Oil prices tumble as coronavirus recession looms March 27, 2020 Oil prices have tumbled as coronavirus containment measures dent demand and the virus spreads rapidly in the US, the world’s biggest economy. Brent crude was down four per cent this afternoon at $27.50 per barrel. US crude was five per cent lower at $21.47 per barrel. Prices were on track for their fifth weekly drop [...]
International Energy Agency chief warns oil demand could sink 20 per cent March 26, 2020 Global demand for oil could fall by 20 per cent as 3 billion people around the world live in lockdown. Head of the International Energy Agency Fatih Birol, who made this prediction, also called on Saudi Arabia to rectify the situation. Brent crude, currently at $26 a barrel, has been driven to record lows because [...]
Weir axes dividends, slashes US jobs and cuts costs as coronavirus crisis hits firm March 26, 2020 Energy services and engineering firm Weir has scrapped its dividend as a result of coronavirus uncertainty. The FTSE 250 listed, Glasgow-based company, becomes the latest in a list of firms to do this as they try to cut costs. Although it reported a return to normality with its Chinese operations, the company’s main area of [...]
Storage space issues could force oil prices down to $10 March 25, 2020 Oil prices could hit $10 per barrel as storage facilities across the world run out of space amid a coronavirus-inspired price war, it is reported. Worldwide oil storage has reached three quarters of capacity, it was reported today, after Saudi Arabia flooded the market with cheap oil to hurt its rival, Russia. Canada, a key [...]
Oil prices knock UK inflation rate down to 1.7 per cent in February March 25, 2020 UK inflation slipped 0.1 per cent in February to 1.7 per cent, the Office for National Statistics (ONS) revealed today, as oil prices sank. Falling oil prices helped push the Consumer Prices Index (CPI) UK inflation rate down from 1.8 per cent in January, amid the ongoing coronavirus travel restrictions. Read more: Oil prices stage [...]
Oil prices stage brief rise thanks to Fed coronavirus action March 24, 2020 Oil prices rallied today after a torrid day yesterday. Brent crude was up to almost $28 a barrel and WTI crude futures is at $23, a four per cent rise on yesterday. This has been attributed to pledge from the Federal Banking Reserve to dramatically increase support for US business, although the US Senate could [...]
Oil prices wallow near 20-year lows amid coronavirus price war March 23, 2020 Oil prices came close to hitting 20-year lows today, as Brent crude and West Texas Intermediate (WTI) dropped under the growing coronavirus economic panic. Brent crude fell as low as $25 a barrel before falling 2.2 per cent down at $26.40. That is still a level not seen since 2003. WTI, a US oil benchmark, [...]
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 [...]
Morrisons cuts fuel prices as oil prices dip lower March 23, 2020 Supermarket Morrisons has announced a reduction in forecourt fuel prices. Effective from today, unleaded and diesel will be reduced by 12 and 8p a litre respectively. Morrisons said this will save the average customer £6 on unleaded and £4 on diesel. Although prices vary locally, Morrisons currently charges 116p a litre for unleaded and 118.5p [...]
FTSE 100 climbs as global markets rally on unprecedented stimulus measures March 20, 2020 The FTSE 100 has climbed back into the green as investors eyed a fresh wave of government support for companies coming under financial strain due to the coronavirus pandemic. The blue chip index added over five per cent just after the open but then pared back gains to stand at just over one per cent [...]