Houston Chronicle Oil markets will begin to recover in the second quarter as the virus that has inflicted a “big hit” on Chinese demand abates, the head of Saudi Aramco’s trading unit said. “By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London. “I am confident
Reuters NEW YORK – Oil prices edged up on Wednesday after U.S. crude in storage grew less than expected and gasoline inventories dropped, but hundreds of new coronavirus cases reported in Asia, Europe and oil-producing countries in the Middle East limited gains. Brent crude was rose 12 cents to $55.07 a barrel by 10:48 a.m. EST (1548 GMT), while U.S.
Reuters LONDON – Oil slipped towards $56 a barrel on Tuesday, falling for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since
Reuters DENVER/NEW YORK – U.S. shale oil drillers could scale back investment in production more quickly than previously expected this year after prices slid for what had been a lucrative by-product of their operations. Oil producers have already taken a hit from the fall in global oil and gas prices as China’s coronavirus outbreak destroys demand in the world’s second-largest
Houston Chronicle A five-day rally in oil prices ended as investors found new reasons to worry about how fuel demand will be affected by the impact of Asia’s deadly coronavirus. Brent futures fell 1.8% to trade below $57 a barrel in London. Citigroup Inc. said that markets are overconfident in expecting a v-shaped recovery and oil prices are likely to
Houston Chronicle Oil steadied near $57 a barrel in London as China and other Asian states promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand. Prices recovered more than 5% last week, the biggest gain since September, as some of the fears over how far the infection will hurt the global economy abated.
Houston Chronicle Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing. Chinese refiners have used oil’s earlier drop to snap up cheap cargoes, taking many traders by surprise. That follows the World Health Organization’s view that the sharp increase in the number of virus
Reuters LISBON (Reuters) – The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically push up oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan Brouillette told Reuters on Thursday. Brouillette cautioned, however, that there had been some “slowing” of Chinese energy purchases. He said
CNBC Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude. Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, down from the same period a
Reuters NEW YORK – Oil prices edged higher on Thursday, as investors hoped the world’s biggest producers would cut output more, while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China. Brent crude LCOc1 was up 58 cents, or 1.04%, at $56.37 a barrel by 12:20 p.m. ET, while U.S. West
Houston Chronicle Saudi Arabia’s state oil company made deep cuts to the price of crude it sells to Asia, where an outbreak of the coronavirus has caused a slump in demand. Saudi Aramco lowered most of its official selling price differentials for the crude varieties it sells in the world’s largest consuming region, effectively making them cheaper. One exception was
Reuters SINGAPORE – Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements, trade sources said. Typically, trade would have revived after the Lunar New Year holiday at the end of
