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oil market

Oil rebounds on robust economic data, bargain hunting

Oil rebounds on robust economic data, bargain hunting

  • Oil slumps over 4% in previous session on rising OPEC+ supply.
  • Strong US, China economic data support investor sentiment.
  • US expects 'difficult' Iran talks, sees no quick breakthrough.
Published 06 Apr, 2021 01:10pm
BP expects to hit $35 billion net debt target in first quarter
Business & Finance

BP expects to hit $35 billion net debt target in first quarter

  • The company, which had a debt pile of $39 billion at the end of 2020, had earlier expected to reduce its debt to $35 billion around the fourth quarter of 2021 or first quarter of 2022.
  • The London-based company said on Tuesday it expects sale proceeds in 2021 to be at the top end of its existing $4 billion to $6 billion range.
Published 06 Apr, 2021 12:11pm
Oil falls as Suez opens, focus turns to OPEC+ output
Markets

Oil falls as Suez opens, focus turns to OPEC+ output

  • Brent crude was down $1.02, or 1.6%, at $63.96 a barrel by 1334 GMT. West Texas Intermediate US oil was off by $1.16, or 1.9%, at $60.40 barrel.
  • "The wobble we have seen in prices means that OPEC+ will likely need to take a cautious approach once again," bank ING said. "We are of the view that the group will likely hold output levels unchanged."
Published 30 Mar, 2021 09:07pm
U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4
World

U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4

  • he United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
  • India’s imports from the United States - the world’s top producer - rose 48% to a record 545,300 bpd in February from the prior month, accounting for 14% of India’s overall imports last month.
Published 15 Mar, 2021 04:08pm
Oil surges $2 after OPEC+ extends output cuts
Markets

Oil surges $2 after OPEC+ extends output cuts

  • Saudi Arabia surprises with continued voluntary cuts.
  • OPEC+ producers keep curbs, agree only small output boost.
  • Decision could affect oil inventories into 2022.
  • Brent and WTI on track for weekly gains.
Published 05 Mar, 2021 08:28pm
Oil jumps on vaccine optimism, US stimulus
Markets

Oil jumps on vaccine optimism, US stimulus

  • US House passes $1.9 trillion COVID-19 relief plan.
  • China Feb factory activity growth drops.
  • Euro zone factories buzzing in Feb as demand soars.
  • OPEC+ meets on Thursday to discuss output.
Published 01 Mar, 2021 05:51pm
Oil hits 13-month highs as market re-balances
Markets

Oil hits 13-month highs as market re-balances

  • Prices rally as producers rein in supply.
  • Brent, WTI hit highest levels since January 2020.
  • US stimulus hopes, tighter supplies support rally.
  • Possible strike could hit Norway's crude production.
Published 15 Feb, 2021 07:12pm
Iraq's oil exports rise to 2.868mn bpd in January
Markets

Iraq's oil exports rise to 2.868mn bpd in January

  • Exports from Iraq's southern Basra terminals reached 2.77 million bpd in January, up from 2.75 million bpd the month before, the ministry added.
  • Rising oil prices boosted Iraq's January oil revenue, its main income stream, to about $4.74 billion with an average price per barrel of $53.294.
Published 01 Feb, 2021 06:26pm