Oil prices rise on unexpected shocks

according to The price for Brent crude oil was up 1.68 percent as of 9:20 a.m. EDT to $79.38 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.85 percent to $74.48 per barrel. The price of oil will be influenced later in the morning when the U.S. Energy Information Administration publishes its latest monthly forecast. EIA in its last report raised its forecast for the price of Brent crude oil. A survey from S&P Global Platts revealed an expected drain of 4.8 million barrels of oil from the U.S. market last week, which would be further supportive of oil prices if it's accurate.

Oil prices rise after Trump threatens Iran

LONDON (Reuters) - Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea. Benchmark Brent crude oil LCOc1 rose $1.43 a barrel, or almost 2 percent, to a high of $74.50 before easing to around $73.70 by 1330 GMT. The rise also followed news of a 24-hour strike by 40 rig workers on three oil and gas platforms in the North Sea. The dispute curbed gas flows to shore, but stored crude was expected to mitigate any oil supply disruption. Trump threatened on Friday to impose tariffs on all $500 billion of Chinese exports to the United States unless Beijing agreed major changes to its technology transfer, industrial subsidy and joint venture policies.

Oil prices notch modest gains as traders weigh potential for change in global output

referring to Futures MoversOil prices notch modest gains as traders weigh potential for change in global outputBrent crude ends higher after Monday's 4.6% dropOil prices notched modest gains Tuesday after dropping more than 4% a day earlier, as traders remained concerned about changes in global production and an uncertain economic and political backdrop. The slump in prices was "triggered by a surprise announcement last Wednesday that two major Libyan ports would reopen immediately," said analysts at Capital Economics. Also, "worries about a scarcity of supply have receded as Saudi Arabia and Russia both declared that they would increase oil supply, and U.S. President Trump threatened to tap into the U.S. oil reserves," the analyst said. "Libya cannot be counted on yet to be a reliable supplier," said Phil Flynn, senior market analyst at Price Futures Group. On Nymex Tuesday, August gasoline RBQ8+0.57% settled $2.026 a gallon, up 1.2%, while August heating oil HOQ8+0.74% settled up 0.8% at $2.00 a gallon.

Oil companies reducing fuel prices Tuesday

Motorists are in for lower prices of petroleum products this week, after three consecutive weeks of increases. Petro Gazz, PTT Philippines Corp., Unioil Petroleum Philippines Inc., andPhoenix Petroleum Philippines Inc. are implementing the same adjustments excluding for kerosene. SEAOIL is implementing the adjustments 12:01 a.m. on Tuesday, July 24, while the rest of the companies are changing pump prices at 6:00 a.m. the same day. Other companies have yet to announce any fuel price change for the week. According to data from the Department of Energy, the prices per liter of diesel presently range from P40.70 to P46.50, and gasoline from P48.35 to P59.62.

collected by :Frank Ithan