The Latest Breaking News from Oil

Corn Turning Higher at Midday

Corn futures are trading with contracts 2 to 3 cents across most contracts on Friday, with bulls fighting off early weakness. The CmdtyView national average Cash Corn price is up 2 ¾ cents at $4.12 1/2. A resurgence in the crude oil back above $80/bbl, up $3.26 at midday is...

Barchart · Jul 17

Surging Crude Oil Lifts Sugar Prices

October NY world sugar #11 (SBV26 ) today is up +0.47 (+3.25%), and October London ICE white sugar #5 (SWV26 ) is up +16.70 (+3.67%). Sugar prices are moving sharply higher today, with London sugar posting a 1-week high. Soaring crude oil prices today have spurred short covering in sugar...

Barchart · Jul 17

ConocoPhillips takes 42% stake in BP Iraq venture

ConocoPhillips will acquire a minority stake in BP's northern Iraq oil venture. The deal involves BP Energy Company of Kirkuk Limited's production sites. This agreement is expected during Iraq Prime Minister Ali al-Zaidi's Washington visit. ConocoPhillips anticipates value creation through efficient redevelopment and exploration. The partnership aims to boost production…

The Economic Times · Jul 17

While commercial ships and oil tankers struggled to get by, this Soviet-born billionaire’s $300 million superyacht left Dubai and cruised through the Strait of Hormuz on a 2,000-mile journey to the Maldives

Motor Yacht A, under the ownership of billionaire Andrey Melnichenko, recently traversed the Strait of Hormuz amidst increased military tensions that have prompted commercial vessels to postpone their voyages. Following the imposition of Western sanctions after Russia's invasion of Ukraine, Melnichenko relocated his assets to the Gulf, particularly after his…

The Times of India · Jul 17

Andy Burnham urged not to cave to demands of oil and gas industry on North Sea

ANDY Burnham has been urged not to “cave into the demands of the profiteering oil and gas industry” after reports suggested he will announce new…

The National (Scotland) · Jul 17

Jackdaw gasfield would create only 27 direct full-time jobs, documents show

Campaigners say field will bring minimal benefit for UK economy, as industry lobbies Burnham for go-ahead

The Guardian - UK · Jul 17

India bonds sink on oil spike, index-entry uncertainty

On Friday, Indian government bonds underwent a notable drop, with benchmark yields marking the steepest weekly rise in the past eight weeks. The surge in oil prices and concerns over index inclusion led traders to exercise caution, reducing their risk exposure as they approached the weekend. This trend is indicative…

The Economic Times · Jul 17

Cotton Extending Losses to Friday AM Trade

Cotton price action is down 95 to 105 points so far on Friday morning. Futures fell into the Thursday close, posting session losses of 223 to 287 points at the final bell. Crude oil was up a modest 14 cents per barrel, with the US dollar index up 0.251. Export...

Barchart · Jul 17

'Shameless': Greece and LNG emerge as major roadblock in new Russia sanctions

Greece has thrown a spanner into the works of fresh EU sanctions by demanding an exemption to a full ban on Russian LNG. Member states are aghast at the request, with one diplomat calling it "shameless".

Euronews · Jul 17

Iran-linked tankers U-turn, zig-zag as US enforces blockade

US sanctions on Iranian shipping have been reimposed, impacting tanker movements. Several Iran-linked tankers changed course in the Gulf of Oman and Arabian Sea. Ship tracking data shows diversions and zig-zagging patterns by these vessels. The US military has also taken action against non-compliant ships. Observable shipping activity through the…

The Economic Times · Jul 17