Michael Kern

Authorities at Europe’s second largest port, Antwerp, said on Friday they closed a dock for traffic after detecting late on Thursday afternoon an oil spill that had occurred during a bunkering operation.

The United States and the European Union fear the Chinese electric vehicle competition, the founder and CEO of China’s EV manufacturing giant BYD said on Friday.

Prices at U.S. pumps rose 1 cent from a week ago, pushing pause on gradually declining prices, largely because of price increases in Great Lakes states, GasBuddy said on Monday.

Oil prices surged this week as hurricane season began, demand improved, and both U.S. crude and gasoline inventories fell.

Oil prices are set to post an impressive gain this month as bullish sentiment has been building and demand concerns fading. ADVERTISEMENT ADVERTISEMENT

Strathcona Resources Ltd. partnered with Canada Growth Fund to develop up to $1.5 billion carbon capture projects at its oil sands assets, aiming to reduce carbon tax obligations and achieve sustainable operations.

An oil tanker seized by Iran in 2023 has been released into international waters after over a year of detention.

While there is plenty to be bullish about in oil markets today, rising concerns over Chinese demand are weighing on oil prices. ADVERTISEMENT ADVERTISEMENT

Oil prices have been in decline this week despite rising geopolitical risks, with markets seeming to be focused primarily on Joe Biden's decision to drop out of the presidential race.

It's been a volatile week in oil markets as concerns over Chinese demand pressured prices despite a decline in U.S. crude inventories and wildfires in Canada.