RIYADH: Oil prices picked up on Friday after a milder than expected US inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world’s biggest economy.
Prices were set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.
Brent crude futures rose 21 cents, or 0.2 percent, to $93.88 a barrel at 0500 GMT, extending a 1.1 percent rise in the previous session.
US West Texas Intermediate crude futures gained 22 cents, or 0.3 percent, to $86.69 a barrel, after climbing 0.8 percent in the previous session.
US to allow some Russian energy transactions until May
The US will allow some energy-related transactions with several Russian entities, including Sberbank, VTB Bank and Alfa-Bank, to continue until May 14, the Treasury Department said on Thursday.
The Treasury said in a notice on its website that it was extending a general license set to expire next month. Russia’s central bank is also on the list of entities.
The move comes weeks before the Group of Seven countries’ Dec. 5 price cap on Russian oil.
Trafigura names new heads of crude, US gasoline
Global commodities and energy trader Trafigura has made a few management changes in its crude and gasoline trading business in the US, sources familiar with the matter said.
Daniel Yuen is moving from Singapore to Trafigura’s main office in Geneva to become head of the crude business in Europe, replacing Conor McFadden. McFadden, in turn, is moving to Houston, Texas, to head up US gasoline trading. A spokesperson for Trafigura declined to comment on the development.
Equinor delays Wisting oil discovery investment by up to four years
Norway’s Equinor said on Thursday the company and its partners in the Wisting oil discovery in the Arctic Barents Sea had postponed the investment decision for the project. It said, in a statement, it was now aiming for an investment decision, scheduled previously for December this year, by the end of 2026.
(With input from Reuters)