Oil Price Oil prices have been highly volatile over the past week, with Brent trading across a $6.75 per barrel (bbl) range to hit a seven-month low of $75.05/bbl intra-day on 5 August thanks to bearish news coming from the world’s largest economy. The latest U.S. jobs report revealed that the economy added 114,000 jobs in July, way lower than the Wall Street
Yahoo Finance (Bloomberg) — Oil advanced from a four-month low as traders tried to establish a price floor after several days of declines. West Texas Intermediate rose after five straight days of losses, hovering near $74 per barrel. The market had entered oversold territory as a result of OPEC+’s plan to boost supply in October. Prices edged lower earlier in
Nasdaq Dec 29 (Reuters) – International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support. The analysts questioned whether the Organization of the Petroleum Exporting Countries and allies (OPEC+) would be able to sustain supply cuts to support
Oil Price The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to overrun the markets, with bearish positioning in the oil futures markets recently sinking to the extremes they last did during the 2009
CNBC Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output. Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 00:20 GMT. The U.S. West Texas Intermediate crude eased 25 cents, or 0.4%, to $71.90 a
Reuters LONDON – Hedge funds sold petroleum for the second week running as crude prices topped $65 a barrel, the highest level since before the COVID-19 pandemic. The equivalent of 11 million barrels in petroleum futures and options were sold by hedge funds and other money managers in the week ending March 2, according to records published by regulators and
Reuters NEW YORK – Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand. December Brent crude futures were down $1.66, or 4.2%, at $37.45 by 12:34 EST (1634 GMT), after earlier dropping as far as $36.64, the
RarePetro Oil & Gas 360 Publishers Note: This is an outstanding piece from Kevin about world oil costs and what the countries need to make in order to keep up with their social programs. We have been covering this topic, and Kevin has articulated the points very well. Many countries base their social and military spending almost solely on revenue
Reuters LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher. But he cannot talk up the underlying physical market that shows the full extent of the demand destruction following the coronavirus outbreak. The Brent crude oil benchmark, used to price more than half the world’s
Reuters LONDON – Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, the international benchmark for oil prices, was down $1.98, or 7.9%, at $22.95 by 1337 GMT,
Houston Chronicle Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic. Schlumberger CEO Olivier Le Peuch reported the budget cuts during a Tuesday morning fireside chat at the Scotia Howard Weil Energy Conference in
Reuters NEW YORK – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products more affected by coronavirus fallout. Refining margins for gasoline and jet fuel have tanked because of decreased demand for transportation
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