The price of Brent crude fell to $59.70 a barrel in early trading, its lowest intraday level since May 5. The international benchmark price has not closed below $60 a barrel since the Covid-19 pandemic. West Texas Intermediate, the US benchmark, closed at $56.82 a barrel on Monday, its lowest since February 2021.

Russian crude prices are at their lowest since the war in Ukraine began, as sanctions deepen the discounts the nation’s oil industry needs to offer and benchmark futures tumble.

By Robert Harvey and Liz Hampton DENVER, Dec 15 (Reuters) - Oil prices slid on Monday as investors balanced disruptions linked to escalating U.S.-Venezuelan tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.

Ukraine has used long-range drones to attack Russian oil platforms as it expands its strikes on the country's energy sector.

Brent oil dropped below $60 a barrel for the first time since May, breaching a key level as supply outpaces demand and is on course to continue do so at a record clip next year.

Trump has over three years left as president, and the industry is still hoping for more. The oil and gas industry is still pining for an overhaul of an environmental permitting system its leaders say makes it too difficult to build pipelines and other infrastructure, including changes to the National Environmental Policy Act.

By Robert Harvey LONDON, Dec 15 (Reuters) - Oil prices held steady on Monday as investors balanced supply disruptions linked to escalating U.S.-Venezuelan tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.

If you plan to make mayonnaise at home, there's one oil you definitely don't want to use in the cooking process. Here's why it's not the right match.

The Middle East’s Dubai oil benchmark is showing signs of worsening oversupply, adding to a slew of indicators pointing to a global glut.