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Multiple Dead In UAE Tanker Explosion Attack Claimed By Yemen''s Houthis Drone wars in the Middle East intensified Monday when Yemen''s Iran-aligned Houthi movement claimed to have flown drones into an oil storage facility in Abu Dhabi, reported Al Arabiya . Abu Dhabi police said three tanker trucks exploded in an oil storage facility owned by the state-owned oil company Abu Dhabi National Oil Company (ADNOC) in the industrial Musaffah area. Another explosion was reported at an extension of Abu Dhabi''s airport. #WATCH The first #Video of the attack on #AbuDhabi airport and oil facilities in the #Musaffah area. Fires are burning #Houthi @DrSajed # # pic.twitter.com/cg0eJ1zJXZ Vivek Bajpai (@vivekbajpai84) January 17, 2022 "Initial investigations found parts of a small plane that could possibly be a drone at both sites that could have caused the explosion and the fire," the police told state news agency WAM. WAM reports the explosions killed two Indian and one Pakistani national, and six others were injured at the ADNOC storage facilities.

Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million - the second exit of an Indian firm from the US shale business in two months.

Several banks have forecast oil prices of $100 a barrel this year, with demand expected to outstrip supply.

China has agreed with the United States to release crude from its strategic reserves around the Lunar New Year holiday on February 1, as part of the broader U.S.-led effort for strategic releases to bring oil prices down, sources with knowledge of the talks told Reuters on Friday. "China agreed to release a relatively bigger amount if oil is above $85 a barrel, and a smaller volume if oil stays near the $75 level," one of the sources told Reuters, without offering additional details about the amount to be released. China will be celebrating the

Oil markets have recovered from Thursdays very mild stumble and are back on the front foot on Friday. Front-month WTI futures have in recent trade be

China is set to release additional barrels from its strategic crude stockpiles ahead of the Lunar New Year holiday February 1st, according to sources at Reuters. As part of the

The dollar index just triggered a potentially bearish signal. Emerging markets are gaining some momentum and energy pipelines still look attractive at the current time.

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WTI crude oil buyers take a breather after a two-day uptrend near the highest level since early November. That said, the US oil benchmark drops 0.25%

U.S. crude oil production is set to exceed pre-pandemic levels next year, driven by a jump in shale output as higher prices incentivize producers to drill more wells to offset decline rates, the Energy Information Administration says. Americas crude oil production is set to average 12.4 million barrels per day (bpd) next year, the EIA said in its January Short-Term Energy Outlook (STEO), in which it revealed its first estimates for 2023. The annual average U.S. oil production fell in 2021 by 100,000 bpd to average

At the start of 2022, Omicrons surge and record COVID cases in many major economies are combining with an expected oversupply on the oil market to give bears a reason to cheer. Yet, oil prices rose by 5 percent in the first trading week of the year as analysts focused on the possibility that the oversupply may not be as high as predicted a few months ago, also because of very low levels of inventories at the end of 2021. In addition, supply disruptions in Libya and Kazakhstan reminded market players of the volatility of much of the

Are You Ready For $4 Gas Prices This Spring? Americans could be paying as high as $4 per gallon at the pump this spring due to economic recovery and strong demand before relief arrives in the second half of 2022, according to an outlook from GasBuddy . Patrick De Haan, GasBuddy head of petroleum analysis, said the national average could peak as high as $4.13 per gallon in June 2022. "While Americans are likely to see higher prices in 2022, it''s a sign that the economy continues to recover from COVID-19," De Haan said. "The higher prices go, the stronger the economy is. No one would love to see $4 per gallon gasoline, but we''ll only get there on the back of a very strong economy, so it''s not necessarily bad news. "There remains higher uncertainty than in a non-COVID year, but all signs point to gas prices remaining elevated in 2022 until the high prices attract additional oil supply, which will help prices cool off as we end 2022," he explained. GasBuddy''s forecast says San Francisco and other California metro areas could see the sharpest price increases at the pump.

The European gas crunch has been hogging headlines for months now, and with good reason - the continent is still struggling to secure enough energy for its winter needs. But there may be a worse crunch looming over the world, and that would be an oil crunch. The signs are there for everyone to see should they bother to look: OPECs spare capacity is dwindling, new discoveries are at historic lows, and banks are growing increasingly reluctant to engage with the oil and gas industry because of the rise of ESG investing. Meanwhile, supermajors

Saudi Aramco, the worlds largest oil firm, plans to supply almost half of Poland''s oil with this new agreement.

Dollar tumbles broadly in early US session even though consumer inflation data hit multi-decade highs. The move could be seen as a result of clearing the risk of even worse inflation reading that could force Feds hand. For now, Canadian Dollar is the strongest one as boosted by rally in oil prices. Sterling and Aussie [] The post Dollar Tumbles Broadly as CPI Matched Expectations, Risk Cleared appeared first on Action Forex .