Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer.
The Canadian government is backing up to C$3 billion ($2.24 billion) in loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to Canada's Pacific Coast.
Exxon Mobil Chief Executive Darren Woods said on Thursday that he aims to double the amount of oil produced from the company's U.S. shale holdings over a five-year period using new technologies.
Top oil exporter Saudi Arabia may further slash the official selling prices (OSPs) for all crude grades to Asia in July, a Reuters poll showed, despite the looming OPEC+ meeting that could leave the door open to further output reduction.
Norway's Hammerfest liquefied natural gas (LNG) plant was shutting down on Wednesday due to a gas leak, a spokesperson for operator Equinor said, confirming an earlier police report.