Reuters LONDON – BP (BP.L) will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels. Like its rivals, the British oil major is set to take a big
Reuters LONDON – Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. Brent LCOc1 was up 27 cents, or 0.7%, at $38.82 a barrel by 1204 GMT, having lost more than $1 earlier in the session. After
Reuters LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped
CNBC Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. Source: CNBC Brent crude futures were up $2.12, or 5.2%, to trade at $41.“ per barrel, while West Texas Intermediate traded $1.74, or 4.65%, higher at $39.15
CNBC Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, had been expected to hold their next meeting on Thursday.
Reuters LONDON – Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place. Saudi Arabia and Russia have a deal to extend the cuts, but a meeting on Thursday rather than later in June
Reuters LONDON – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week. Benchmark Brent crude LCOc1 rose 2.2%, or 83 cents, to $39.15 a barrel as of 1215 GMT. U.S. West Texas Intermediate (WTI)
Reuters Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday. The survey of 43 analysts forecast Brent crude would average $37.58 a barrel in 2020, about 5% above April’s $35.84 consensus, but still lower than the
Reuters LONDON – OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels per day
CNBC Working from home has become the norm, and if the trend continues even after the pandemic abates, it could pose a big risk for oil, analysts are warning. “The biggest threat to oil demand is the rise of remote working,” Bernstein said in a recent note to clients. “A decrease in commuting and business air travel is clearly negative
CNBC Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong. A potential deterioration in relations between the world’s two biggest economies could ratchet up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell $1.69, or 4.7%,
Reuters MEXICO CITY/NEW YORK – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around. Despite all the risks of holding the world’s largest fallen angel, the ignominious distinction for a company that loses its
