Friday, February 7, 2025
Pandemic hastens threat of closure for struggling oil refineries- oil and gas 360

Pandemic hastens threat of closure for struggling oil refineries

Reuters LONDON/NEW YORK  – The collapse in oil demand from the COVID-19 pandemic is hastening the reckoning for those refiners already struggling as new capacity overtakes demand, posing an existential threat to many, particularly Europe’s ageing plants. Even before the pandemic struck, which at its height destroyed over 20% of global oil demand, analysts expected global refining capacity would have

Oil prices rise on drop in U.S. unemployment, crude stockpiles- oil and gas 360

Oil prices rise on drop in U.S. unemployment, crude stockpiles

CNBC Oil prices rose on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million in June, the Labor Department reported on Thursday, beating expectations. Brent crude futures