Oil prices soar as coronavirus cure rumours fuel optimism February 5, 2020 Oil prices broke three weeks of consistent falls today, soaring four per cent as markets reacted wildly optimistically to reports that a breakthrough had been made in the search for a coronavirus cure. Global benchmark Brent crude gained almost $2 to reach $55.91, an increase of 3.6 per cent. West Texas Intermediate shot up 3.5 [...]
Oil price edges up on Opec production cuts hopes February 4, 2020 Oil prices showed signs of recovery this morning as officials from oil cartel Opec were set to meet in Vienna to discuss the rapid fall in prices due to China’s coronavirus outbreak. Brent crude clawed back 0.7 per cent to reach $54.92, whilst West Texas Intermediate, which on Monday breached the $50 mark, gained 1.5 [...]
Oil prices fall again as coronavirus continues to weigh on demand January 30, 2020 Oil prices fell again today after a brief respite on Wednesday as the worsening coronavirus outbreak continued to take its toll on economies. Brent crude fell two per cent to $57.68, whilst West Texas Intermediate showed a similar decline to $52.32. The renewed fall came after a Brent crude rallied by 0.5 per cent yesterday, [...]
Oil stocks fall as coronavirus hammers oil prices January 27, 2020 Shares in oil and mining firms slipped this morning as oil prices continued to tumble, with fears over the coronavirus driving down demand for fuel. Brent crude fell over 3.5 per cent to hit $57.78, its lowest levels since October, after sixth straight sessions of decline. West Texas Intermediate fell 3.5 per cent to $52.30. [...]
Oil in downward spiral as surplus weighs on price January 23, 2020 Oil prices accelerated their decline today as Brent crude fell by more than 2.5 per cent for the second day in a row. The steep drop means that Brent crude is now trading at $61.49 per barrel, its lowest price in almost two months. West Texas Intermediate has been hit even harder, falling back three [...]
Brazil to begin discussions on joining oil cartel Opec January 22, 2020 Brazil is set to begin discussions on joining oil producer cartel Opec, its energy minister announced today. Bento Albuquerque said that talks would begin during a visit to Saudi Arabia, the group’s de facto leader, in July this year. He hastened to add that Brazil would not join the group this year. Brazilian president Jair [...]
Oil prices steady as China-US trade deal optimism offset by slow Chinese economic growth January 18, 2020 Oil prices steadied on Friday as sluggish economic growth in China offset optimism of a trade deal between the US and China. Brent crude oil rose 23 cents to finish Friday’s session on $64.85 a barrel, which was 0.2 per cent down for the week. It comes after China revealed on Friday that its economy, [...]
Tullow Oil books $1.5bn writedown as it cuts outlook for oil prices January 15, 2020 Tullow Oil sounded the alarm on oil prices today, booking a $1.5bn (£1.15bn) writedown on its outlook after lowering its long-term oil price outlook. The energy firm slashed its prediction for oil prices by $10 to $65 a barrel, with underwhelming well exploration and a reduction in Ghanian reserves also contributing to the writedown. “Tullow [...]
Barrelling towards conflict: How the oil market reacted to Iran-US tensions January 14, 2020 For good or ill, oil remains the lifeblood of the global economy. It is essential to industrial production, to how we transport goods (as well as ourselves) around the world, and how we heat our homes and generally go about our everyday lives. Rising oil prices can therefore act as a handbrake on global growth, [...]
Gold and oil prices climb as Iran crisis deepens after attacks January 8, 2020 Gold and oil prices have risen after Iranian missile attacks on Iraqi military bases housing US and UK personnel caused already heightened tensions in the Middle East to flare. The precious metal surged more than two per cent to hit a seven-year high overnight, breaking through the $1,600 barrier for the first time since 2013 [...]