CNBC Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in. U.S. West Texas Intermediate crude gained 5%, or $1.18, to trade at $24.73 per barrel, while
CNBC Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world, but several energy analysts argue it’s too soon to get carried away. The commodity that saw one futures contract go negative for the first time ever last month, over the worst demand destruction in its history,
Reuters HOUSTON – Occidental Petroleum Corp (OXY.N) said on Wednesday it was looking to raise new cash or swap debt for stock, a day after it posted a large first-quarter loss, sending its stock down 7%. Shares fell to $14.23 after the company laid out in a securities filing the potential for new asset impairments and an ownership change
CNBC Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April
Reuters Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude LCOc1 prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate
Reuters NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was also a business concern.
Reuters NEW YORK – U.S. oil prices were 4% higher while the front month Brent crude futures rose above $26 per barrel on Friday, with both benchmarks on track for their first weekly gain in four weeks as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis. The global oil
CNBC Chevron shares dropped on Friday after the company warned that results will remain depressed as long as oil prices stay low, and said it was further cutting its 2020 capital spending plan. For the first quarter, Chevron reported earnings per share of $1.93, which included $680 million in one-time favorable items, and $31.5 billion in revenue, helped by downstream margins
CNBC Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy. The E&P industry, which includes oil majors, made $2.47 trillion in revenues globally last year, the firm says. But this year it’s projected to bring in $1.47 trillion, reflecting a
CNBC Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis. The board at Shell said it had decided to reduce the oil major’s first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019. That’s a reduction of
CNBC The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II. With roughly 4.2 billion people around the world subject to some form of lockdown in an effort to slow the spread of the coronavirus, the IEA is forecasting a 6% decline
Reuters Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude LCOc1 futures were up 11.88%, or $2.43, at $22.89 a barrel by 1340 GMT. The more active July
