Shares in oil firms tumble with fall in prices

Royal Dutch Shell “A” and “B” shares closed down 35.9p at £9.28 and 32.9p at 907.3p respectively yesterday as investors watched oil prices continue to fall – a day after the company announced 9,000 jobs will be cut.

Oil & Gas

The oil market continues its cautious rally but more uncertainty lies ahead

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.