Oil slumped as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
Oil rose as investors eyed a potential extension of record production curbs by OPEC+ while physical markets continued to show signs of tightness.
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
Oil was anchored near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.
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.
Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.
Oil’s historic crash below zero looked increasingly like an aberration as the June contract rose for a fourth day in its last session of trading before expiring.
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
The FTSE 100 Index edged up towards the 6,000 mark today as traders took heart from UK Government efforts to gradually get the economy back on track.
Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
At least three brokerages are restricting the ability of clients to enter into new trades in the most active oil benchmarks in a bid to curb losses after an unprecedented meltdown in crude this week dragged prices into negative territory for the first time in history.
A barrel of Brent crude could cost less than a cup of coffee before long as fears about dwindling storage space sink in, an analyst has said.
Norway has said it will soon decide whether to cut its oil production to help support plummeting prices.
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
Unprecedented, unbelievable, ‘off-the-scale’ can’t really sum up what happened to oil prices in North America on Monday April 20. Both WTI (West Texas intermediate) and WCS (Western Canadian Select) plunged to below $0 per barrel and recorded an oil price of minus $38 per barrel for the first time in history. Although there has been talk about negative oil prices for months, nobody really predicted anything on this scale.
As the oil market collapse has taken WTI into the uncharted and “impossible” territory of negative prices, there has been considerable attention not only on where prices might be going, but also what is happening to the forward curve, and what it means. Even in more normal markets, the structure of the forward curve “backwardation” and “contango” is a source of confusion – mystery even.