Oil prices slump again as US ramps up production April 1, 2020 Oil prices fell again this morning, just days after they touched an 18-year low amid a massive slump in demand and oversupply concerns. Brent crude sank 3.6 per cent today to hit $25.40. And West Texas Intermediate (WTI) dropped 1.3 per cent to teeter on the edge of the $20 mark, at $20.21. Two days [...]
Shell and Total slash costs and suspend buybacks amid oil price slump March 23, 2020 Oil giants Shell and Total have suspended their share buyback programmes and announced billions of dollars of cost cutting as they try to weather the recent crash in oil prices. The price of Brent crude slumped to a 17-year low last week as the coronavirus pandemic has cut global demand for oil and a price [...]
Oil price goes below $30 a barrel following brief rise March 17, 2020 Oil prices have fallen below $30 a barrel due to coronavirus uncertainty and the Russia-Saudi Arabia price war. This comes after they staged a slight rise this morning as investors searched for a bargain. Brent crude fell to $29.82 a barrel having peaked earlier at $31. Stephen Innes, chief markets strategist at Axicorp told Reuters [...]
Oil prices slide as coronavirus and price war roil markets March 16, 2020 Oil prices slipped below $30 a barrel in afternoon trading as an emergency interest rate cut from the US Federal Reserve failed to calm fears about a global recession caused by coronavirus. The Brent crude oil price was last down 11.1 per cent at $30.10, its lowest price since 2016. West Texas Intermediate was down [...]
Coronavirus: FTSE 100 loses £144bn after worst day since 2008 March 9, 2020 The FTSE 100 has had £144bn wiped off its value today as it closed below 6,000 points and suffered its biggest intraday fall since 2008. The coronavirus outbreak and plunging oil prices dragged the index down as much as 8.7 per cent to just 5,899 points as it opened following a weekend of coronavirus turmoil. [...]
Billions wiped off FTSE oil giants BP and Shell after global oil prices sink March 9, 2020 Oil major BP has lost nearly £20bn of its value today as investors ditch energy stock following the oil price rout. Rival Royal Dutch Shell has seen its market capitalisation shrink £18.1bn since the close of trading in London on Friday. Both oil majors have dragged the FTSE 100 to one-day losses not seen since [...]
Oil prices: FTSE energy stocks tumble after Opec coronavirus chaos March 9, 2020 FTSE 100-listed energy stocks have crumbled in early trading after Saudi Arabia initiated a price war that saw oil prices collapse today. Shell’s share price plummeted 21 per cent before trimming losses to stand down 14.8 per cent by 9.50am, while BP’s tumbled 17.3 per cent to 326.9p. Petrofac fell over 50 per cent to [...]
Oil prices and Asian stocks collapse under coronavirus fears March 9, 2020 Oil prices and stocks collapsed today as investors piled into safe havens in a bid to escape the fallout of a fresh spread of coronavirus. Oil prices plunged around 30 per cent after Saudi Arabia signalled its intention to ramp up production. And investors knocked 30-year US bond yields below one per cent as they [...]
Saudi Arabia to up oil production after Opec deal falls through March 8, 2020 The Middle East’s stock markets tumbled on Sunday after the three year alliance between oil cartel Opec and Russia collapsed last week. As a result of the botched negotiations over further production cuts, Opec removed all existing output curbs for its members, leading to a string of local equity markets falling over fears of a [...]
Oil prices tumble 10 per cent as Russia rejects Opec deal March 7, 2020 Oil prices plummeted by around 10 per cent on Friday as a proposal to reduce output by major producers collapsed. With global demand slowing due to the coronavirus’s impact on travel, manufacturing and supply chains, the plan had intended to keep prices steady. But Russia decline to participate and talks ended with there being no [...]