Reuters Oil prices will struggle to gain upward traction next year as demand remains in the grip of the coronavirus pandemic despite growing optimism over vaccines and a likely extension of output cuts by top producers, a Reuters poll showed on Monday. The poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year, little changed
Reuters LONDON – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a fifth in November. Brent crude for January delivery, a contract that expires on Monday, had dropped 50 cents or 1%
Reuters LONDON – Oil prices fell on Monday on a record daily rise in global coronavirus cases, with big spikes in infections over the weekend in the United States, while traders await an OPEC meeting expected to recommend an easing of supply cuts. Brent crude LCOc1 fell 22 cents, or 0.5%, to $43.02 a barrel by 1340 GMT, though prices
Reuters LONDON – Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was up by 1 cent, or 0.02%, at $42.36 a barrel by 1338 GMT, and U.S. oil was up 4
CNBC Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990, when it registered gains
Reuters LONDON – Global oil markets are showing early signs of rebalancing after production cuts by OPEC and the United States, with the market’s pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said. Oil futures are cheaper for nearby delivery than for a few months ahead, a pricing structure known
CNBC Call it an S&P bright spot. Energy was the only S&P 500 sector to end last week in the green, capping off a wild five trading days in the space. The Energy Select Sector SPDR Fund (XLE) was down less than 1 percent Monday even though oil prices fell sharply amid worries about a bankruptcy filing on Sunday by rig operator Diamond Offshore Drilling and
CNBC Saudi Arabia will be best positioned to weather the impact of an unprecedented collapse in U.S. oil prices, energy analysts told CNBC on Tuesday. It comes at a time when the market is awash with crude, storage tanks are being filled and the coronavirus crisis continues to ravage global demand. On Monday, the May contract for U.S. West Texas Intermediate futures
CNBC Oil prices fell on Friday as news of President Donald Trump’s plans to ease the U.S. coronavirus lockdown to get the American economy moving again were quickly overshadowed by China’s worst quarterly economic contraction on record. U.S. crude for June fell 1%, or 26 cents, to trade at $25.28 per barrel. Brent rose 39 cents to trade at $28.21 per barrel. The
Reuters LONDON – Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a build-up in U.S. inventories may mean producers have little option but to cut output as the coronavirus pandemic ravages demand. With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate (WTI) fell on Wednesday to
CNBC Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Brent futures fell 52 cents, or 1.6%, to $31.12 per barrel after settling up 0.8% on Monday. U.S. West Texas Intermediate crude was down $1.06, or 4.7%, to trade at
CNBC Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly said that the county wanted to see global action on cuts of around 10 million barrels per day. U.S. West
