Oil price extends Covid-comeback above $61 on tightening market
The price of oil extended a rally from the highest level in more than a year on signs the global market is tightening and demand is improving.
oil price
Brent at $60 post-Covid high: ‘Still a lot of ifs and buts’ for North Sea activity
The Brent oil price has reached its highest in 13 months, but experts say questions persist on whether activity in the UK North Sea will see a similar resurgence.
Shell makes largest purchase of North Sea oil in a decade as prices power higher
Shell snapped up the largest amount of North Sea oil in over a decade during the market’s main trading window for physical cargoes, underpinning signs of sharply tightening supplies.
Oil dips with dollar rising as rally takes a breather
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Brent oil hits $55 with Saudi cuts adding fuel to vaccine rally
Brent oil topped $55 a barrel for the first time since February as gains in broader markets added to investor optimism already buoyed by Saudi Arabia’s unilateral plan to cut output.
Oil rises with U.S. supply decline compounding Saudi output cut
Oil advanced as shrinking U.S. crude inventories added to expectations of a tighter global supply outlook after Saudi Arabia surprised markets by pledging to slice production the next two months.
Oil prices steady after surging on surprise Saudi output cut
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.
Oil gains on signs OPEC+ is nearing consensus on oil output plan
Oil’s rally accelerated on signs that OPEC+ was nearing a consensus that would keep oil output steady next month.
‘Window of opportunity’ could emerge next year as oil supply deficits emerge, Rystad says
A “window of opportunity” could present itself for oil producers next year as analysts predict supply deficits may reach their highest level in years.
Russia favors further OPEC+ output hike in February
Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
Oil pares earlier gains as rally toward 10-month high stalls
Oil pared its earlier rally toward the highest settlement in almost 10 months as the market weighed the potential distribution of Covid-19 vaccines against a raft of new cases sparking tighter restrictions on movement.
North Sea operators want ‘more evidence’ of sustained $50 oil price before greenlighting projects
North Sea operators would like “more evidence” that the $50 Brent oil price is here to stay before greenlighting long-term investments.
Brent climbs above $50 for first time since downturn struck
Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon.
Oil price rises on news of UK vaccine
Spreads at both ends of the oil futures curve rallied on Wednesday as the UK approved a Covid-19 vaccine and the physical market displayed signs of strength in Asia and the North Sea.
OPEC+ makes headway on oil-output deal after days of talks
OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.
Oil slips with OPEC still working to bridge gaps on output plan
Oil edged lower in New York, with OPEC and its partners engaging in a diplomatic push to agree on output levels before a key meeting on Thursday.
While OPEC+ fights, Mexico wins over $2 Billion with oil hedge
Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said.
Oil rises despite OPEC+ struggle for consensus on output, second day of meeting postponed until tomorrow
Oil erased earlier losses with OPEC+ seeking more time to reach a deal on production policy after a meeting broke down without an agreement.
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
OPEC+ heads to crucial talks seeking compromise on oil cuts
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
OPEC-watchers expect group to delay supply boost by three months
OPEC and its allies will likely delay a supply increase planned for January by three months, according to a survey of oil analysts, traders and refiners.
Oil clings to rally on signs of coronavirus vaccine progress
Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.
Oil rises to $45 a barrel in London for first time in 10 weeks
Oil rose to $45 a barrel in London for the first time in 10 weeks as an apparent drop in U.S. crude stockpiles added to the rally driven by a vaccine breakthrough.
Oil price rally loses shine as virus surge offsets vaccine optimism
Oil slipped back below $40 a barrel in New York with demand concerns keeping prices in check after crude was swept up in a broader market rally following news of a potential coronavirus vaccine breakthrough.
ConocoPhillips loses $450m in third quarter
ConocoPhillips lost $450 million in the third quarter as low crude prices and reduced production during the coronavirus pandemic continued to take a toll on the company's bottom line.