Oil extends recovery from selloff but angst over glut remains
Oil extended its recovery from Monday’s plunge below zero but remained under intense pressure from a swelling global supply glut.
Brent crude
International benchmark Brent oil drops to 21-year low
Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.
‘Cataclysmic’ event needed for Brent Crude oil to go negative like US benchmark
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
Government urged to bring cash to help Aberdeen’s energy transition
The prime minister and first minister have both been urged to announce cash to bolster the north-east energy industry.
US oil price rebounds from record wipeout with prices edging above zero
Oil rebounded in Asian trading, after plunging below zero for the first time in history amid rapidly filling American storage tanks, as the U.S. benchmark’s May contract entered its final trading session.
US oil spirals below zero in ‘devastating day’ for global industry
The day started like any other gloomy Monday in the oil market’s worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to get somebody to take crude off their hands.
US oil benchmark plunges towards $4 per barrel
The world’s two leading oil price benchmarks suffered contrasting fortunes today amid ongoing supply and demand fears.
Oil demand to fall to a ‘staggering’ 25-year low in April, says IEA
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
Oil makes up some ground following 10% drop as demand concerns persist
Oil eked out a small gain after tumbling 10% on Tuesday as concerns over virus-driven demand destruction overshadowed a historic deal by the world’s biggest producers slash output.
Markets on oil price tenterhooks
Brude crude oil prices were up nearly 2% at $33.49 a barrel by the London market close today as traders awaited news of a much-anticipated global production cut.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil futures rebound masks strain on plunging physical market
Oil futures advanced amid a broader bounce across financial markets while the price of actual crude plummeted to near $15 a barrel.
Oil’s apocalyptic April could reverberate for years to come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
Oil price downturn could be prolonged, Westwood Global says
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Oil plummets to 17-year low as broken market drowns in crude
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.
RMT calls for action as oil price plummet puts ‘tens of thousands’ of North Sea jobs at risk
A union has warned that “tens of thousands” of offshore jobs could be at risk as North Sea firms buckle under the pressure of the ongoing oil price “crisis”.
Oil price drops to lowest since 2016 as global demand collapses
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history.
Fading hope for emergency OPEC+ meeting caps oil’s advance
Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.
New Chinese virus ‘likely’ to impact oil markets
Oil markets are likely to take a hit from China’s deadly coronavirus, with aviation fuel suffering the most, if the SARS epidemic in 2003 is any guide, according to Goldman Sachs Group Inc.
Oil price uncertainty could continue for ‘weeks’ amid US-Iran conflict
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
Update: Iranian tanker ‘struck by two missiles’ off coast of Saudi Arabia
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Brent crude could slide to lowest level since December 2018, oil trader claims
Brent crude could slump toward a level it hasn’t seen since December 2018 prompting deeper output cuts from OPEC and its allies, according to one of world’s biggest oil traders.
Oil trades near two-week low as US fuel stockpile increases
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil drops below $54 as global recession, supply concerns mount
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Brent bounces back as Trump holds out on trade deal
Brent crude traded around $70 a barrel as a two-day rebound petered out on signs the U.S. and China are still far from reaching a trade deal, while supply risks from the Persian Gulf to Venezuela kept investors wary.