CNBC Oil futures rose 1% Tuesday after a five-day losing streak as OPEC sources said the group and its allies might tighten the market amid fears that the coronavirus, which has claimed over 100 lives in China, could weigh on oil demand. Brent crude, which oscillated between positive and negative territory, gained 59 cents, or 1%, to trade at $59.91
CNBC There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst. Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties. “It is based on
CNBC Oil prices slumped to multi-month lows on Monday, with energy market participants increasingly concerned about demand growth as the coronavirus spreads globally. International benchmark Brent crude traded at $58.99 a barrel Monday afternoon, down nearly 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.70, tumbling over 2.7%. Both crude benchmarks have slipped to lows not seen since early October, as
Houston Chronicle (Bloomberg) — Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply. Futures plunged more than 3% as China reported an increase in fatalities and infections. While the country extended the Lunar New Year holiday to control the outbreak, more cases have
CNBC Oil is on track for its worst week since May as the coronavirus outbreak continues to pressure prices. A slowdown in China’s economy would impact demand because China is the world’s largest crude oil importer, after importing a record 10.12 million barrels per day in 2019, according to data from the General Administration of Customs. China is also the second-largest oil
Reuters LONDON – Oil extended losses on Friday to trade below $61 a barrel, heading for a weekly decline as concern that the coronavirus in China may spread, curbing travel and oil demand, outweighed the impact of cuts to supply. The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate
CNBC Chevron CEO Michael Wirth told CNBC on Thursday that oil prices may not reach $100 for a “long time” thanks to the boom in U.S. shale production. “Oil markets have really changed over the last decade or so,” Wirth said on “Squawk Box” from the World Economic Forum in Davos, Switzerland. “We’ve moved from a period of time where there was a
Reuters NEW YORK – UPDATED– Oil prices fell 3% on Thursday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories. Brent crude LCOc1 futures fell $1.70, or 2.7%, to $61.51 a barrel by 1:03 p.m. EST (1803 GMT). The
Reuters NEW YORK (Reuters) – Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya’s crude output. Brent crude LCOc1 was down $1.39, or 2.2%, at $63.20 a barrel by 11:09 a.m. ET (1609 GMT). West Texas Intermediate CLc1 fell $1.46, or
Houston Chronicle Oil erased most of its loss for the week, as the price gain after the signing of the U.S.-China trade agreement offset signs that supplies remain plentiful. The phase-one deal committed Beijing to $52.4 billion in additional purchases of American energy in the next two years. The easing of trade hostilities, combined with a solid start to
Reuters LONDON/TOKYO – Oil rose on Thursday as the long-awaited Phase 1 trade deal between the United States and China brought some relief to markets, but the gains were capped after the International Energy Agency said it expected oil production to outpace demand. Brent LCOc1 was up 50 cents, or 0.8%, to $64.50 a barrel by 1449 GMT, and West
Houston Chronicle Oil headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated, allaying fears of disruption to Middle East energy supplies. Futures initially soared to an eight-month high above $65 a barrel in New York on Jan. 8 as Washington and Tehran faced-off after the killing of a
