Oil prices fell yesterday after more than 84% of oil output in the Gulf of Mexico was shuttered and almost 3 million barrels per day of refining capacity was closed in anticipation of a category 4 hurricane. Hurricane Laura made landfall in the Gulf of Mexico...
Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
US crude oil for May delivery has turned negative for the first time since trading records began, with oil producers forced to pay buyers to take the product over fears that storage capacity could run out next month. The COVID-19 (coronavirus) pandemic has destroyed oil demand...
Oil prices have fallen to their lowest point for over 20 years as demand continues to decline and global storage facilities approach full capacity while most countries remain in lockdown due to the COVID-19 (coronavirus) pandemic. US crude oil tumbled by almost 20% in early Monday...
Oil is on course for its worst day of trading in 29 years on Monday after Saudi Arabia slashed its official selling prices and made plans to ramp up crude output, in response to Russia’s refusal to back an OPEC-led supply cut extension last week. The...
Oil prices hit three-month lows on Monday as the death toll from China’s coronavirus reached 81, while several major Chinese cities remained in lockdown to contain the spread of the virus. Brent crude dropped by 2.3% to settle at US$59.32 per barrel yesterday and US West...
Oil prices have skyrocketed in Friday morning trading across international markets after the US confirmed it had conducted an airstrike in Baghdad that resulted in the death of Iran’s top military General Qasem Soleimani. International benchmark Brent crude was up more than 3.6% at US$68.65 per...
Oil prices neared their highest levels in three months on Tuesday, buoyed by rising hopes of a breakthrough in the US-China trade impasse along with news of an OPEC agreement for further supply cuts in the new year. Brent crude gained more than 1% to settle...
Oil prices reached their highest level in 2019 yesterday on the prospect of a further contraction in supplies from key oil producing nations, in addition to an OPEC-led supply cut. Brent crude futures rose to US$69.52 per barrel – its highest price since November – before...
Saudi Arabia will trim its crude oil exports to below seven million barrels per day (bpd) in April, revealed a Saudi official on Monday, in a bid to drain a global supply glut and boost oil prices. Oil prices edged higher on Tuesday in response to...