Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
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Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra

Oil prices rose on Friday but remained on track for a second consecutive weekly loss after three days of declines on worries about excess supply and slowing US demand.

Brent crude futures rose 50 cents, or 0.8%, to $63.88 a barrel by 1243 GMT. US West Texas Intermediate crude was up 51 cents, or 0.9%, at $59.94.

Both benchmarks are poised to register weekly declines of more than 1.5% as leading global producers raise output.

"The market continues to weigh a rising oil surplus against mixed macro," said SEB analyst Ole Hvalbye, Reuters reported.

An unexpected US inventory build of 5.2 million barrels reignited oversupply fears this week, said IG Markets analyst Tony Sycamore.

US crude stocks rose more than expected on higher imports and reduced refining activity while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.

Concern over the effects of the longest government shutdown in US history also pressured oil prices.

The Trump administration has ordered flight reductions at major airports because of a shortage of air traffic controllers while private reports are pointing to a weaker US labor market in October.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Sunday to increase output slightly in December. However, the group also paused further increases for the first quarter of next year, wary of a supply glut.

European and US sanctions on Russia and Iran, meanwhile, are disrupting supplies to the world's largest importers, China and India, providing some support for global markets.

China's crude imports in October rose 2.3% from September and were up 8.2% from a year earlier at 48.36 million tons, customs data showed, against a backdrop of high utilisation rates at refineries in the world's largest oil importer.

"China kept importing elevated amounts of crude in October," UBS analyst Giovanni Staunovo said. "That move keeps those barrels away from the OECD, where inventories remain low."

Swiss commodities trader Gunvor said on Thursday that it had withdrawn its proposal to buy the foreign assets of Russian energy company Lukoil after the US Treasury called it Russia's "puppet" and signalled that Washington opposed the deal.

"Gunvor scrapping its Lukoil assets purchase suggests the US is maintaining its maximum pressure campaign against Russia, and potential strict enforcement of sanctions on Rosneft and Lukoil," said Vandana Hari at oil market analysis provider Vanda Insights.



China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
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China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)

Chinese shipping giant Cosco said on Wednesday that it was resuming new bookings for container shipments to some Gulf countries, after a three-week suspension in response to the Middle East war.

The state-owned, Shanghai-based firm was among several major shipping groups to pause operations in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil and gas passes normally.

Tehran has said several times it was not targeting friendly nations, but transits through the Strait had nevertheless largely ground to a halt.

Iran said in a statement circulated by the International Maritime Organization on Tuesday that "non-hostile vessels" would be granted safe passage through the waterway.

Cosco "resumed new bookings for general cargo containers for shipments" from the "Far East" to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq "with immediate effect", according to a company statement.

It did not mention shipments travelling in the opposite direction, from the Gulf.

"New booking arrangements and the actual carriage are subject to change due to the volatile situation in the Middle East region," it added.

Cosco, which operates one of the world's largest oil tanker fleets, announced on March 4 that it would suspend new bookings for services for routes through the Strait of Hormuz owing to the "escalating conflicts in the Middle East region and resultant restrictions on maritime traffic".


Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)
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Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)

Qatar's Emir Sheikh Tamim bin Hamad Al Thani issued a decree on Wednesday ⁠making minor changes to ⁠the board of the ⁠Qatar Investment Authority, while keeping Sheikh Bandar bin Mohammed bin Saud Al Thani as chairman and Sheikh ⁠Mohammed ⁠bin Hamad bin Khalifa Al Thani as deputy chairman.

The decision stipulated that QIA’s Board of Directors would be restructured as follows: Sheikh Bandar bin Mohammed bin Saud Al Thani as Chairman, Sheikh Mohammed bin Hamad bin Khalifa Al Thani as Deputy Chairman, Ali bin Ahmed Al Kuwari as a member, Saad bin Sherida Al Kaabi as a member, Sheikh Faisal bin Thani bin Faisal Al-Thani as a member, Nasser bin Ghanim Al Khelaifi as a member, and Hassan bin Abdullah Al Thawadi as a member.

The decision is effective starting from its date of issue and is to be published in the official gazette.


Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
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Oil Falls More Than 5% and World Shares Gain Over Possible de-escalation of Iran War

A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL
A man fills his car with petrol at the petrol station in Port Dickson, Negri Sembilan, Malaysia, 25 March 2026. EPA/FAZRY ISMAIL

Oil prices fell more than 5% and world shares gained on Wednesday over the possibility of a de-escalation of the Iran war and negotiations between the United States and Iran. US futures were up 0.9%.

In early European trading, Britain's FTSE 100 rose 1% to 10,072.60. France's CAC 40 was up 1.4% to 7,855.31, while Germany's DAX was 1.6% higher at 22,989.80.

Tokyo’s Nikkei 225 was up 2.9% to 53,749.62. South Korea’s Kospi gained 1.6% to 5,642.21.

Hong Kong’s Hang Seng rose 1.1% to 25,335.95, while the Shanghai Composite index was 1.3% higher at 3,931.84. Labubu doll maker Pop Mart's Hong Kong-listed shares fell 22.5%, after it announced annual revenue for last year that was largely in line with analysts’ estimates.

Australia’s S&P/ASX 200 climbed 1.9%. Taiwan’s Taiex was up 2.5%.

US President Donald Trump's claims of progress being made from talks with Iran this week and his postponement on Monday of a deadline to “obliterate” Iran’s power plants over the reopening of the Strait of Hormuz have also fueled optimism that an end to the Iran war could come soon.

Trump's administration has offered a 15-point ceasefire plan to Iran, but an Iranian military spokesperson mocked the US’ attempt at a ceasefire deal Wednesday.

With the Strait of Hormuz being a key waterway for crude oil and liquefied natural gas transport, oil and gas prices have spiked and fluctuated in recent days.

Oil prices fell again on growing hopes for a de-escalation. Brent crude, the international standard, fell 5.2% to $94.97 per barrel. It was around $104 on Tuesday.

Benchmark US crude was down 5.3% early Wednesday to $87.44 a barrel.

While Iran has denied negotiations were taking place, and attacks in the Middle East continued, Pakistan has offered to host talks between Washington and Tehran. And as Trump raised optimism of a de-escalation of the war, at least 1,000 more American troops from the 82nd Airborne Division are said to be deployed to the Middle East in the coming days.

On Tuesday, US stocks closed lower. The S&P 500 lost 0.4% to 6,556.37. The Dow Jones Industrial Average edged down 0.2% to 46,124.06, while the Nasdaq composite was 0.8% lower to 21,761.89.

Shares of Estee Lauder sank more than 9%, following confirmation that the US-listed company is in merger talks with Spanish beauty and perfume group Puig.

In other dealings early Wednesday, gold prices resumed its rise after falling earlier. It dropped in part because of rising US Treasury yields over dimming expectations of a Federal Reserve rate cut after the spike in oil prices threatened to fuel global inflation.

The price of gold was up 3.6% early Wednesday to $4,561.90 per ounce. It was above $5,000 earlier this month.

The US dollar was at 158.84 Japanese yen, up from 158.69. The euro was trading at 1.1602, down from $1.1608.