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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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. Read more

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 Read more

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, Read more

14 Sept 20-Saudi Arabia a major oil producer had recently reduced its official selling price on its Asian crude grades to China on the macro that the world’s second-largest economy has no place to store additional oil supplies, triggering the crude oil bears to breach below the $40 support price level in the case of Read more

14 Sept 20-US and UK futures’ prices were little changed on Friday, but both of the oil futures had been whacked away as much as 6 per cent this week and had reported their second straight weekly percentage decline in a row as crude oil stockpiles are rising all over the globe and gasoline demands Read more

NEW YORK – Oil prices were little changed on Friday, but posted their second straight weekly loss as stockpiles rise around the world and fuel demand struggles to rebound to pre-coronavirus levels. Both Brent and U.S. crude lost about 6% on the week after a series of signals that showed markets still have an abundance Read more

Oil prices fell further on Friday and were on track for a second weekly drop after the US stock markets tumbled and US stockpiles rose unexpectedly.Brent fell 28 cents, or 0.7 per cent, at $30.78 a barrel by 12:10 GMT, and US crude was down 17 cents, or 0.5 per cent, to $37.13 a barrel. Read more

Morgan Stanley expects Brent crude prices to climb to $50 per barrel by the second half of 2021 supported by a weaker dollar and higher inflation, it said in a note on Wednesday. “Unprecedented expansion of monetary aggregates has weakened the U.S. dollar and put upward pressure on inflation expectations,” the bank said.Morgan Stanley also Read more