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Oil prices

US crude stockpiles fall as refiners ramp up output: EIA
Markets

US crude stockpiles fall as refiners ramp up output: EIA

  • Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel drop.
  • Oil prices rallied on the report. US crude futures were up $2.50 a barrel, or 4.1%, at $62.68 a barrel, while Brent rose 4% to $66.17 a barrel.
Published 14 Apr, 2021 08:22pm
OPEC raises 2021 oil demand growth forecast on hopes virus impact wanes
Markets

OPEC raises 2021 oil demand growth forecast on hopes virus impact wanes

  • Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report, up 70,000 bpd from last month.
  • OPEC raised its forecast of 2021 world economic growth to 5.4% from 5.1%, assuming the impact of the pandemic is "largely contained" by the beginning of the second half of the year.
Published 13 Apr, 2021 05:34pm
Oil prices rise
Markets

Oil prices rise

NEW YORK: Oil prices rose on Monday on optimism over the pace of coronavirus vaccinations in the United States and...
Published 13 Apr, 2021 04:31am
Oil rises but remains rangebound as COVID-19 cases soar
Markets

Oil rises but remains rangebound as COVID-19 cases soar

  • However, the crude prices have remained rangebound in the past three weeks, with Brent between $60 and $65 a barrel and WTI at $57 to $62.
  • "Oil prices are entering a consolidation phase after swinging wildly last month," said oil broker PVM's Stephen Brennock.
Published 12 Apr, 2021 05:59pm
Major Gulf markets end mixed
Markets

Major Gulf markets end mixed

• Financials weigh on Saudi index DUBAI: Major stock markets in the Gulf ended mixed on Sunday, with the Saudi...
Published 12 Apr, 2021 03:59am
Oil prices down
Markets

Oil prices down

NEW YORK: Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture...
Published 10 Apr, 2021 04:34am
Oil prices dip on mixed supply and demand outlook
Markets

Oil prices dip on mixed supply and demand outlook

  • Brent crude futures for June fell 32 cents, or 0.32%, to $62.88 a barrel.
  • Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago. Exerting downward pressure is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
Published 09 Apr, 2021 07:35pm
Saudi $7 trillion investment goal puts spotlight on oil prices
World

Saudi $7 trillion investment goal puts spotlight on oil prices

  • Saudi pursuing 27 trillion riyal spending push.
  • Under plan, some firms required to cut payouts to government.
  • More taxes, royalties will help to plug gap – analysts.
  • So Saudi will likely need higher oil prices.
  • OPEC leader may need to curb supply to prop up prices.
Published 08 Apr, 2021 06:09pm
Canada's Whitecap Resources to buy Kicking Horse Oil & Gas for C$300mn
Business & Finance

Canada's Whitecap Resources to buy Kicking Horse Oil & Gas for C$300mn

  • Whitecap's indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and C$56 million in cash, along with the assumption of net debt estimated at C$54 million as of Feb. 28.
  • The Kicking Horse assets are positioned in the liquids-rich portion of the Alberta Montney. Whitecap says the deal complements its existing Montney position at Karr and has significant offsetting activity.
Published 05 Apr, 2021 05:39pm