Key Points
Brent crude futures rose 31 cents, or 0.4%, to $75.54 a barrel by 0043 GMT, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4%...
Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries...
The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the SPR for delivery in August, and asked that offers be submitted by May 31.The market got a boost from expectations that the U.S. repurchase of oil for the strategic reserve will continue if WTI prices fall near or below $70 a barrel, said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd...
Oil prices on Tuesday, however, drew support from supply worries stemming from wildfires in Canada.The widespread blazes in Alberta, Canada forced more than 30,000 people out of their homes at one point and shuttered at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of national production...
Venezuelan state energy company PDVSAs new management expects to boost the countrys oil production to 1.17 million barrels per day (bpd) by year end while increasing refining and exploration activities, an internal planning document showed..
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