbaijan to increase export of gas - expert
Iran shares data on power generation capacity of HPPs
Kazakh Gas Processing Plant opens tender to buy pumping unit
Investments in Azerbaijan's fixed capital down in 2021
Direct flights launched between Gabala and Moscow (PHOTO/VIDEO)
Weekly review of Azerbaijani currency market
Georgia shares data on tea imports, exports
Iran records decrease in dam water reserves
Iran unveils volume of olives harvested in country
IRICA shares data on Iran’s trade turnover with Azerbaijan
Australia recognizes Russia’s Sputnik V vaccine against COVID-19
Uzbekistan shares domestic COVID-19 data for January 16
Iran sees increase in transit of goods by trucks
Iran shares data on export-import process, movement of trucks via Astara border checkpoint
Azerbaijan sees increase in employment figures
Buy/sell operations at Iran Mercantile Exchange down
One year of vaccination drive: Near 158-cr jabs administered in India
India's 1st S-400 unit to be ready by April, 4 others by 2023
Israel increases state aid plan for COVID-hit airlines
Weekly review of Azerbaijani precious metals market
Weekly review of key events in Azerbaijan's ICT sector
Iran to save money following construction of new pipeline – NIORDC
Oil extends rally on supply tightness, Brent at more than 3-year high
Number of passenger planes flying over Iranian airspace increase
China launches new satellite
Azerbaijani MoD confirms death of active duty military serviceman
Israel registers 27,167 new COVID-19 cases, 1,785,551 in total
India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021
Number of participants of illegal actions detained in Almaty increased to 2,6 thousand people
Turkey registers 54,100 daily COVID-19 cases
Eight of 10 most valued firms add Rs 2.34 trn in m-cap
N.Korea fires two ballistic missile from Pyongyang airport, S.Korea says
PM Narendra Modi calls for innovating for India, from India
Vessel traffic in Bosphorus restored
UK's Johnson plans to scrap COVID-19 self-isolation law
Jaishankar, Rajapaksa discuss energy projects, credit lines
Tsunami advisory canceled for Bay Area in U.S. California
Volkswagen to step up EV production in China
Let’s talk stress-free exams: PM Narendra Modi on ‘Pariksha Pe Charcha’
Djokovic flies out of Australia after losing court appeal
Vaccination added great strength to fight against Covid: Indian PM
Azerbaijan's patience not unlimited: on demarcation of borders and Armenia's attempts to play for time
French parliament approves vaccine pass
Speaker of Montenegrin Parliament arrives on official visit to Azerbaijan (PHOTO)
Erdogan visits Albania in first trip abroad in 2022
COVID-19: new 900 cases registered in Uzbekistan
$2.7b of goods exported to Persian Gulf regional countries: Iran's official
India’s stance on Nepal boundary well known, consistent & unambiguous: Embassy
Oil India exits US shale venture, sells 20% stake for $25 million
Construction of new road and tunnel near Georgian-Russian border will be completed by 2024
Dutch FMO reveals details of investing in Uzbekistan's economy, ties with banks
Nearly 150 civilians, over 10 law enforcers killed in riots in Almaty
Delhi weekend curfew, restrictions helped mitigate Covid spread: Health Minister
Over 1,300 weapons stolen during riots in Almaty
Gunmen kill more than 50 in Nigeria's northwest, residents say
Magnitude 5.3 earthquake shakes western Turkey's Gokceada
Iran’s Bahar Azadi gold coin price continues to fall
How women health workers took India’s Covid vaccination programme to remote corners
Azerbaijan’s self-sufficiency in wheat reaches 60%
Iran discloses volume of citrus fruits to be harvested in country
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 808 more COVID-19 cases, 369 recoveries
PCR test requirement for flights continues
Azerbaijani Mortgage and Credit Guarantee Fund sets limits for preferential mortgage loans by banks in 2022
Azerbaijan discloses GDP growth for 2021
Weekly review of main events of Azerbaijani financial market
Child killed, 4 wounded in roadside bomb blast east of Afghan capital
Iran reveals COVID-19 data for January 16
Weekly review of main events in Azerbaijani transport sector
Iran eyes increase in trade turnover with Russia
Azerbaijani MFA comments on Armenian side’s allegations about alleged "pogroms"
Azerbaijan’s economy growing sustainably
Jordan army officer killed in shooting along border with Syria
Over 139 mln coronavirus vaccine shots given in Turkey to date
Iran's Energy Exchange announces products to be on sale on January 16
Azerbaijan is of great regional and global importance - American Jewish Committee
Azerbaijani Defense Ministry presents weekly review (VIDEO)
Georgia publishes COVID-19 data for January 16
National Bank of Georgia shares data on liabilities to non-residents
Kyrgyzstan logs 874 new COVID-19 cases
Iranian currency rates for January 16
Britain will no longer require COVID tests for fully vaccinated travellers
Argentina's COVID-19 tally surpasses 7,000,000
All synagogue hostages "out alive and safe" in U.S. Texas (UPDATE)
Russia, West are ‘on totally different tracks’ - Kremlin spokesman
Restoration work in liberated areas - foundation to Azerbaijan's further development
Philippines finalises deal to acquire missile system from India for $375 mn
Czech president opposes abuse of Olympic idea for political aims
Turkey confirms 63,967 daily COVID-19 cases
England opens COVID booster jab programme to 16- and 17-year olds
AICTE, 5ire partner to launch the world's biggest happiness blockchain
US hopes to continue security dialogue with Russia - Department of State
All news