Oil

Oil prices hit a four-month high on Thursday, pushed higher by supply restrictions and a global rebound in demand. However, the accelerating spread of the coronavirus across the United States represents a major red flag, threatening another downturn. Experts had long warned that a second wave might be possible, but …

OPEC slashed oil production to the lowest level since the Persian Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia delivered the extra curbs promised in June, and the laggards, though still trailing in …

OPEC+ is not discussing or planning changes to its production cut agreement, which should see the oil producers ease the cuts in August, Russia’s Energy Minister Alexander Novak said at an online conference on Thursday. OPEC+, led by Russia and OPEC’s top producer Saudi Arabia, agreed in June to extend …

Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.3%, to …

Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world. Brent crude LCOc1 was up $1.19, or 2.9%, to $42.46 a barrel at 0900 …

China and Russian will begin to transport crude oil via a bilateral freight train service from July, an executive of JSC Russian Railways said at an industry seminar on the future of railway freight train service between China and the Europe on Tuesday. The new form of energy transport is …

Iraq is reassessing contracts to pump crude at fields where production costs are high as it tries to contain expenses while curbing output, the oil minister said, according to a report on Sunday in Al-Sabah newspaper. OPEC’s second-biggest producer has an interest in cooperating with other global suppliers in reducing …

The Foreign Ministry of Libya’s UN-backed government on Saturday said that there are “mercenaries” allied with the rival eastern-based army shutting down oil exports inside oilfields and ports. “The Foreign Ministry followed up reports and information confirming presence of foreign mercenaries of the Russian Wagner, Janjaweed, and other mercenaries inside …

A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases. Signs of weakening demand from the world’s largest oil consumer are now starting to weigh on export prices for American crude, according to industry participants. …

Oil prices dipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on fuel demand recovery. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.6%, to $37.79 …