Saudi Aramco profit collapses but oil giant retains $75bn dividend August 10, 2020 State oil giant Saudi Aramco saw profit collapse nearly 75 per cent in the second quarter as the coronavirus pandemic decimated oil prices around the world. In the three month period, profit fell to 24.6bn riyals (£5bn), down 73 per cent from 92.6bn riyals the year before. The figure was lower than that forecast by [...]
Oil prices slip as Opec prepares to relax production curbs July 14, 2020 Global oil prices slid today amid growing concerns that producer cartel Opec would ease its record production curbs just as a rising number of coronavirus cases threatened to stall the reopening of the world’s economies. US standard West Texas Intermediate fell 0.8 per cent to $39.80, while worldwide benchmark Brent Crude dropped 0.4 per cent [...]
IEA raises oil demand forecast but warns of coronavirus threat July 10, 2020 The International Energy Agency (IEA) raised its 2020 oil demand forecast today but warned the ongoing spread of coronavirus could cause more disruption. The organisation raised its oil demand forecast to 92.1m barrels per day, 400,000 higher than its prediction last month as the virus-struck second quarter suffered a smaller decline than expected. But the [...]
Oil prices recover as Donald Trump says China deal still intact June 23, 2020 Global oil prices pushed higher this morning after US president Donald Trump soothed traders’ nerves by assuring the market that his long-sought trade deal with China was intact. The previous session had seen the market suffer a bout of jitters after White House trade adviser Peter Navarro said that the hard-fought deal was “over”. However, [...]
Oil prices hit highest levels since early March as Opec+ pledges cut compliance June 19, 2020 Oil prices topped $42 today after oil producer group Opec and its allies pledged better compliance with record production cuts in a meeting yesterday. Worldwide standard Brent crude rose 2.3 per cent to hit $42.46 this morning, extending gains from its previous session. Meanwhile, US benchmark West Texas Intermediate was headed back towards $40 where [...]
Oil prices begin slide over coronavirus second wave fears June 17, 2020 Global oil prices slipped back this morning on rising fears over a second wave of coronavirus infections after an outbreak in Beijing. Worldwide benchmark Brent crude fell 1.5 per cent over the morning’s trading, slipping back to $40.34. Meanwhile US standard West Texas Intermediate, which was recently trading close to $40 levels, dropped 1.8 per [...]
Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
Oil prices push higher despite unexpected surge in crude stocks May 28, 2020 Oil prices pushed upwards today despite a larger than expected build in US crude stockpiles, holding on to the gains of the last few weeks. Global standard Brent crude rose 1.5 per cent to $35.29, whilst US benchmark West Texas Intermediate picked up 1.9 per cent to reach $33.43. The rise came despite US crude [...]
Oil prices on supply cut hopes and Covid-19 demand recovery May 26, 2020 Oil prices pushed higher this morning amid growing confidence about crude supply cuts and signs of a recovery in demand as global Covid-19 lockdowns are eased. West Texas Intermediate crude futures rose 3.4 per cent to $34.37 a barrel this morning, just shy of an intra-day high of $34.54. Brent crude futures were also up [...]
Oil prices soar as world begins to emerge from lockdown May 18, 2020 Oil prices continued their upwards trajectory this afternoon, dispelling fears of a repeat of last month’s price implosion as the countries around the world continued to move out of lockdown restrictions. Worldwide standard Brent crude broke through the $35 mark, rising nine per cent to stand at its highest levels since March. West Texas Intermediate, [...]