Oil

Oil Prices Edge Lower as US Inventories Rise

Oil prices edged lower on Wednesday as a jump in US crude inventories and surging Covid-19 cases raised fears of an oversupply of oil and weak fuel demand amid rising coronavirus cases in the US and Europe. Brent, the international benchmark for more than half of the world’s crude, slipped …

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Oil Rises 2% on U.S. Gulf Shut Downs, Outlook Weak

Crude settled higher on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains, Trend reports with reference to Reuters. Companies including BP, Chevron, Shell and Equinor ASA evacuated rigs or closed facilities. …

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India will Drive Global Energy Demand

With the pandemic pummelling global demand, India will drive the energy consumption in the world, Prime Minister Narendra Modi said on Monday as he pitched for global oil and gas suppliers to adopt responsible pricing and move towards transparent and flexible markets. Speaking at the 4th India Energy Forum by …

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Oil Falls after Report Points to Surprise Crude Stockpile Gain

Oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential U.S. stimulus agreement. The American Petroleum Institute reported crude inventories climbed by almost 600,000 barrels, according to people familiar with the data. That …

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Oil Market to Rebalance by End-’21

Global oil demand is expected to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, Energy Intelligence has reported, quoting the chief executive officer of Saudi Aramco. Amin Nasser said China would once again be the focus of attention and would account for most of the rebound, …

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