Investing LONDON – Oil prices may be near $100 a barrel, but a range of factors could prevent a sustained rally above that level, analysts say. They include a projected rise in non-OPEC production, in addition to Russia’s need to boost supply to increase revenue and the potential for oil demand to slow given already-high interest rates in major Western
World Oil (Bloomberg) –Banks are gradually offering more credit to U.S. shale oil and natural gas producers as the industry recovers from last year’s contraction and energy prices rally. So-called borrowing bases will increase as much as 20% during the imminent round of talks between drillers and lenders, according to most respondents in a survey conducted by law firm Haynes
CNBC Oil prices could be setting up for a major rally, one strategist says. Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt Maley told CNBC’s “Trading Nation” on Wednesday. “Crude oil has seen what’s called a golden cross on its weekly chart,” the firm’s chief market strategist
Bloomberg Brazil’s state-controlled oil company saw its earnings surge in the second quarter, thanks to a rally in crude prices and a hydropower crunch in Brazil that boosted electricity demand. Since late last year, Petrobras has sold more fuel oil domestically and increased output at its own thermal power plants, part of a wider policy in Brazil to conserve water
Reuters U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand. Brent
Reuters NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is in sight. Reality struck back on Monday, however, with a selloff driven by the surge in cases in the United
Reuters LONDON – Oil prices extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, though gains were capped by concerns over surging coronavirus cases around the world. Brent crude futures rose $1.13, or 2.9%, to $40.10 a barrel at 1437 GMT on Tuesday, while U.S. West Texas Intermediate (WTI) crude futures
CNBC Oil jumped more than 30% on Thursday, accelerating the recent rally as the Street eyed continued production cuts and rising U.S.-Iranian tensions. West Texas Intermediate, the U.S. benchmark, rose 30%, or $4.18, to trade at $17.96 per barrel. Brent crude, the international benchmark, traded 11.8% higher at $22.79 per barrel. On Wednesday, WTI jumped 19.1% — one of its best days on
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
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