(WO) – Global oil demand in 2023 will grow about a million barrels per day lower than organizations such as the International Energy Agency (IEA) and OPEC have forecast, according to a new report from Enverus Intelligence Research …
Oil slid on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in Covid-19 cases in China raised concern over global demand.
World Bank President David Malpass and International Monetary Fund …
In Europe, fears of a potentially deep recession continue to take hold. Meanwhile, these fears seem to have subsided in North America—at least in the oil industry. Instead, it’s back to growth mode for the shale patch and …
Europe’s descent into an economic contraction looks to have been confirmed with Russia squeezing natural gas supplies to the region and heavy industry facing tough rationing in the coming months.
Just days after Europeans breathed a sigh of relief …
DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday.
Compared with May, total exports – including non-oil exports of goods such as …
LONDON – Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins.
These drops are most evident in the …
The recession caused by the coronavirus pandemic is playing out across stark — and widening — fault lines in America.
Lower earners, those with less schooling, women and minority groups have borne the brunt of the economic pain driven …
U.S. import prices increased by the most in more than a year in May, driven by higher costs for petroleum products and food, which could further diminish fears of deflation as the economy battles a recession.
The Labor Department …
The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the …
LONDON – Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.
Countries …
The market’s blistering sell-off over the last month is so bad that investors have already pretty much priced U.S. stocks as if the economy is headed for a recession, based on a history of past declines around economic downturns
From Reuters
Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.
Brent crude LCOc1 settled …
From Reuters
China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …
From Reuters
Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…
From Reuters
China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …
From Reuters
President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession.
Trump, who has …
From Reuters
Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.
Traders are awaiting a speech from Federal Reserve Chair Jerome Powell …
From Reuters
Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand.
Brent crude LCOc1 …
