Reuters LONDON – Oil steadied on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was balanced by weak demand and the prospect of higher OPEC+ output. After U.S. President Donald Trump backed down from a threat to block the $2.3 trillion package, Democrats on Monday
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
CNBC U.S. import prices rebounded less than expected in November as an increase in the cost of petroleum products was offset by cheaper food and motor vehicles, supporting views that inflation could remain moderate amid a resurgence in new Covid-19 infections and rising unemployment. The Labor Department said on Tuesday import prices edged up 0.1% last month after dipping 0.1%
Reuters LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market. Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 million bpd, the Organization of the
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 NEW YORK -Oil prices edged lower on Tuesday, extending the previous session’s losses after the U.S. state of California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe. Brent crude fell 3 cents to $48.76 a barrel by 10:34 a.. EST (1534 GMT), while U.S. West Texas Intermediate (WTI) crude futures lost
Reuters NEW YORK – U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home. Since March, the coronavirus pandemic has crushed fuel demand in the United States because of lockdown orders to stay indoors to
Reuters OPEC+ members’ decision to slowly ramp up production from next month will be balanced by increased demand as a result of the expected roll-out of coronavirus vaccines, Goldman Sachs said in a note dated Thursday. The Organization of Petroleum Exporting Countries and Russia agreed on Thursday to ease oil output cuts by 500,000 barrels per day (bpd) to 7.2
Reuters Barclays kept its “above consensus” 2021 oil price forecasts on Monday, predicting Brent at $53 a barrel based on output discipline by OPEC and its allies, and based on a potential COVID-19 vaccine boosting demand in the second half. Potential rollouts of high-efficacy vaccines in the short term would be a turning point for demand as it could lead
Reuters LONDON – Oil prices rose on Monday, extending last week’s gains as traders anticipated coronavirus vaccine trials would spur a recovery in demand. Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, would extend a deal to restrain output. Brent crude rose 58 cents
Nov 20 (Reuters) – Shale producer Pioneer Natural Resources Co said on Friday it would reinstate full salaries of its chief executive officer and other executives in 2021, after cutting them earlier this year as the COVID-19 pandemic crushed oil prices. Pioneer had cut CEO Scott Sheffield’s annual base salary by 20% in May, a month after U.S. oil prices
CNBC S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector. The ratings agency currently has a “negative” outlook for about one third of global banks, with many downward revisions taken in light of the Covid-19 crisis and the oil price shock experienced
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