Oil be damned: Global demand for oil set to hit all-time high this year as China reopens January 18, 2023 Global oil demand will reach a record high this year, and rise by nearly 2m barrels per day this year, as China eases pandemic restrictions.
Oil falls below $80 per barrel as global recession fears hit prices January 4, 2023 Oil prices have tumbled, shedding last month's gains in this week's trading sessions amid growing expectations of weaker demand.
Edging lower: Oil price slips and could fall further on China Covid concerns January 4, 2023 Oil prices edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising Covid-19 cases. Brent futures for March delivery fell 43 cents to $81.67 a barrel, a 0.5% loss, by 0700 GMT. U.S. crude dropped 39 cents, [...]
Oil holds firm from December rally as Putin ramps up pressure on the West January 3, 2023 Oil prices are holding firm this morning, seemingly consolidating last week's rally which saw both benchmarks trading at a month high.
Oil prices hit three week high as traders bet on the end of Chinese zero-Covid rules December 27, 2022 Oil prices hit a three-week high on Tuesday as China’s latest easing of COVID-19 restrictions spurred hopes of a fuel demand recovery, with further support coming from cuts to U.S. energy production caused by winter storms. China will stop requiring inbound travellers to go into quarantine, starting from Jan. 8, the National Health Commission said on Monday [...]
Oil prices climbing fast as G7 cap of £49 on Russian crude barrel comes into effect December 5, 2022 Oil prices have risen in response to an agreement by the G7 group of nations which came into effect on Monday. Brent crude climbed to more than 86 dollars (£68) in Asia trading as the price of Russian oil was capped at 60 dollars (£49) a barrel. The move is part of increased pressure by [...]
Poles apart? EU closes in on Russian oil price cap but awaits Poland’s approval December 1, 2022 The EU is poised to agree a $60 price cap for Russian seaborne oil shipments, with Poland the only remaining holdout.
Oil markets endure rollercoaster ride as OPEC rejects reports of production hike November 21, 2022 Oil prices whipsawed in today’s trading, before settling near this morning’s initial prices on both major benchmarks. Prices dipped to their lowest since early January, before rebounding as reports varied over whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase. Brent Crude and WTI Crude prices both plummeted [...]
OPEC cuts oil forecasts for fifth time amid growing economic headwinds November 14, 2022 OPEC cut its forecasts for global oil demand this year for a fifth time since April - further cutting into next year's projected figures.
Harbour Energy warns raising windfall tax could risk UK investments November 3, 2022 Harbour Energy has warned it will have to reconsider investments in the UK, if the windfall tax is further expanded.