Reuters LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains. However, the risk of a major double hit has lessened. Storm Laura has developed into a hurricane but storm Marco has
Reuters LONDON – The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country’s buying binge earlier in the year. The spread between Brent crude for nearby delivery and six-months ahead is at
Reuters TOKYO/LONDON – Oil prices eased on Wednesday on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. Brent crude futures LCOc1 were down 44 cents, or 1%, to $45.02 a barrel at 1230 GMT, but still not far off a
Reuters LONDON – Oil prices hovered near five-month highs on Thursday as support from a weak dollar .DXY and falling U.S. crude inventories counteracted bearish sentiment about fuel demand, pushing the benchmarks in and out of positive territory. Brent crude LCOc1 was up 48 cents at $45.65 a barrel by 1318 GMT, while U.S. crude CLc1 was up 43 cents
Reuters LONDON – Oil prices rose to their highest since early March on Wednesday on a drop in U.S. crude inventories and the weak dollar, but mounting coronavirus infections weighed on the demand outlook. Brent crude was up $1.50, or 3.4%, at $45.93 a barrel by 1345 GMT, while West Texas Intermediate oil rose $1.51, or 3.6%, to $43.21 a
Reuters Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday. The survey of 43 analysts and economists forecast benchmark Brent crude LCOc1 to average $41.50 a barrel in 2020, up slightly from
Forbes The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was seen giving American hydrocarbon production a position of market superiority. In many ways it still does, especially if the sheer
Reuters ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9%. The pandemic brought travel and other businesses to a halt under lockdowns and led to a glut of oil and gas, forcing widespread output cuts by bleeding
CNBC Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices. The Anglo-Dutch company reported adjusted earnings of $638 million for the second quarter of 2020. That compared with net profit of $3.5
Reuters SINGAPORE/LONDON – Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of
Reuters U.S. oil and gas producer Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, as higher output and lower costs helped offset a plunge in oil prices due to the coronavirus crisis, sending its shares 3% higher. Crude prices sank to historic lows in April as demand plummeted due to the COVID-19 pandemic and a price war between the
Reuters LONDON – Oil prices edged higher on Friday, supported by a weaker dollar, though tensions between the United States and China and wider economic uncertainty weighed. Brent crude was up 10 cents at $43.41 a barrel at 1323 GMT, while U.S. West Texas Intermediate (WTI) crude was up 18 cents at $41.25. China ordered the United States to close
