Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
Oil was steady after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the U.S.
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved. Demand fell to 78mmbpd and Saudi Arabia pumped an additional 1.6mmbpd, driving Brent down to under $10/bbl on April 21st and briefly pushing the WTI futures contract into negative territory.
Alaska’s North Slope basin has a long history of successful oil discoveries — recent discoveries have included the two largest conventional oil discoveries onshore North America in over 40 years.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Oil in New York is heading for a weekly decline as surging coronavirus cases raised fresh concerns about demand, while the market is continuing to grapple with ample supply.
London’s blue-chip FTSE 100 Index fell 106.54 points, or 1.73%, to 6,049.62 as Covid-19 continued to weigh heavily on the world’s leading financial markets today.
Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
Oil edged lower toward $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended.
Oil in London was anchored near $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.
Investors in oil giant Shell sent the FTSE 100 tumbling on Tuesday as London's top index lagged far behind many of its global counterparts.
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Another relaxation of lockdown rules in some parts of the UK delivered a boost to the FTSE 100 today.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.
Top London stocks shrugged off weak UK inflation and a fresh outbreak of Covid-19 in China to notch up a slight gain today.
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.
Markets enjoyed a “Trump bounce” today amid talk of a trillion dollar (£780 billion) infrastructure package in the US.
Oil resumed declines as fears a second coronavirus wave could threaten a recovery in demand outweighed further output cuts from major producers and more Federal Reserve support for the U.S. economy.
Oil kept falling after its first weekly drop since late April as a fresh coronavirus outbreak in China and increases in cases elsewhere added to concern a second wave of infections will threaten a nascent economic recovery.
The FTSE 100 eked out a 0.5% gain in the final session of the week after four consecutive days of losses.
Financial markets on both sides of the Atlantic started the week in forward gear despite a weekend of violent protests in the world’s largest economy.
The FTSE-100 ended a topsy-turvy week with a final session fall of 21.97 points, or about 0.5%, to 5,993.28.