Oil jumps 2%, posts seventh positive week in eight on supply cut optimism

Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and monetary support for the U.S.…

Middle East crude benchmarks provide lessons on valuing oil in volatile markets

The crude oil market has witnessed some of the highest volatility in living memory in recent months, casting a spotlight on the evolving role of global crude benchmarks. In the Middle East and key consuming regions such as Asia, it follows that the market is keen to understand what the tradable value of Middle Eastern…

China’s new marine fuel contract to attract strong industry, investor interest

SHANGHAI/SINGAPORE: China’s marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity…

Russian negotiator says no need to extend oil cuts beyond July -report

MOSCOW: The head of Russia’s sovereign wealth fund Kirill Dmitriev sees no point in extending strict global oil output cuts as world economies and oil demand recovers from the depths of the coronavirus crisis, he told the RBC Daily newspaper. The comments from Dmitriev, who is one of Moscow’s top negotiators in oil talks, indicate…

India to resume spot LPG imports in Sep after backlog clears

India is expected to resume spot imports of LPG in September after clearing the current inventory backlog, as rising LPG production after state-owned refiners ramp up operating rates, and languishing demand from the commercial sector during the lockdown added on to domestic supply, market sources said in the week of June 15. “The LPG market…