Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude output next year. The OPEC+ producer group, for now, is due to raise output by 2 million barrels per day
Reuters LONDON – Oil prices jumped more than 4% on Monday, recouping the previous session’s losses after Moderna Inc MRNA.O said its experimental vaccine was 94.5% effective in preventing COVID-19. Brent crude futures for January were up $1.79, or 4.2%, to $44.57 a barrel by 1420 GMT, while U.S. West Texas Intermediate crude for December was up $1.84, or 4.6%, at
Reuters LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance. But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.
Reuters NEW YORK – Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand. Hopes for a vaccine kept crude futures on track for a second straight weekly gain. Brent crude was down 73 cents, or 1.7%, at $42.80 a
CNBC It may be quite a while before an effective coronavirus vaccine is globally distributed, but forward-looking global equity markets are already partying like it’s here. The total value of stock markets around the world reached an all-time high of $95 trillion through Wednesday, bouncing all the way back from its March bottom in the depth of the coronavirus pandemic,
Reuters LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day(bpd) next year to 96.26 million bpd, the Organization of thePetroleum Exporting Countries said in a
Reuters LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries. In the United States, commercial jet fuel production over the four weeks to Oct. 30 averaged just 0.7 million bpd compared with compared with 1.6 million bpd a year
Reuters (John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears of a double-dip recession hitting oil consumption. Hedge funds and other money managers sold the equivalent of 53 million barrels in the six
Reuters U.S. oil majors Chevron Corp CVX.N and Exxon Mobil Corp XOM.N cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit. Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year. In common with others in
Fox Business Stocks extended losses on Wednesday as COVID-19 lockdown fears gripped investors across the globe. Oil slipped nearly 6% to the $37 per barrel level. The Dow Jones Industrial Average dropped over 900 points or 3%, before bouncing off that low, while the Nasdaq Composite and S&P 500 declined more than 3%. Both the S&P 500 and Nasdaq are now negative for the
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%,
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