ENERGY

Authored by Tsvetana Parskova via OilPrice.com,

A Turkish oil terminal on the Mediterranean will stop importing Russian oil amid intensified U.S. sanctions pressure on Moscow’s exports, the terminal’s operator told Reuters on Tuesday.

Global Terminal Services (GTS) operates the mid-sized Dortyol terminal on the Mediterranean and it has decided to stop accepting Russia-origin volumes to avoid possible connections to Russian oil.

All previous imports of Russian oil (more…)

Authored by Charles Kennedy via OilPrice.com,

Oil and gas companies could be a source of additional funding for a UN climate financing to help developing economies cope with the consequences of climate change, according to a draft EU document seen by Reuters.

After failing so far to establish a clear-cut framework of how much wealthy developed nations should contribute to a fund to help developing economies, the next COP summit in Azerbaijan at the end of this year is seen (more…)

Oil prices are rising this morning after Saudi Arabia unexpectedly increased prices of its main grade to buyers in Asia and broader financial markets rebounded from Monday’s losses.

Traders will be closely watching Powell's testimony before the House Financial Services Committee for more detail on the possible timing of interest rate cuts that the market is expecting this year.

Crude was supported technically (at its 200DMA) and by last night's smaller than expected crude (more…)