WTI crude oil rallies above $62.20 resistance, targeting previous tops at $64.75 and $66.49 with bullish momentum intact. Winter storm disrupts U.S. crude production, sending Gulf Coast exports to zero before rebounding as supply tightens.

By Nidhi Verma and Jarrett Renshaw NEW DELHI, Jan 30 (Reuters) - The United States, which imposed tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil,

Crude imports hit record highs, with December stockpiling estimated at 2.67 million bpd-the fastest pace since 2020-as Beijing took advantage of low prices and expanded storage capacity.

Crude oil needs Iran supply shock to break resistance, Reuters columnist says. Technical setup suggests market anticipates production disruption with breakout over $66.49.

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China's surplus of crude oil jumped to 2.67 million bpd in December, up from 1.88 million bpd in November and the most since the 2.27 million bpd seen in June 2020, when the world's largest crude buyer was gorging on cheap oil at the height of the COVID-19 pandemic.

Between April and November 2025, the share of crude oil imports from the US rose to 8.1 per cent from 4.6 per cent in the same period of FY25, while the UAE’s share increased to 11.1 per cent from 9.4 per cent.

AM Friday, January 30.Light Sweet Crude (NYMX)1,000 bbl.- dollars per bbl. ContractOpenHighLowLastChangeToday's VolumeThursday's VolumeMar 2665.5265.9263.6465.68+.26202332528618Apr 2665.0665.4063.2165.