Monday, August 24, 2026
World Bank slashes outlook for oil, metals as coronavirus crushes demand- oil and gas 360

World Bank slashes outlook for oil, metals as coronavirus crushes demand

Reuters The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest. Crude oil prices are expected to average $35 a barrel this year, down 43% from the average in 2019, the World Bank said, marking a sharp

How the oil price capitulation will hit Nigeria, Saudi Arabia and other major exporters- oil and gas 360

How the oil price capitulation will hit Nigeria, Saudi Arabia and other major exporters

CNBC The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies. The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the

Patterson-UTI sees 60% decline in activity as oil prices crater- oil and gas 360

Patterson-UTI sees 60% decline in activity as oil prices crater

Reuters Oilfield service firm Patterson-UTI Energy Inc (PTEN.O) on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices. The company said it expects to exit the current quarter with about 70 rigs in operation, down from an average of 123 rigs

Oil markets in ‘inflection phase’ after historic week of trade, Goldman Sachs says- oil and gas 360

Oil markets in ‘inflection phase’ after historic week of trade, Goldman Sachs says

CNBC The widow-making collapse in oil prices came to a pause in Asia trade on Thursday, but analysts aren’t convinced that the worst sell-off in oil market history is over yet. “We think that this is the inflection phase,” Goldman Sachs oil analyst Damien Courvalin told CNBC’s “Squawk Box Asia.” “Even though demand may not recover quickly, the production shut-ins