Oil

For Africa’s biggest oil-producing country, the idea of looking for oil miles into the sea may be off the table this year, thanks to a wave of bankruptcies facing the global offshore industry. The global offshore industry is currently struggling as some of the biggest offshore drillers struggle with low …

Russian Energy Minister Alexander Novak on Wednesday said that Moscow would propose to OPEC+ group to react to the recovery in global oil demand, as part of their agreement to cut production in order to support prices, Reuters reported. Global oil demand has recovered by as much as 90% of …

Oil advanced as expectations for shrinking American crude and gasoline stockpiles added to signals that a demand recovery may be on the horizon in the U.S. and China. Futures edged 0.4% higher in New York on Tuesday, tracking a move higher in U.S. equities to fresh records. U.S. manufacturing expanded …

Oil prices gained on Tuesday, reversing overnight losses, as investors moved into risk assets and stayed away from the safe-haven U.S. dollar which hit multi-year lows. Brent crude LCOc1 futures climbed 47 cents, or 1%, to $45.75 a barrel at 0635 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures …

Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November LCOc1 climbed 28 cents, or 0.6%, to $46.09 …

Oil prices rose today, Wednesday, to more than 2%, after a drop in US oil and gasoline inventories last week. Data from the American Petroleum Institute showed that stocks of both crude oil and gasoline in the United States recorded a larger-than-expected drop last week, while distillate stocks rose. Crude …

Fearing slow oil demand recovery, the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, during a meeting on August 19, pushed major oil producing countries pumping above output targets to cut more in August-September. During the 21st Meeting of the Joint Ministerial Monitoring Committee …

Oil declined from a five-month high in New York with the U.S. Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus. Futures fell 1% toward $42 a barrel amid a broader rout in equities after minutes from the Fed said the …

Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, …

OPEC has managed to raise crude prices and stabilise the oil market, OPEC member Iran’s oil minister was quoted on Monday as saying by his ministry’s website SHANA, reports Reuters. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and …