CNBC Oil prices fell more than 2% on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. U.S. West Texas Intermediate fell $1.42, or 2.8%, to trade at $50.13, its lowest level since Jan. 2019. Earlier in the session WTI
Houston Chronicle Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil Corp. and Chevron Corp. are taking increasingly diverging approaches as they try to weather the storm. The problem is, neither strategy is working right now. Exxon is using the downturn in oil, gas and chemical prices as an opportunity to unleash
Reuters LONDON – Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. Brent crude LCOc1 was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year. U.S. West Texas Intermediate
Houston Chronicle Oil headed for its biggest monthly drop since May as Asia’s coronavirus spread, stoking concerns that demand for transportation fuels will shrink. Futures were little changed in New York on Friday, after sliding to a five-month low on Thursday, as the World Health Organization declared the outbreak a global health emergency. Prices have slumped 14% in January as
CNBC Oil giant Royal Dutch Shell reported a sharp fall in full-year net profit on Thursday, citing challenging macroeconomic conditions and lower oil and gas prices. Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items, which is used as a proxy for net profit, came in at $16.462 billion for the full-year 2019. That
Reuters NEW YORK – Oil was mixed on Wednesday as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support. Brent crude LCOc1 gained 9 cents to $59.60 at barrel by 10:43 a.m. (15:41 GMT). U.S. crude was down 32
Houston Chronicle The health of the Texas energy sector declined for 10-straight months to close out 2019, even as oil and gas production steadily rose throughout the year, according to a new report from the Texas Alliance of Energy Producers. An index measuring the strength of the Texas oil industry fell by almost 10 percent last year, showing a steady
CNBC Oil futures rose 1% Tuesday after a five-day losing streak as OPEC sources said the group and its allies might tighten the market amid fears that the coronavirus, which has claimed over 100 lives in China, could weigh on oil demand. Brent crude, which oscillated between positive and negative territory, gained 59 cents, or 1%, to trade at $59.91
CNBC There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst. Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties. “It is based on
CNBC Oil prices slumped to multi-month lows on Monday, with energy market participants increasingly concerned about demand growth as the coronavirus spreads globally. International benchmark Brent crude traded at $58.99 a barrel Monday afternoon, down nearly 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.70, tumbling over 2.7%. Both crude benchmarks have slipped to lows not seen since early October, as
Houston Chronicle (Bloomberg) — Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply. Futures plunged more than 3% as China reported an increase in fatalities and infections. While the country extended the Lunar New Year holiday to control the outbreak, more cases have
CNBC Oil is on track for its worst week since May as the coronavirus outbreak continues to pressure prices. A slowdown in China’s economy would impact demand because China is the world’s largest crude oil importer, after importing a record 10.12 million barrels per day in 2019, according to data from the General Administration of Customs. China is also the second-largest oil
