Tag Archives: International

Oil Prices Rise due to US Oil Wells Freezing

Oil prices jumped on Tuesday due to weather affecting wells and refineries in Texas, the world’s biggest oil producer. Concerns of supply in the world’s biggest oil exporter also edged prices higher due to tensions in the Middle East. Brent crude was up 35 cents, or 0.6%, at $63.65 a …

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Global Hedge Funds Predict Jump in Oil Prices

Their forecast has been based on what they see as the inability of many companies to increase production due to the ongoing economic impacts of the coronavirus disease (COVID-19) pandemic, which would mean a balance in supply and demand, according to Al Arabiya. The funds’ outlook on future trends of …

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Global Oil Consumption Crashed By 9% In 2020

Due to the coronavirus restrictions and lockdowns, global consumption of petroleum and other liquid fuels crashed by 9 percent to 92.2 million barrels per day (bpd) in 2020, the U.S. Energy Information Administration (EIA) said on Friday, nothing this was the largest drop in EIA’s series dating back to 1980. …

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Oil Prices Down on Concerns over COVID-19 Vaccines

Oil prices fell on Monday over reported deaths of some elderly people after getting the COVID-19 vaccine, while the number of coronavirus cases is still surging to negatively affect oil demand recovery expectations. International benchmark Brent crude was trading at $54.84 per barrel at 0646 GMT for a 0.47% fall …

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