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FILE PHOTO: U.S. Secretary of Energy Rick Perry speaks during a news conference in Jerusalem July 22, 2019. REUTERS/Ronen Zvulun VIENNA (Reuters) - The oil market is resilient and will react positively to the attack on Saudi Arabia's oil industry, U.S. Energy Secretary Rick Perry said on Monday, blaming the attack firmly on Iran. An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was "locked and loaded" to retaliate. "Despite Iran's malign efforts we are very confident that the market is resilient and will respond positively," Perry said in a speech to the International Atomic Energy Agency's General Conference, an annual meeting of its member states. He repeated his government's position that it is prepared to tap its Strategic Petroleum Reserve, which holds about a month's worth of U.S. oil consu

By   Austin Weinstein September 10, 2019, 6:00 PM GMT+8 So much of the Permian Basin is under production that the lights glowing at night, on well pads and rigs and double-wide trailers, make the place look in NASA satellite photos like a giant Lite Brite. But there’s a spot where the Permian dims. It’s a big one, covering more than 250 square miles and loaded with enough oil and gas that it could, by some estimates, fetch $7 billion. In an era where everything in the basin seems to be for sale, though, the Fasken ranch isn’t. The owners have no interest. They don’t even want to drill very much. That’s heresy in the busiest U.S. oil patch, and almost as much of a curiosity as the lack of enthusiasm for cashing in. “As long as I have been alive, I have never known anyone to successfully negotiate any type of purchase from them,” said Kimberly Wurtz, a lawyer in Norman, Oklahoma, who grew up near the ranch in the 1980s and ’90s. Back in 1913, when Toronto attor

Stacked rigs are seen along with other idled oil drilling equipment in Dickinson, North Dakota, June 26, 2015. Andrew Cullen | Reuters Oil prices rose on Friday as the head of the U.S. Federal Reserve said it would “act as appropriate” to sustain an economic expansion that has been pressured by uncertainty over global trade. Global benchmark Brent crude was up 52 cents, or 0.9%, at $61.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 22 cents, or 0.4%, to settle at at $56.52. Both benchmarks had declined earlier on concerns over slipping U.S. job growth and continued U.S.-China trade tensions, despite recent diplomatic progress. The Federal Reserve has an obligation “to use our tools to support the economy, and that’s what we’ll continue to do,” Fed Chair Jerome Powell said at the University of Zurich, in comments ahead of the central bank’s mid-September policy meeting. The Fed cut rates by a quarter of a percentage point in July. Crude pric

The market awaits weekly data on U.S. inventories, which was expected to show a 1.9 million-barrel drop in crude stocks for last week. The American Petroleum Institute (API), an industry group, reports its estimates at 4:30 p.m., followed by and government data on Wednesday morning. NEW YORK: Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand. Brent crude settled 29 cents, or 0.5%, higher at $60.03 a barrel, while U.S. crude rose 13 cents to $56.34 a barrel. U.S. crude turned lower in post-settlement trade after U.S. President Donald Trump said he was not ready to make a trade deal with China. The United States said it would extend a reprieve that permits China's Huawei Technologies to buy components from U.S. companies, signalling a slight softening of the trade conflict between the world's

Brent crude fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 97 cents, or 1.74%, to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI. NEW YORK: Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. Brent crude fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 97 cents, or 1.74%, to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI. Stocks at Cushing fell nearly 2.4 million barrels in the week to Aug. 2, traders said, citing data from market intelligence firm Genscape. WTI's discount to Brent   narrowed t

Trump told reporters he could further ratchet up the tariff rate - even beyond 25% - depending on progress in talks with Chinese President Xi Jinping. "I think President Xi... wants to make a deal, but frankly, he's not going fast enough, " Trump said. - Reuters filepic WASHINGTON: President Donald Trump said on Thursday he would impose a 10% tariff on the remaining $300 billion of Chinese imports starting Sept. 1, after negotiators failed to make progress in U.S.-China trade talks, sending shockwaves through U.S. markets. The levies - which would hit a wide swath of consumer goods from cell phones and laptop computers to toys and footwear - ended a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets for more than a year. Trump later told reporters he could further ratchet up the tariff rate - even beyond 25% - depending on progress in talks with Chinese President Xi Jinping. "I think President Xi... wants

SINGAPORE: UBS sees oil climbing to US$70 to US$75 on better-than-expected demand growth seen at 1.2 million barrels per day, or slightly better this year, compared to consensus of one million to 1.1 million barrels a day, Wayne Gordon, executive director for commodities and foreign exchange says in interview in Singapore. * Oil will increase to US$70-US$75 in next three months. * Price could surge to US$90 bbl if situation in the Middle East deteriorates into military conflict * Brent oil trading near $64/bbl in London * UBS estimates Iran’s 2Q oil exports dropped to 500k b/d * US-China trade concerns and a reduction by the IMF to its global growth outlook weigh on prices; interest rate cuts by the Fed will boost oil. *  Bank’s preferred commodities include oil, gold, nickel,aluminium, copper. - Bloomberg Link :  https://www.thestar.com.my/business/business-news/2019/07/24/ubs-sees-oil-climbing-to-us$70-us$75/