Oil prices reverse losses as US government considers aid for sector April 28, 2020 Oil prices reversed their losses this afternoon after US government officials indicated that it would provide support to the battered sector. US standard West Texas Intermediate, which earlier today fell nearly 20 per cent, swung back to stand over three per cent up at $13.21. The move came after US treasury secretary Steve Mnuchin said [...]
Oil prices plunge: WTI nears $10 as storage fears increase April 28, 2020 Oil prices continued to slide this morning as traders rushed to withdraw their money from upcoming futures delivery contracts amid fears they will have nowhere to put the substance. With storage space running severely scarce around the world, exchange-traded funds are trying to avoid a similar situation to last week’s price crash by selling out [...]
UK sets new record for longest period without coal-powered electricity April 28, 2020 The UK has this morning set a new record for the longest period without using electricity generated from coal since pre-industrial times. As of midday, the country has been without coal power for 18 days and 12 hours, the longest period since the Industrial Revolution. The previous record was set on 4 June last year, [...]
BP profit tumbles by two-thirds as oil demand dries up April 28, 2020 BP’s underlying profit fell by two-thirds in the first quarter as the coronavirus crisis destroyed global demand for oil. The oil giant’s underlying cost replacement profit, its preferred reporting metric, dropped from $2.4bn (£1.9bn) to $0.8bn year-on-year. Shares in BP fell a little over one per cent this morning. The figures For the quarter, the [...]
UK oil industry warns 30,000 jobs at risk due to coronavirus April 28, 2020 Up to 30,000 jobs could be lost in the UK’s oil and gas industry due to the market disruption caused by the covonavirus pandemic. According to a survey conducted by sector body Oil and Gas Uk (OGUK), one in five of the 151,000 sector employees could lose their jobs due to the crisis. Oil prices [...]
Oil prices on brink of another collapse as storage dries up April 27, 2020 Oil prices were on the precipice this afternoon amid fears that a repeat of last week’s historic collapse into the negative could be on the cards. By mid-afternoon, the price of the June delivery contract for US standard West Texas Intermediate (WTI) had dropped nearly 28 per cent as storage facilities across the country approached [...]
FTSE 100 pushes higher as Europe prepares to relax coronavirus lockdowns April 27, 2020 The FTSE 100 moved higher today as traders reacted to positive signs that European countries were preparing to ease coronavirus lockdown measures. The UK blue-chip index posted a rise of 1.4 per cent , or 81 points, to 5,833 by around 11.30am. The FTSE 100’s upbeat start to the day was more than matched by [...]
NMC Health requests delisting from London Stock Exchange April 27, 2020 Embattled hospital operator NMC Health has requested for its shares to be delisted from the London Stock Exchange after they were suspended two months ago. Shares in the healthcare operator were suspended in February. It was placed into administration this month following an application from lender Abu Dhabi Commercial Bank. It came after the hospital [...]
Oil prices plunge amid fears of historic crash repeat April 27, 2020 Oil prices plunged this morning amid signs that the world’s storage facilities were on the brink of capacity, raising fears that producers are not cutting output fast enough to offset the collapse in demand. After last week’s historic crash, which saw the price of US standard West Texas Intermediate (WTI) turn negative for the first [...]
Coronavirus: Asian markets rebound as Bank of Japan expands stimulus package April 27, 2020 Asia’s premier markets opened strongly this morning after the Bank of Japan announced it would buy an unlimited amount of government bonds in order to protect the country’s economy from the coronavirus pandemic. The Nikkei rose 2.8 per cent to 19,803.76, the Hang Seng picked up two per cent to 24,304.32 and the MSCI, which [...]