Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world's largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out.
A group of refiners plan to file a lawsuit challenging the Biden administration's rejection of waivers to exempt oil refiners from biofuel blending mandates which has left some on the hook for hundreds of millions of dollars, Par Pacific told Reuters on Monday.
Turkey raised tax on petrol on Sunday to help to fund a 1.12 trillion lira ($42.2 billion) increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring.
Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak.
Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday.