Oil prices drop on the back of slow US job growth March 9, 2019 Oil prices fell by around 1 per cent on Friday on the back of news that US job growth was a lot slower than expected, reigniting concerns that the economy was slowing and that there was a lack of demand for oil. An increase in US oil supply also unsettled the market as Brent crude [...]
Brazil overtakes Russia as biggest exporter to small Chinese refineries as trade war slashes US imports March 5, 2019 Brazil overtook Russia as the biggest supplier of crude oil to China’s independent refineries last month, as the trade war with the US transformed global oil supply lines. Crude shipments from the South American country hit 2.17 million tonnes in February, overtaking Russia, however they were down 5.4 per cent from January, data from S&P [...]
Oil prices end the week down on global demand worries March 2, 2019 Oil prices ended Friday 2 per cent down, finishing the week around 3 per cent lower on concerns over global demand following weak US manufacturing data that overshadowed supply cuts and sanctions on Venezuela and Iran. After a promising start to the session to over a three-month high, crude fell sharply on demand worries, while [...]
Oil prices hit three-month high as Brent oil chases best first quarter in eight years February 18, 2019 A rise in global oil prices has petered out after briefly reaching a three-month high this morning. International standard Brent crude reached prices of $66.79 per barrel at around 8.30am, but has since given back some gains. Read more: Oil prices end the week more than five per cent up and end on a 2019 high [...]
Oil prices end the week more than five per cent up and end on a 2019 high February 16, 2019 Oil prices reached their highest this year after rising more than 2 per cent on Friday in the wake of an increase in expectations on the tightening supply caused by an outage at Saudi Arabia's offshore oilfield. The progress made between the US and China in talks over their trade war also strengthened the position. Brent [...]
Options are running out for the man who destroyed Venezuela February 14, 2019 It takes some front for a man who has presided over a double-digit recession for three successive years to claim that his country is being destabilised by a “gang of extremists” rather than his own inept economic performance. But that is exactly what Venezuela’s embattled President Nicolas Maduro did this week, when he stated that the [...]
US considers 60-day extension to looming China tariff deadline February 14, 2019 US President Donald Trump is mulling a 60- day extension of the 1 March deadline for higher tariffs on Chinese imports, according to reports. Trump is considering an extension to the 1 March deadline for more than doubling tariffs on $200bn (£156bn) of Chinese exports in order to give the two sides more time to come to [...]
Tullow Oil promises dividend as it records first profit in five years February 13, 2019 Tullow Oil reported its first net profit in five years today, as its West Africa business boosted both its top and bottom lines in 2018. The figures Revenue climbed seven per cent year on year to $1.85bn (£1.4bn) for last year Tullow revealed today, as it recorded post-tax profit of $85m – up from a $175m [...]
Equinor falls short of expectations as production set to remain flat in 2019 February 6, 2019 Norwegian state oil producer Equinor slipped up on falling oil prices, as earnings failed to live up to expectations in the fourth quarter. Earnings hit $1.5bn (£1.2bn) after tax in the quarter, up from $1.3bn in the same period last year. Read more: BP more than doubles profit in bumper 2018 Meanwhile, adjusted earnings rose [...]
Opec exports to US fall to a five-year low as cartel cuts its output February 6, 2019 US oil imports from Opec countries have dropped to five-year lows as the oil producing cartel cuts output, while US domestic production grows. Opec’s sales to the world’s biggest economy fell 22 per cent month-on-month and 37 per cent year on year, to 1.4m barrels per day, data from energy intelligence company Kpler shows. Read [...]