US News LONDON – Oil pared losses on Thursday, still heading for a fourth consecutive daily decline, as cooler than expected U.S inflation figures balanced demand concerns prompted by renewed COVID curbs in China. Crude rallied briefly, rising by more than $1 a barrel after the inflation data supported investor hopes that increases to interest rates would be tempered,
CNBC Oil dropped Monday as a flare-up in Covid-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure. Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” Covid-19 outbreak that emerged last week. Mass testing would take place until
Tribune Oil prices fell on Monday due to concerns over fuel demand caused by the spread of Covid-19 variants and as changes to import rules in China offset expectations of tight supplies through the rest of the year. Brent crude futures for September fell $0.35, or 0.4%, to $73.75 a barrel by 1100 GMT while US Texas Intermediate crude was
Reuters LONDON – Oil prices held firm on Monday, trading in a tight range as European economic reopenings offset gloom from surging coronavirus cases in Asia, fresh restrictions and underwhelming Chinese manufacturing data. Brent crude rose 14 cents, or 0.2%, to $68.85 a barrel at 1341 GMT, and West Texas Intermediate (WTI) U.S. crude was up 22 cents, or 0.3%, at $65.59.
Reuters LONDON – Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices. Brent crude futures were up 1 cent at $68.12 a barrel by 0813 GMT and U.S. West Texas Intermediate (WTI) crude eased by 2 cents to $64.69.
Reuters LONDON – Oil prices edged higher on Monday as the U.S. dollar weakened, although concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains. Brent crude was up 32 cents, or 0.5%, at $67.09 a barrel by 1353 GMT, after rising 6% last week. West Texas Intermediate (WTI) U.S. oil was up
Reuters BEIJING – China’s national offshore oil and gas producer CNOOC Ltd reported a 59% plunge in 2020 profit, hitting the lowest since 2017, as the coronavirus pandemic whacked energy prices and hammered fuel consumption. The listed branch of China National Offshore Oil Corp reported a net profit of 24.96 billion yuan ($3.82 billion), down from 61.05 billion yuan in
Reuters LONDON – Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy. Brent crude was down 16 cents, or 0.3%, at $54.94 per barrel at 1445 GMT, and West Texas Intermediate U.S. crude fell 10
Reuters LONDON (Reuters) – Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so. While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery”, the bank contends it is just “the beginning of a much longer structural bull market for commodities”. “Looking at the 2020s, we believe that similar structural forces to
Reuters Energy, Wall Street’s worst performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above
Reuters Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67 per barrel next year. That is
Reuters HOUSTON -Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that
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