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 [...]
Oil prices hit highest levels in three years July 1, 2021 Global oil prices hit their highest levels in three years today as fuel demand continued to pick up amid the reopening of the global economy after the pandemic. Both worldwide standard Brent crude and US benchmark WTI topped $75 today, touching their highest prices since October 2018. The latter’s price picked up a further 2.2 [...]
Slick: Saudi oil exports more than doubled to $13.8bn in April June 24, 2021 Saudi Arabia’s oil exports rocketed 109 per cent year-on-year in April, worth an eyewatering $13.7bn, according to official data today. Oil exports made up 72.5 per cent of total exports from Saudi Arabia, the world’s top oil exporter – up from 64.8 per cent in April 2020 and 70 per cent in March. The country [...]
Oil prices hit highest levels in years as recovery revs up June 9, 2021 Global oil prices rose to their highest levels in several years as demand for fuels continues to recover amid loosening Covid-19 restrictions. After rising over 1.0 per cent yesterday, worldwide standard Brent Crude hit $72.83 per barrel earlier today, its highest levels since May 2019. And West Texas Intermediate also gained a further 0.3 per cent, [...]
Oil prices soar on demand prospects in US and China June 2, 2021 Oil prices surged today after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July. A robust recovery in expected in the US and China, the world’s two biggest oil consumers, after prices rose their highest since October 2018. US West Texas Intermediate (WTI) [...]
Oil prices bounce back despite ongoing Iran talks May 24, 2021 Oil prices rose sharply today as economists predicted that the surge in demand due to the lifting of Covid-19 restrictions would offset any supply bump should sanctions against Iran’s oil be waived. In recent days prices have been trending downwards on the news that talks between Iran and the US on reinstating the former nuclear [...]
Oil prices rise after critical US pipeline hit by cyber attack May 10, 2021 Oil prices climbed higher this morning after a major cyber attack forced the shutdown of a critical US pipeline, sparking fears of shortages. Brent crude was up 0.6 per cent, at $68.66 a barrel this morning, having risen 1.5 per cent last week. US West Texas Intermediate futures rose 0.5 per cent at $65.24 a [...]
ECB day and trouble in travel while Bitcoin is oversold April 22, 2021 European futures are trading higher as traders pick up momentum from Wall Street, where we saw the Dow Jones index posting some strong gains. It seems like traders are taking every retracement in the stock market as an opportunity to jump back in or double down on their riskier bets, and this is pushing the [...]
Oil prices surge as refining surge fuels demand hike April 14, 2021 Oil prices surged today as a larger than expected fall in US crude stocks gave fresh indications that fuel demand is beginning to increase as coronavirus restrictions begin to be rolled back around the world. Worldwide standard Brent Crude saw prices jump 4.2 per cent today, rising to $66.34. US counterpart West Texas Intermediate (WTI) [...]
Oil prices rise as as output cut hopes offset Suez Canal reopening March 29, 2021 Oil prices rose nearly one per cent today as hopes that Opec+ will hold output cuts reversed an earlier slump linked to the reopening of the Suez Canal. Futures had dropped earlier today after container ship Ever Given, which had grounded in the Suez Canal and blocked the waterway for almost a week, was refloated. [...]