demand recovery

Saudi Aramco Q2 profit soars on higher prices, demand recovery

August 9, 2021

Reuters DUBAI – Saudi Arabian state oil producer Aramco (2222.SE) reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand. Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets. Aramco

Oil rises on lower U.S. stockpiles, demand recovery

June 30, 2021

Reuters NEW YORK – Oil prices rose on Wednesday, heading for monthly and quarterly gains, after data showed U.S. crude stockpiles were shrinking and an OPEC report foresaw an undersupplied market this year. The Brent crude contract for August, due to expire on Wednesday, was up 28 cents, or 0.4% at $75.04 a barrel by 11:22 (1522 GMT.) The September

Marathon Petroleum reports better-than-feared third quarter loss on demand recovery

November 2, 2020

Reuters U.S. refiner Marathon Petroleum Corp MPC.N reported a smaller-than-expected quarterly loss on Monday as fuel sales picked up after coronavirus restrictions eased. Oil refiners around the world have been forced to cut production as the COVID-19 pandemic wrecked the need for travel and though fuel demand rebounded in the quarter, the resurgence in virus infections could lead to renewed lockdowns and

Oil steady as surge in virus cases clouds demand recovery

September 28, 2020

CNBC Oil prices were slightly higher on Monday despite rising coronavirus cases that upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after last week’s slips. Brent crude traded 3 cents higher at $41.95 per barrel, after dropping 2.9% last week. U.S. West Texas Intermediate was at

Barclays sees near-tem oil price correction if demand recovery slows

July 23, 2020

Reuters Barclays Commodities Research said on Thursday oil prices could see a correction in the near-term if a recovery in fuel demand slows further, especially in the United States. While a recent rally has been supported by faster-than-expected rebalancing of supply and demand as countries reopen their economies, producers cut production and the U.S. dollar weakens, “we are not there

Oil falls on renewed US-China tensions, global glut

May 4, 2020

CNBC Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude was down 33 cents, or 1.4%, at $26.06, while West Texas Intermediate crude fell 19 cents, or 1%, to