Oil prices falter for second successive week as stockpiles rise September 12, 2020 Oil prices fell to their second straight weekly loss on Friday as stockpiles around the globe continued to rise amid a lack of demand. Brent crude oil prices fell around six per cent a barrel for the week as sluggish demand remains some way off pre-coronavirus levels. The decline seen so far this month continued [...]
Oil prices fall to lowest levels since July amid signs of stalling demand September 8, 2020 Global oil prices fell to their lowest levels since the start of July this morning amid fears that demand is stalling as coronavirus infections surge around the world. Worldwide standard Brent crude fell over two per cent to trade at $41.13, the lowest it has changed hands in two months. US benchmark West Texas Intermediate [...]
Oil prices fall on oversupply and US jobless data August 20, 2020 Oil prices dropped today after it emerged producer cartel faces a huge surplus and the number of new US jobless claims climbed back above 1m. Brent crude fell 2.7 per cent to $44.13 per barrel, while benchmark West Texas Intermediate was down three per cent at $41.62 per barrel. It followed reports that some Opec [...]
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, [...]