Official data revealed that Saudi crude oil exports rose in January to 6.996 million barrels per day, the highest level since April 2020

A group of oil and gas “mini-majors” are emerging among U.S. shale producers, built from aggressive dealmaking that industry players expect will accelerate on strong commodity prices and the retreat of Europeans from U.S. onshore production

OPEC said that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year

Oil prices dropped to the lowest in two weeks, as diplomatic efforts between Ukraine and Russia looked like they might end their conflict, which would boost global supplies, while a pandemic-linked travel ban in China cast doubt on the demand outlook

The Biden administration is willing to move ahead with a ban on Russian oil imports into the United States without the participation of allies in Europe after Russia’s invasion of Ukraine

Argentina’s state-controlled oil company YPF sees it difficult for the sector to fully track rising international prices, Chief Executive Sergio Affronti said, citing global geopolitical tensions and a local economic crisis

The German government is releasing 434,000 tonnes of its national oil reserve, in line with an agreement by members of the International Energy Agency (IEA) in response to the war in Ukraine, Germany’s economy ministry said

Oil prices jumped, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply

OPEC said world oil demand might rise even more steeply this year as the global economy posts a strong recovery from the pandemic, a development that would underpin prices already at a seven-year high

NEW YORK — Oil prices rallied on Wednesday after U.S. crude inventories dropped by nearly 5 million barrels and fuel demand rose to an all-time high, underscoring the market’s ongoing tightness.

Brent crude futures settled up 77 cents, or 0.9%, to $91.55 a barrel. U.S. West Texas Intermediate crude (WTI) ended up 30 cents to $89.66 a barrel.

U.S. crude stocks fell by 4.8 million barrels last week to 410.4 million barrels, their lowest since October 2018, while overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed.

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The heavy activity and ramp-up in U.S. refinery processing augur for a tight market for coming months.

“The data was decidedly bullish hands down – everything was bullish, with inventories at their lowest level in years,” said Phil Flynn, analyst at Price Futures Group.

The market has also been supported by concerns about ongoing threats to supply in United Arab Emirates, which has been hit by attacks from Yemen’s Houthi group, and over Russia due to the presence of thousands of its troops near Ukraine’s border.

The Biden administration responded to high prices by again stating this week that it has been talking with large producers about more output, as well as the possibility of additional strategic releases from large consumers, as it did late last year.

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That helped spur some of Wednesday’s trading, which saw later-dated contracts outperform the front-month, said Flynn at Price Futures Group.

WTI for December delivery, for instance, gained 96 cents on the day, reducing the current backwardation in the market. Backwardation is a condition where near-term contracts are priced higher than longer-dated ones, indicating a tight market.

The bullish U.S. energy data offset the prospect of increased supply from Iran, which has put some downward pressure on the market this week as Washington resumed indirect talks with Iran to revive the 2015 nuclear deal.

An agreement could lift U.S. sanctions on Iranian oil and quickly add supply to the market, although a number of vital issues need to be resolved