Oil Trade

LONDON (Reuters) -Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.

NEW YORK (Reuters) - Oil prices rebounded from earlier losses in another volatile session on Thursday as Chinese officials planned to ease restrictions in Shanghai, which could further tighten global energy supply, and as the dollar retreated from recent gains.

HOUSTON (Reuters) -Oil prices reversed course and fell over 2% on Wednesday after government data showed U.S. refiners ramped up output, easing worries of a supply crunch, and as traders took cues from a drop in equities market.

LONDON (Reuters) -The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible "global supply shock" in March.

Saudi Aramco is lowering prices for the first time in four months

The New York Times reported that the European Union was moving toward adopting a phased-in ban of Russian oil, to give Germany and other countries time to arrange alternative suppliers

The International Energy Agency on Wednesday warned that from May onwards roughly 3 million barrels per day of Russian oil could be shut-in due to sanctions or voluntary embargoes

Oil futures were down slightly Thursday morning, after rising sharply in the first half of the week, as traders weighed a larger-than-expected build in U.S. oil stocks

LONDON (Reuters) -Major global trading houses are planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia.

Brent crude was up $2.72, or 2.6%, to $107.36 a barrel by 12:52 p.m. (1652 GMT) U.S. West Texas Intermediate (WTI) crude futures gained $2.39, or 2.4%, to $102.99

India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon, External Affairs Minister S Jaishankar said on Monday.

In the meeting with OPEC, the EU said OPEC could provide more production from its spare capacity, according to an OPEC document seen by Reuters

Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120

Prices hit 14-year highs last month as Western sanctions on Russia disrupted crude and oil product exports from the world's number two crude exporter

More details of specific contributions will be made public soon, IEA Executive Director Fatih Birol tweeted

State oil producer Saudi Aramco, the world's top oil exporter, has raised crude prices for all regions, with those to Asia hitting all-time highs

Proposed EU sanctions, which the bloc's 27 member states must approve, would ban buying Russian coal and prevent Russian ships from entering EU ports

Indian Oil Corp will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board basis due to insurance risk

The rate to book an Aframax vessel to load at one of Russia's Baltic Sea ports to western Europe almost tripled on Thursday

Oil prices head for a weekly fall after losses on Friday as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.