Reuters LONDON – Oil prices were steady on Monday as support from U.S. stimulus plans and jitters about supplies competed with worries about the impact on demand from renewed coronavirus lockdowns. Brent crude futures for March fell 8 cents, or 0.1%, to $55.33 a barrel by 1336 GMT. U.S. West Texas Intermediate crude for March was down 7 cents, or
Reuters LONDON – Oil prices extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, though gains were capped by concerns over surging coronavirus cases around the world. Brent crude futures rose $1.13, or 2.9%, to $40.10 a barrel at 1437 GMT on Tuesday, while U.S. West Texas Intermediate (WTI) crude futures
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 LONDON – Oil prices fell on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand while concerns remain over potential turbulence resulting from this week’s U.S. presidential election. Brent crude LCOc1 was down 13 cents, or 0.3%, at $37.81 a barrel by 1443 GMT. U.S. West Texas Intermediate CLc1 fell 16 cents, or 0.4%, to $35.63. Both contracts fell
Reuters NEW YORK – Oil prices slipped over 2% on Thursday as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent futures LCOc1 fell $1.00, or 2.3%, to $42.32 a barrel by 11:13 a.m. EDT (1513 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.04, or 2.5%,
Reuters LONDON – Oil prices are no longer particularly cheap by historical standards. Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period. But over a longer time horizon, current prices are not especially cheap, and are only a little below long-run
Reuters LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand would decline by 6.4 million barrels per day (bpd) in
CNBC Bank of America announced Tuesday that it will commit $1 billion over four years to help local communities grapple with the widened economic and racial inequality caused by the Covid-19 outbreak. The bank said in a press release that the program will focus on “assisting people and communities of color that have experienced a greater impact from the health
Reuters LONDON – Consumption of diesel and other middle distillate fuels is likely to be depressed for many months, as stay-at-home orders are lifted but the lingering effects of the epidemic and lockdowns reduce business activity. Lockdowns are easing in most of the major economies, permitting factories to resume operations; now the problem is the lack of household and business
Reuters LONDON – Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude LCOc1 rose 78 cents, or 4%, to $20.77 a barrel at 1338 GMT, following a 6.8% slide on Monday.
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