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Oil Prices Post a Weekly Gain Despite Demand Fears

4 months ago
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Oil Prices Post a Weekly Gain Despite Demand Fears

Oil prices are set to post a weekly gain for the first time in three weeks, although demand concerns continue to loom as the U.S.-China trade war escalates.

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Friday, April 18th, 2025

As the Western hemisphere wound down trading activity with the onset of the Easter holidays, crude oil markets have posted an impressive 7% week-on-week rise, with ICE Brent now back at $68 per barrel. New OPEC+ compensation quotas, tighter US sanctions on Iran, and relatively upbeat March macro data have all boosted sentiment in the short term, although further US-China escalation could upend this week’s recovery.

US Ratchets Up Pressure on Iran. The Trump Administration issued new sanctions to curb Iran’s oil exports, including the Shengxing Chemical teapot refinery based in Shandong province for purchasing more than $1 billion worth of Iranian crude, the second Chinese refiner to be hit with direct sanctions.

EIA Is Bleeding People After DOGE Check. The US Energy Information Administration (EIA) is reported to have lost more than 100 employees in the latest round of resignation offers put forward by Elon Musk’s DOGE drive, possibly losing up to 40% of the EIA’s 350 employees, putting data publications at risk.

Mauritania Exports Its First Ever Gas Cargo. UK energy major BP (NYSE:BP) has finally loaded its first LNG shipment – aboard the British Sponsor LNG carrier – from the 2.3 mtpa Greater Tortue Ahmeyim (GTA) facility offshore Mauritania, following a six-week delay to the export terminal’s commissioning.

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Europe Has Now Only Two Russian Buyers. The Czech Republic has officially halted its imports of Russian crude after the Transalpine pipeline (TAL) from Italy’s Trieste boosted throughput capacity to 900,000 b/d, with Czech refiners now getting all of their oil needs from the seas.

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Ukraine Signs Watered-Down Minerals Deal. Ukrainian authorities stated that Kyiv and Washington have signed a memorandum of intent on developing mineral resources in the Eastern European country, aiming for the establishment of a Ukraine reconstruction investment fund, with a full deal expected next week.

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