LONDON – Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.40, or 6.0%, at $42.39 a barrel as of 1243 GMT. U.S. West Texas Intermediate (WTI) crude…
Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.07, or 5.2%, at $42.07 a barrel, while West Texas Intermediate crude futures gained $2.14, or 5.7%, to settle…
A ship carrying liquefied natural gas from Nigeria is in the middle of the Atlantic Ocean and heading northwest and may drop its cargo in the United States. The ship, Madrid Spirit, does not have a destination listed on vessel tracking data from Refinitiv. Its travel has slowed in the past week or so, suggesting…
Electric cars were once something for hippies and techies. Now, they have become a part of the mainstream auto industry. In fact, many traditional carmakers have even unveiled plans for all-electric vehicles in the coming years. With support from governments around the globe, electric cars are gaining traction with consumers. A new ruling in Germany…
LONDON – Angola has cut the number of oil cargoes that it will ship to Chinese state firms to pay down debt to Beijing as it seeks to renegotiate repayment terms to deal with the crippling impact of the coronavirus, three sources familiar with the matter said. Angola said this week it had asked for…
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns. The U.S. oil and gas rig count,…
Oil India Limited on Thursday said gas is still leaking “uncontrollably” out of its Baghjan well in Assam’s Tinsukia district, more than a week after a major blowout at the spot. The company added that is adopting measures to avert a fire. A major blowout took place on May 27 at the company’s gas-producing well…
Chennai, Indian Oil Group company Chennai Petroleum Corporation Ltd has recorded an inventory write down of Rs 1,456 crore due to the impact of COVID-19 on its operations, the city-based company said on Friday. In a filing to BSE, CPCL said the international prices of crude crashed on account of poor demand in the wake…
India remains a top destination for global investors, said David Lynne, Head of Corporate Bank and Fixed Income & Currencies, Deutsche Bank APAC. While we may be seeing risk-off sentiment in the current environment, you can expect to see interest in the Indian financial markets revive in the coming months. India would be one of…
India’s gasoline and diesel demand is expected to return to pre-lockdown levels in July, an executive at the country’s second largest fuel retailer Bharat Petroleum Corp said on Thursday.”The current demand for petrol and diesel is at 70% of levels seen before the lockdown,” Vijayagopal N, director of finance at BPCL, said in a call…
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