LONDON – Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.
Brent crude futures LCoc1 …
Oil prices moves lower on Tuesday, despite signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.
The front-month contract for …
LONDON – Oil prices were steady on Tuesday amid signs that producers are cutting output as promised while traders awaited more clarity on the demand picture as some countries ease out of lockdowns.
Benchmark Brent crude was up 4 …
The fortunes of the oil market have turned around dramatically in the past month.
This time last month, investors were watching the futures market in disbelief. The May contract for West Texas Intermediate oil was set to expire, and …
West Texas Intermediate for June delivery jumped more than 12% on Monday to a two-month high, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices.
“Producers are significantly throttling back …
LONDON – Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers.
Brent crude LCOc1 was up $2.32, …
Barclays Commodities Research on Friday raised its oil price forecasts for this year and 2021, buoyed by supply cuts to balance the demand erosion caused by conrovirus-led restrictions.
In recent days, several OPEC nations including Saudi Arabia said they …
LONDON – Oil prices touched a one and a half month high on Friday amid signs demand for crude was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply …
The top U.S. commodities markets regulator warned exchanges and brokerages on Thursday that they should be prepared for volatility and possible negative pricing for certain contracts, nearly one month after U.S. oil futures plunged into negative territory for the …
The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.
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 …
LONDON – Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown.
Futures prices and swaps linked to …
Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening.
West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile …
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 …
Oil jumped more on Thursday and was on track for its second best week in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline …
LONDON – Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns.
Money managers purchased the equivalent of 41 million barrels in …
Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note.
The Wall Street bank raised its 2021 …
Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus.…
LONDON – Global oil markets are showing early signs of rebalancing after production cuts by OPEC and the United States, with the market’s pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria …
NEW YORK – U.S. oil prices were 4% higher while the front month Brent crude futures rose above $26 per barrel on Friday, with both benchmarks on track for their first weekly gain in four weeks as OPEC and …
Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.
The E&P industry, which includes oil majors, made $2.47 …
LONDON – Oil prices jumped for a second day on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and clawing back ground at the end of a month of tumbles wrought by …
Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.
The board at Shell said it had decided
Oil prices jumped more than 20% on Wednesday following a report that showed a smaller-than-expected build in U.S. inventories, as well as on the hope that economies will reopen sooner than expected.
West Texas Intermediate for June delivery surged …
Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns.
June …
Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist …
Call it an S&P bright spot.
Energy was the only S&P 500 sector to end last week in the green, capping off a wild five trading days in the space.
The Energy Select Sector SPDR Fund (XLE) was down …
Oil prices moved between gains and losses on Friday, following a two-day winning streak that saw West Texas Intermediate gain more than 40%. The turn lower game despite some producers like Kuwait said they would move to cut output …
The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies.
The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% …
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. …
