Reuters LONDON – Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns. Brent crude was flat at $29.98 a barrel by 1332 GMT, after hitting a low
Reuters LONDON – Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis. Brent crude LCOc1 advanced 78 cents, or 2.6%, to $30.41 at 1216 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up $1.22, or 5%,
Reuters Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices. U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel CLc1 as coronavirus-related lockdowns have crushed demand for fuel. The price collapse has companies in major oil-producing states push for
Reuters U.S. shale producers Continental Resources Inc and Callon Petroleum Co on Monday joined their peers in cutting production to cope with a rout in oil prices as the coronavirus crisis sapped demand for fuel. The historic drop in oil prices last month sent shockwaves through the energy sector, forcing producers to drastically cut spending and scale back activity globally.
CNBC The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs. The Covid-19 pandemic has meant countries have effectively had to shut down, with many governments imposing strict restrictions on the daily lives of billions of
Reuters Canada’s oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in 40 years. Economic shutdowns have ground travel to a halt, cutting fuel demand by roughly 30% worldwide. With consumption down,
Oil and Gas 360 MINNEAPOLIS HIGHLIGHTS First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which was a 7% increase over the prior year and exceeded first quarter capital expenditures of $86.7 million Senior Secured Notes
Reuters Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic. Reuters reported last month that the company was in talks to line up bankruptcy financing and it was discussing a possible loan to aid
Reuters LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears of a second wave of coronavirus infections Brent crude LCOc1 was up 7 cents, or 0.2%, at $31.04 a barrel
CNBC Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in. U.S. West Texas Intermediate crude gained 5%, or $1.18, to trade at $24.73 per barrel, while
CNBC Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world, but several energy analysts argue it’s too soon to get carried away. The commodity that saw one futures contract go negative for the first time ever last month, over the worst demand destruction in its history,
Reuters HOUSTON – Occidental Petroleum Corp (OXY.N) said on Wednesday it was looking to raise new cash or swap debt for stock, a day after it posted a large first-quarter loss, sending its stock down 7%. Shares fell to $14.23 after the company laid out in a securities filing the potential for new asset impairments and an ownership change
