Oil ticks higher on strong demand, tight supply | Reuters

Oil prices edged up on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its ... Modelsofoilbarrelsandapumpjackaredisplayedinfrontofarisingstockgraphand"$100"inthisillustrationtakenFebruary24,2022.REUTERS/DadoRuvic/Illustration
RegisternowforFREEunlimitedaccesstoReuters.comRegisterSummaryCompaniesExxonMobilCEOexpectstightoilmarkettolastyearsU.S.energysecretarytomeetwithoilCEOsonThursdayBidenweighsgasolinetaxholidayEUleaderstokeepsanctionpressureonRussiaHOUSTON,June21(Reuters)-OilpricesedgeduponTuesdayonhighsummerfueldemandwhilesuppliesremainedtightbecauseofsanctionsonRussianoilafteritsinvasionofUkraine.Brentcrudefuturessettled52cents,or0.5%,higherat$114.65abarrel.TheU.S.WestTexasIntermediate(WTI)crudecontractforJulyexpiredonTuesday,closingat$110.65,withagainof$1.09,or1%.ThemoreactiveAugustcontractwasup$1.53at$109.52.Bothbenchmarkspostedaweeklylosslastweek.ForWTIitwasthefirstweeklylossineightweeks,forBrentthefirstinfive.RegisternowforFREEunlimitedaccesstoReuters.comRegister"Youhavesomepeoplejumpinginheretobuythebottomorwhattheyhopeisthebottomofthemarket,"saidRobertYawger,directorofenergyfuturesatMizuhoinNewYork.The50-daysimplemovingaverageofU.S.frontmonthfuturestoucheditshighestsince2008,andBrent'stoucheditshighestsince2013.PricesdrewsupportwhenExxonMobilCorp(XOM.N)ChiefExecutiveDarrenWoodspredictedthreetofiveyearsoffairlytightoilmarkets.readmoreVitol'sheadRussellHardyflaggedunder-investmentandadeclineinproductioncapacityforcrudeoilandatightrefiningsituation.readmoreU.S.crudeandgasolineinventorieslikelyfelllastweek,whiledistillatestockpileswereseenup,apreliminaryReuterspollshowed.WeeklyinventorydataisdelayedbyMonday'spublicholiday,withindustrydatadueonWednesdayat4:30p.m.andgovernmentdatascheduledforThursdayat11a.m.Onthedemandside,UBSanalystGiovanniStaunovosaidthatdespiteconcernsovereconomicgrowth,datacontinuestoshowsolidoildemand."Weexpectoildemandtoimprovefurther,benefitingfromthereopeningofChina,summertravelinthenorthernhemisphereandtheweathergettingwarmerintheMiddleEast.Withsupplygrowthlaggingdemandgrowthoverthecomingmonths,wecontinuetoexpecthigheroilprices,"hesaid.TheWhiteHousehasaskedthechiefexecutivesofsixoilcompaniestoameetingonThursdaytodiscusswaystoreducehighenergyprices.OnMonday,U.S.PresidentJoeBidensaidadecisiononwhethertopauseafederalgasolinetaxcouldcomethisweek.TheUnitedStatesisalsointalkswithCanadaandotheralliestofurtherrestrictMoscow'senergyrevenuebyimposingapricecaponRussianoil,TreasurySecretaryJanetYellensaidonMonday.readmoreThemarkethasbeensupportedbysupplyanxietyaftersanctionsonoilshipmentsfromRussia,theworld'ssecond-largestoilexporter,andworriesRussianoutputcouldfallduetosanctionsonequipmentneededforproduction.EuropeanUnionleadersaimtomaintainpressureonRussiaattheirsummitthisweekbycommittingtofurtherworkonsanctions,adraftdocumentshowed.readmore"SupplyconcernsareunlikelytosubsideunlessthereisaresolutiontotheRussia-Ukrainewar,orunlessweseeasharpriseinsupplyfromeithertheU.S.orOPEC,"saidMadhaviMehta,commodityresearchanalystatKotakSecurities.ReutersGraphicsRegisternowforFREEunlimitedaccesstoReuters.comRegisterReportingbyArathySomasekhar,additionalreportingbyBozorgmehrSharafedininLondon,SonaliPaulinMelbourneandKoustavSamantaandIsabelKuainSingapore EditingbyMargueritaChoyandDavidGregorioOurStandards:TheThomsonReutersTrustPrinciples.EnergyColombiacourtrulingonfrackingpaveswayforcontractsworthover$500milliontoadvance,articlewithimageEnergy·July8,2022AdecisionbyColombia'stopadministrativecourt,whichruledagainstalawsuitseekingtonullifyregulationsaffectingfracking,willallowsevennon-conventionalenergycontractsworth$517.4milliontomoveforward,MinesandEnergyMinisterDiegoMesasaidonFriday.EnergyU.S.tradechiefsayssheexploringalloptionstoresolveMexicanenergypolicyconcerns,articlewithimageJuly8,2022EnergyItaly'sEniexpectsGazpromgassupplytobepartiallyconfirmeduntilJuly16,articlewithimageJuly8,2022EnergyU.S.oiloutputslips0.5%inApriltolowestsinceFebruary-EIA,articlewithimageJuly8,2022GalleryLegalU.S.,Canada,MexicodiscussMexicanenergypolicy,laborissues,articlewithgalleryJuly8,2022