Oil prices plummet on surging Covid cases August 3, 2021 Oil prices plummeted on Tuesday as the resurgence in Covid cases globally driven by the Delta variant fuelled concerns that restrictions on economic activity may be reimposed. Global benchmarks WTI and Brent Crude slid 1.39 per cent and 1.12 per cent to hit $70.41 and $72.22 respectively – WTI briefly dipped below $70. Prices have [...]
BP’s dividend edges up as profit beats estimates on climbing oil prices August 3, 2021 BP this morning said it will increase its dividend by 4 per cent and will kick off $1.4bn worth of share buybacks after its profit sprinted past estimates and rose to $28bn in the second quarter, buoyed by higher oil and gas prices. The oil giant raised its dividend to 5.46 cents, beating analysts’ expectations [...]
Oil prices plummet after Opec+ end deadlock July 19, 2021 Oil prices plummeted on Monday after Opec+ broke through a deadlock to reach an agreement on oil production. Brent Crude and WTI Crude both fell sharply on the news, down 2.41 per cent at and 2.55 per cent respectively. Opec+ agreed to increase oil production by 400,000 barrels a day on Sunday. As part of [...]
Oil prices slide further as traders brace for supply increase July 15, 2021 Oil prices slid further on Thursday as traders prepare for a wave of supply to flood the market. Benchmarks WTI Crude and Brent Crude were down 1.01 per cent and 0.92 per cent respectively today. Read more: Opec+ end deadlock over oil supply policy, says source Prices slid two per cent yesterday after news broke [...]
Opec+ end deadlock over oil supply policy, says source July 14, 2021 The United Arab Emirates and Saudi Arabia have ended an impasse over Opec+ oil supply policy, sources said today. A deal was reached after the UAE’s baseline was increased to 3.65 million barrels per day from April 2022, the date when the current pact had been scheduled to end. The news was first reported by [...]
Oil prices reverse steep losses amid supply uncertainty July 7, 2021 Oil prices rose sharply on Wednesday morning, paring back steep losses driven by uncertainty over Opec’s production policy. Talks between the alliance broke down again on Monday after discussions failed to yield an agreement last week. Read more: Oil prices reach seven-year high after Opec+ abandon supply talks The lack of a deal is fuelling [...]
Oil prices reach seven-year high after Opec+ abandon supply talks July 6, 2021 Oil prices climbed to their highest level in nearly seven years today after Opec+ failed to end an impasse over proposed output increases. The price of a barrel of WTI neared $77 in morning trading, its highest since 2014, while Brent crude, the international benchmark, shot up for the sixth day in a row to [...]
US calls for end to deadlock in Opec+ talks July 6, 2021 The US called for an end to the impasse among Opec+ members in oil output talks on Monday. Leaders of the Opec+ alliance postponed talks on Monday after the United Arab Emirates refused to agree to a proposed eight-month extension to curbs on output. “The United States is closely monitoring the OPEC+ negotiations and their [...]
Oil prices climb as Opec+ resume talks July 5, 2021 Oil prices climbed on Monday as an impasse among Opec+ over oil output levels extended into a third day. Brent Crude was up 0.17 per cent to trade at $76.32 a barrel, while US WTI added 0.25 per cent to reach $75.35 a barrel. Discussions have broken down due to the United Arab Emirates and [...]
Opec+ supply talks end in deadlock July 3, 2021 Opec+ failed to reach an agreement on raising oil output on Friday, extending the impasse into a second successive day. Opec+ resumed talks on oil output levels on Friday after they failed to reach a consensus in discussions on Thursday. The alliance said it would resume discussions on Monday at 3pm Vienna time. Global oil [...]