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
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 NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is in sight. Reality struck back on Monday, however, with a selloff driven by the surge in cases in the United
Reuters WASHINGTON – U.S. producer prices barely rose in November, supporting views that inflation would remain benign in the near term as a flare-up in new COVID-19 infections restrains the labor market and demand for services. While other data on Friday showed a surprise improvement in consumer sentiment early in December, that largely reflected increased optimism among Democrats and Independents
Reuters OSLO – The International Energy Agency (IEA) has nudged up its global gas demand forecast for this year, but still sees the biggest fall on record due to the impact of the COVID-19 pandemic. The Paris-based agency said on Monday it now expected gas demand to drop by 3% year-on-year, or 120 billion cubic metres (bcm), to 3,886 bcm.
EIA In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the same time last year. The slow recovery has contributed to low gasoline and diesel crack spreads and high petroleum product stocks in three major
Reuters LONDON – Royal Dutch Shell RDSa.L and BP BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their plans to shift to low-carbon energy. Exxon Mobil, the largest U.S. oil company, which is set to report its third straight quarterly loss
Reuters LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains. However, the risk of a major double hit has lessened. Storm Laura has developed into a hurricane but storm Marco has
Reuters LONDON/BENGALURU- Gold’s record rally is moving tantalisingly close to the psychologically key $2,000 level, powered by investors seeking cover from COVID-19’s global economic toll, as reflected in dollar weakness, faltering stocks and U.S.-China trade tensions. Spot gold prices XAU= have surged 53% in the last 14 months, blowing past 2011’s record high of $1,920.30 an ounce to an all-time
Reuters LONDON – Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further
Reuters LONDON – The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline. “While the oil market
