Category Archives: CRUDE OIL NEWS

Oil Rallies Despite Bearish Demand Forecasts

Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP’s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred…

Oil flat as Libya developments counter OPEC+ boost

NEW YORK – Oil prices were unchanged on Friday, weighed after a Libyan commander said a blockade on the country’s oil exports would be lifted for a month, while supportive signals from an OPEC+ meeting lifted futures. Both the U.S. and Brent crude benchmarks posted weekly gains after Saudi Arabia pressed allies to stick to…

Middle East crude benchmarks Oman and Dubai were mixed on Thursday

SINGAPORE- Middle East crude benchmarks Oman and Dubai were mixed on Thursday after rising for two sessions, as traders awaited the outcome of an OPEC+ producers meeting to discuss compliance with their agreed output cuts and demand trends later in the day. An OPEC+ technical panel warned that a rise in coronavirus cases in some…

Oil eases as US production returns after storm

TOKYO: Oil prices drifted lower on Friday, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows. Brent crude was down 6 cents at $43.24 a barrel by 0112 GMT, while US oil futures dropped 6 cents to…

Crude oil futures rise on spot demand

New Delhi: Crude oil prices on Wednesday rose by Rs 44 to Rs 2,872 per barrel as participants widened their positions on firm spot demand.On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 44, or 1.56 per cent, at Rs 2,872 per barrel in 4,307 lots. Analysts said raising…

Oil jumps as hurricane hits US output while crude stocks decline

Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed US offshore oil and gas production and an industry report showed US crude inventories decreased. More than a quarter of US offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude…

Oil inches lower as bleaker demand outlook weighs

16 Sept 2020-TOKYO: Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1 per cent, at $39.58 a barrel by 0102…

Oil price inches lower as bleaker demand outlook weighs

16 Sept 2020-of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1%, at $39.58 a barrel by 0102 GMT, reversing earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel. Both contracts ended slightly lower the previous day.…

Oil Prices Fall As Libya Reopens Ports

15 Sept 20-Libyan strongman General Khalifa Haftar has pledged to reopen the country’s oil ports this weekend, the U.S. embassy in the North African country said in a statement on Saturday. “The Ambassador underscored U.S. confidence in the NOC and support for a financial model that would constitute a credible guarantee that oil and gas…

Oil mixed as storm threatens US gulf production

15 Sept 2020-Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents,…