Reuters NEW YORK – Oil prices dropped 5% to a three-week low on Wednesday as surging coronavirus infections in the United States and Europe is leading to renewed lockdowns, fanning fears that the unsteady economic recovery will deteriorate. Brent LCOc1 futures fell $2.07, or 5.0%, to $39.13 a barrel by 10:13 a.m. EDT (1413 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 fell
Fox Business ExxonMobil Chairman and CEO Darren Woods warned that job cuts are coming for employees in the U.S. and Canada as part of an ongoing plan announced earlier this year to “redesign work processes and improve cost competitiveness.” While ExxonMobil is exceeding targeted spending reductions, deferring more than $10 billion in capital and cutting 15% of cash operating expenses, Woods said the coronavirus pandemic has resulted in a “devastating” cut to oil demand by about 20%,
Fox Business Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America. Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage
Reuters LONDON – Oil prices dropped on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors remained cautious ahead of the first U.S. presidential debate. Brent’s November contract LCOc1, which expires on Wednesday, fell 63 cents, or 1.5%, to $41.80 a barrel by 1342 GMT. The more active Brent crude contract for December LCOc2 fell
Energy Now By David Yager September 21, 2020 “The only thing certain about oil is uncertainty.” This earth shattering profundity was shared with me in 1990 by Dr. Subroto, then Secretary-General of OPEC. Every time somebody predicts with great confidence what oil prices, production and demand will do next I’m reminded of his comment. Oil forecasters have been so wrong
Reuters DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday. Compared with May, total exports – including non-oil exports of goods such as chemicals and plastics – grew by 19.1%, or $1.86 billion, the General Authority for Statistics said. Saudi Arabia, the world’s
Reuters LONDON – Oil edged up towards $46 a barrel on Wednesday, close to its highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in U.S. crude inventories. Renewed worries over the COVID-19 pandemic, which has squeezed demand and sent prices to record
CNBC Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. Brent crude was down 47 cents, or 1%, at $44.90 a barrel, having slipped 0.2% in the previous session. U.S. oil was down 43 cents, or 1%, at $42.50 a barrel, after inching
CNBC It’s no secret how hard integrated oil names have been hit this year due to the global economic consequences of the coronavirus pandemic, and Occidental Petroleum has been among the worst hit of all the companies in the space. The stock has lost more than 60% of its value since the beginning of the year, leading Warren Buffett’s Berkshire Hathaway to liquidate its stake in
Reuters TOKYO/LONDON – Oil prices eased on Wednesday on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. Brent crude futures LCOc1 were down 44 cents, or 1%, to $45.02 a barrel at 1230 GMT, but still not far off a
Reuters NEW YORK – Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts. [IEA/M]
Reuters LONDON – World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the
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