Trends - Crude Oil - Business Recorder

Markets

Saudi Arabia slashes oil prices as demand weakens

The move was initiated by industry giant Saudi Arabia which is cutting prices for October shipments in an effort to support market demand for both its Asian and American customers.

Published 09 Sep, 2020 11:11am

Business & Finance

Reversing course ahead of election, Trump extends drilling ban off Florida

The executive order, which would also expand the ban to Florida’s Atlantic coast and to the coasts of Georgia and South Carolina, was met with an unusual mix of disappointment from a drilling industry group and skepticism by environmentalists.

Published 09 Sep, 2020 10:52am

Markets

Oil falls further amid growing alarm over coronavirus second wave

Brent crude was down 16 cents, or 0.4%, at $39.62 a barrel by 0241 GMT after declining more than 5% on Tuesday.
U.S. crude was down 24 cents, or 0.7%, at $36.52 a barrel, having fallen nearly 8% in the previous session.

Published 09 Sep, 2020 10:13am

Markets

US natgas futures slip 2pc with drop in crude prices, rising output

Front-month gas futures fell 6.1 cents to $2.527 per million British thermal units.
Data provider Refinitiv said output in the Lower 48 US states was on track to rise to 88.0 billion cubic feet per day (bcfd) in September.

Published 08 Sep, 2020 07:36pm

Markets

Oil slides 5pc to lowest since June on demand fears

Coronavirus cases rise in US, India, Britain.
Brent crude falls to lowest since June 25.
OPEC+ panel meets on Sept. 17 to review market, supply pact.

Published 08 Sep, 2020 07:29pm

Markets

Russia to build up half-finished oil wells to regain market share

Russia plans to build 2,700 unfinished oil wells.
Novak hasn't said if the unfinished wells project is approved.
Oil demand is down due to the coronavirus pandemic.

Published 08 Sep, 2020 05:42pm

Markets

Oil slides over 3pc to lowest since June on demand fears

Coronavirus cases rise in US, India, Britain.
Brent crude falls to lowest since June 291.
OPEC+ panel meets on Sept. 17 to review market, supply pact.

Published 08 Sep, 2020 05:18pm

Markets

Oil prices fall as fuel demand concerns grow after end of U.S. summer driving season

U.S. West Texas Intermediate (WTI) crude futures fell 76 cents, or 1.9%, to $39.01 per barrel at 0433 GMT, playing catch-up with a drop in Brent prices overnight.

Published 08 Sep, 2020 10:24am

Markets

Oil falls after Saudi cuts prices, China slows imports

Saudi Arabia cuts crude prices to Asia.
Brent, WTI touch lowest since July.
China's crude imports fell in August.

Published 07 Sep, 2020 06:45pm

Business & Finance

Oil drops more than $1 after Saudi price cuts, demand optimism fades

Brent crude was at $41.75 a barrel, down 91 cents or 2.1% by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30.

Published 07 Sep, 2020 10:40am

Markets

Oil falls 3pc, heads for weekly drop on demand concerns

Brent, WTI on track for biggest weekly drop since June.
US job growth slows in August, unemployment rate falls to 8.4%.
Russia's Novak says 2020 demand could fall by up to 10 mln bpd.

Published 04 Sep, 2020 09:16pm

Markets

Oil holds above $44, heads for weekly drop on demand concerns

Brent on track for biggest weekly drop since June
US gasoline demand drops
Singapore distillate inventories soar

Published 04 Sep, 2020 05:37pm

Markets

Oil prices at one-month low on demand worries

Drop in US gasoline demand, weak job data weigh.
Upcoming refinery maintenance to hurt crude demand – analysts.
Iraq denies it was seeking exemption from OPEC+ oil cuts.

Published 03 Sep, 2020 08:00pm

Markets

Moscow, Minsk eye oil flows switch from Lithuania to Russian ports

There were no further details. Moscow has wanted Minsk to use its ports rather than Lithuania's outlets for exports of oil products.
Novak is part of a Russian delegation visiting Belarus headed by Prime Minister Mikhalin Mishustin.

Published 03 Sep, 2020 07:37pm

Markets

Oil holds steady near multi-week lows on demand worries

U.S. West Texas Intermediate crude futures inched up 3 cents, or 0.1%, to $41.54 a barrel at 0115 GMT, while Brent crude futures slipped 7 cents, or 0.2%, to $44.36 a barrel.

Published 03 Sep, 2020 10:22am

Oil drops 1.5%, reversing course as U.S. gasoline demand slumps

Futures prices turned negative after weekly government data from the U.S. showed lower gasoline demand from a week earlier, shrugging off bullish crude inventory data.

Published 02 Sep, 2020 11:28pm

Markets

Oil drops 1.5pc, reversing course as US gasoline demand slumps

US crude inventories fall 9.4 million barrels in week –EIA.
OPEC August oil output rises for 2nd month – survey.
Factories worldwide shake off COVID-19 gloom but outlook shaky.

Published 02 Sep, 2020 08:17pm

Markets

German Jan-June oil imports crept up 0.4pc yr/yr despite coronavirus

Overall volumes reaching Germany in January-June totalled 41.9 million tonnes, up from 41.7 million in comparable 2019,
They recovered somewhat in May but dropped again in June in the country's biggest economic slump since World War Two.

Published 02 Sep, 2020 07:52pm

Markets

Oil rises towards $46 on US inventory drop, economy hopes

API reports larger than expected drop in US crude stocks.
OPEC August oil output rises for 2nd month – survey.
Factories worldwide shake off COVID-19 gloom but outlook shaky.

Published 02 Sep, 2020 05:44pm

Business & Finance

India ONGC unlikely to buy overseas oil, gas assets at current prices

Prices are stuck at $45 ( per barrel) so any acquisition should be made at significantly lower prices only.
Oil companies across the globe have cut their spending plans as the pandemic has driven down oil prices.

Updated 02 Sep, 2020 05:26pm

Markets

Oil surges on strong factory activity, crude drawdown forecast

NEW YORK: Oil prices edged higher on Tuesday as better-than-expected US manufacturing activity data spurred hope for...

Published 02 Sep, 2020 02:42am

Markets

Oil rises on strong factory activity and forecast of a crude drawdown

US manufacturing activity at 19-month high in August.
Dollar dumped on rate outlook, lowest in more than two years.
POLL-US crude stocks seen slipping for the sixth straight week.
Reuters poll shows rise in Brent 2020 average to $42.75/bbl.

Published 01 Sep, 2020 08:44pm

Markets

Power demand pushes UAE August oil output above OPEC+ quota

The output exceeds the country's quota under the OPEC+ supply pact by about 100,000 bpd.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.

Published 01 Sep, 2020 07:26pm

Markets

Oil prices lifted by weaker dollar and soaring equities

Reuters poll shows 2020 Brent seen to average $42.75/bbl.
American Petroleum Institute data expected at 2030 GMT.
Strong Chinese data lends support.

Published 01 Sep, 2020 06:04pm

Markets

Saudi Arabia may cut October crude oil prices to Asia

SINGAPORE: Top oil exporter Saudi Arabia is expected to cut its crude oil official selling prices (OSPs) for Asian...

Published 01 Sep, 2020 02:57am

Markets

Oil steady as prices struggle to break through demand uncertainty

ADNOC cuts Asia crude supplies in Oct by 30% -sources.
Brent set for 5th monthly gain; 4th mth for WTI.
China's crude imports set for first fall in 5 months.

Published 31 Aug, 2020 08:54pm

Markets

US shale boom's legacy: Overpriced deals, unwanted assets

The prospect for relief is limited: the industry is still working through the shock of a historic collapse in fuel demand in such a short period of time,
The shale revolution turned the United States into the world's largest crude producer, pumping out more than 12 million barrels per day (bpd) at its peak.

Published 31 Aug, 2020 07:22pm

Markets

Brent hits 5-mth high on Abu Dhabi supply cuts, China data

ADNOC cuts Asia crude supplies in Oct by 30% -sources.
Brent set for 5th monthly gain; 4th mth for WTI.
China's crude imports set for first fall in 5 months.

Published 31 Aug, 2020 06:55pm

Business & Finance

Another POL bomb in the offing

After the approval of Prime Minister Imran Khan, the new prices will be applicable from September 1.

Published 31 Aug, 2020 02:48pm

Markets

Oil rises on stimulus support and China data, set for monthly gains

Brent crude futures for November climbed 28 cents, or 0.6%, to $46.09 a barrel by 0435 GMT, while U.S. West Texas Intermediate crude was at $43.15 a barrel, up 18 cents, or 0.4%.

Published 31 Aug, 2020 10:18am