Prices for the likes of oil, nickel, gold and palladium rocketed upwards during wild trading yesterday as the markets grappled with the consequences of Russia’s continued invasion of Ukraine. Brent crude oil spiked by 17.8% to US$139.13 a barrel after the United States and European allies...
A range of commodities including oil, gold, nickel, palladium, platinum and aluminium have seen sharp price rises today following Vladimir Putin’s order of a full-scale Russian invasion in Ukraine. Brent crude jumped 6.6% to an eight-year high of US$103.21 a barrel following Putin’s announcement of a...
BP today revealed an annual profit return of almost US$13 billion for 2021, but faces continuing calls from UK politicians for a windfall tax on fossil fuel producers as consumer energy bills are set to rise by an average 54% in April. The oil giant said...
Goldman Sachs global head of commodities research Jeff Currie has revealed that the investment bank holds an ‘extremely bullish’ stance for the commodities market in 2022 and for the rest of the decade. The institution is doubling down on its commodities supercycle call which it made...
Saudi Aramco has reported a 44.4% drop in net profit for the 2020 financial year, as the COVID-19 pandemic took a chunk out of global fuel demand and prices fell accordingly. The state-run Saudi Arabian oil giant made US$49 billion in net income last year -...
Oil prices have risen to the highest levels in nearly 14 months after OPEC and Russia decided against further reducing production cuts planned for April. Brent crude increased by more than 5% to US$67.86 a barrel following the announcement after OPEC and its key oil producing...
The oil price has breached the US$60 mark for the first time since before the COVID-19 crisis hit, with hedge funds becoming more bullish on the future price due to limited opportunities to ramp up production. The price of global benchmark Brent crude futures rose to...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
Iran’s oil minister Bijan Zanganeh has today confirmed that OPEC ministers have agreed an extra 1.5 million barrel per day (bpd) cut in oil production, according to a Reuters report. Ministers of the 14-member oil cartel met in Vienna to discuss the prospect of further supply...
Oil prices fell by 4% on Monday following news of coronavirus outbreaks in several countries outside of China, while investors flocking to gold pushed prices for the safe haven metal up to eight-year highs. Global trading markets were ravaged yesterday after reports of fresh infections and...