(Reuters) – Oil prices fell $1 on Monday as concerns about fuel demand caused by the spread of COVID-19 variantsas well aschanges to import rules in China offset expectations of tight supplies through the rest of the year. Brent crude futures for September fell 97 cents, or 1.3%, to $73.13 a barrel by 0850 GMT… Read More
Tag: oil market
Oil prices take biggest one-day hit since March after OPEC+ agreed to boost output
(Reuters) – Oil slumped more than $5 a barrel on Monday, headed for its worst day since March, after OPEC+ agreed to boost output, stoking fears of a surplus as rising COVID-19 infections in many countries threaten demand. Crude oil’s year-long surge has been sputtering for most of the last two weeks with the prospect… Read More
Oil prices slip as new poll shows COVID-19 cases rising in 69 countries
(Reuters) – Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude for September fell 73 cents, or 1%, to $74.82 a barrel by 0900 GMT while U.S. West Texas Intermediate crude for August… Read More
VLCC fixtures shrouded in secrecy in ailing tanker market
(S&P Global Platts) A mostly transparent VLCC market is witnessing an increase in deals being concluded privately as a dismal freight market is offering charterers the luxury to quietly pick and choose their preferred owners as well as keep fixtures under wraps. The weakness permeating the current supertanker market is such that for every VLCC-sized… Read More
WoodMac Analysis: How high can the oil price go in 2021?
By Simon Flowers – Chairman, Chief Analyst & author of The Edge at Wood Mackenzie Commodities are on a bull run, playing the triple themes of a recovering global economy, a weakening dollar and the possibility of an emerging supercycle. Oil’s joined in the rally with Brent trading back above US$70/bbl, up 40% this year. But… Read More
Brent oil hits two-year high
(Reuters) Oil prices continued to rally on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. Brent crude futures were up 32 cents, or 0.3%, at $72.42 a barrel at 0911… Read More
Big oil not yet out for the count, says Platts in new analysis
(S&P Global Platts) Global oil and gas producers, facing a pummeling from environmental activists and shareholders, can rely at least for a while on persistent oil demand and a need for their expertize and scale, even as pressure increases for them to diversify. Recent days have seen an upsurge in pressure on the global oil… Read More
Oil hits two-month high of $70
(Reuters) Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in… Read More
Oil climbs on solid demand outlook
(Reuters) Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57 a barrel at 0646 GMT, adding to a 36-cent rise on Tuesday…. Read More
Low Indian demand offsets oil’s recovery
(Bloomberg) Oil prices dipped as traders weighed weaker fuel demand in India against optimism over the global economic recovery from the coronavirus pandemic. Brent crude fell 0.6% to about $66.50 a barrel in Asian trading. Sales of gasoline in India were the lowest in April since August, while average daily diesel sales were the lowest since October,… Read More