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oil producer

Oil near one-week high as prospect of Iran glut wanes

Oil near one-week high as prospect of Iran glut wanes

  • Brent crude futures were down 30 cents, or 0.4%, at $68.16 a barrel by 1004 GMT, having jumped 3% on Monday. US West Texas Intermediate futures were off 42 cents, or 0.6%, at $65.63 a barrel, after gaining 3.9% the previous session.
  • Still, the global recovery from the COVID-19 pandemic is patchy, indicating a mixed outlook for oil demand.
Published 25 May, 2021 05:18pm
Oil prices steady on hopes for economic recovery
Markets

Oil prices steady on hopes for economic recovery

  • Fresh restrictions imposed in Asia to curb pandemic
  • China April crude throughput slows from peak
  • British economy reopens after four-month lockdown
  • Recovery of US pipeline network eases supply concerns.
Published 17 May, 2021 08:50pm
Oil on track for 9-week high on rising demand outlooks
Markets

Oil on track for 9-week high on rising demand outlooks

  • Brent futures rose $1.09, or 1.6%, to $69.64 a barrel.
  • US West Texas Intermediate (WTI) crude rose $1.08, or 1.7%, to $66.36.
  • India's coronavirus death toll crossed 250,000 in the deadliest 24 hours since the pandemic began.
Updated 12 May, 2021 07:32pm
Chevron profit drops on weaker refining margins, storm hit
Business & Finance

Chevron profit drops on weaker refining margins, storm hit

  • Chevron, the second-largest US oil producer, reported a profit of $1.72 billion, or 90 cents per share, compared with $2.45 billion, or $1.31 per share, a year earlier. Year-ago results included about $680 million in asset sales and favorable tax items.
  • Net profit was $1.4 billion, or 72 cents a share, down from $3.6 billion, or $1.93 cents a share, a year earlier.
Published 30 Apr, 2021 06:48pm
Oil prices rise as demand outlook offsets COVID worries
Markets

Oil prices rise as demand outlook offsets COVID worries

  • OPEC+ sticks to plan to ease oil output cuts from May 1.
  • Goldman sees surge in oil demand over next six months.
  • India's COVID-19 death toll surges past 200,000.
  • Rystad sees 1 mln b/d demand hit in May from India COVID wave.
  • API shows increase in US crude inventories.
Published 28 Apr, 2021 08:12pm
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
Oil prices rise on fears Suez blockage may last weeks
Markets

Oil prices rise on fears Suez blockage may last weeks

  • Brent, WTI rise about 2% but set for 3rd weekly loss.
  • Ship blocking Suez may take weeks to free-salvage firm.
  • Shipping rates rise, oil and gas tankers diverted.
    • UAE's ADNOC deepens supply cuts to Asia in June –sources.
Published 26 Mar, 2021 05:16pm
Oil falls as inventories rise and vaccine rollout stalls
Markets

Oil falls as inventories rise and vaccine rollout stalls

  • Brent crude fell 50 cents, or 0.74%, to $67.50 a barrel by 1150 GMT after dropping 0.82% on Wednesday.
  • Short-term developments - stuttering vaccine rollouts and the build in US oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging.
Published 18 Mar, 2021 05:22pm