Tag Archives: Business Live

Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years. Brent crude futures slipped 27c to $76.44 a barrel by 4.11am GMT. US West Texas …

Oil prices were stable on Wednesday as the market weighed gloomy economic prospects against expectations of US crude inventory declines and plans by OPEC+ producers to reduce output. Brent crude futures fell 22c, or 0.26%, to $84.72 a barrel by 10.53 an GMT. West Texas Intermediate was down 20c, or …

Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as Covid-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand. Brent crude futures fell $1.35, or 1.5%, to …

Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the US, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China Covid-19 curbs and central bank interest rate hikes. A slightly weaker US dollar also shored up the …

Oil prices climbed on Wednesday after industry data showed US crude and product inventories fell more sharply than expected last week, reinforcing the expectation that demand will outstrip supply growth even amid a surge in Covid-19 cases. US West Texas Intermediate (WTI) crude futures rose 43c, or 0.6%, to $72.08 …

Oil prices fell more than $1 a barrel on Monday after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as Covid-19 infections continue to rise in many countries. Brent crude was down $1.08, or 1.5%, at $72.51 a …

OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartel’s control of the crude market. An unusually public dispute that tested the group’s unity was resolved in a classic compromise — with Saudi Arabia meeting the …

Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ after disagreement within the group that could lead to major producers pumping up volumes to grab market share. Brent crude was down by 40c, or 0.5%, at $75.77 …

Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, though prices were contained by renewed lockdowns in several countries. Sentiment was also bolstered by hopes that OPEC, Russia and other producers, a group known as OPEC+, will keep crude …

BP is probably the first oil major that has made concrete plans for the end of oil — or at least the shrinking of its role. The company announced a big strategic pivot in August that would see it turn from an “integrated oil company” to an “integrated energy company”. …