Oil steady near $74 with focus turning to upcoming OPEC+ meeting
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
WTI
Brent oil edges above $75 as investors assess tightening market
Brent oil hit $75 a barrel for the first time in more than two years amid signs of a rapidly tightening market.
Oil rally drives brent toward $75 as market tightens, curbs ease
Oil extended a powerful rally, with global benchmark Brent closing in on $75 a barrel, after data pointed to a substantial draw in US crude stockpiles and top traders predicted further gains in prices.
Brent oil set for biggest weekly loss since March on Iran boost
Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal.
Oil plunge: Prices had risen too quickly
For those who had been tracking technical indicators of oil this month, the message was clear: Crude prices had risen too quickly.
Oil jumps above $71 after key Saudi crude terminal attacked
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
Brent near $65 as US crisis provides global supply shock
Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of US crude production morphed into a global supply shock.
Updated: Oil prices fall as OPEC+ extends talks to second day without decision
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
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.
Commodities on edge as tight US election hurts gold, aids oil
Gold fell with copper and oil pared gains as tight races in battleground states in the U.S. election shook traders’ initial faith in a decisive outcome, raising the prospect of a prolonged wait for the final result.
Oil price holds near four-month high amid bearish signals
Oil held near a four-month high after speculation the Federal Reserve will keep U.S. interest rates near zero for longer buoyed markets.
Covid spike in US threatens oil’s remarkable price rally
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Oil heading for first weekly drop since April due to virus recovery fears
Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.
United States Oil Fund faces investigation over risk disclosures to investors
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
Oil climbs on hopes market may balance in coming weeks
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Oil rises on view that demand may rebound beyond pre-virus level
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
Oil anchored in mid-$30s while US-China tensions rise
Oil was anchored near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.
Oil retreats with doubts over China eating away at weekly gain
Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.
Repeat of US oil’s sub-zero plunge unlikely as June expiry nears
Oil’s historic crash below zero looked increasingly like an aberration as the June contract rose for a fourth day in its last session of trading before expiring.
Oil at two-month high with Chinese demand near pre-virus levels
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
Oil set for second weekly gain with market starting to rebalance
Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.
Oil rises for a fifth day with output cuts easing glut concern
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.
Finding the “new norms” in the post-COVID supply chain
Coronavirus looks set to have a continued impact on energy demand beyond the near term and supply chains must become more adaptable in order to navigate the uncertain future, writes Andy Laven, COO of Sahara Energy Resources DMCC
BP sinks to £3.6bn pre-tax loss as Covid-19 and oil price plummet take effect
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
The next chapter of the oil crisis: Industry shuts down
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.