Brude crude oil prices were up nearly 2% at $33.49 a barrel by the London market close today as traders awaited news of a much-anticipated global production cut.
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil futures advanced amid a broader bounce across financial markets while the price of actual crude plummeted to near $15 a barrel.
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.
A union has warned that “tens of thousands” of offshore jobs could be at risk as North Sea firms buckle under the pressure of the ongoing oil price “crisis”.
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history.
Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.
Oil markets are likely to take a hit from China’s deadly coronavirus, with aviation fuel suffering the most, if the SARS epidemic in 2003 is any guide, according to Goldman Sachs Group Inc.
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Brent crude could slump toward a level it hasn’t seen since December 2018 prompting deeper output cuts from OPEC and its allies, according to one of world’s biggest oil traders.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Brent crude traded around $70 a barrel as a two-day rebound petered out on signs the U.S. and China are still far from reaching a trade deal, while supply risks from the Persian Gulf to Venezuela kept investors wary.
Oil traded near the lowest level in a month as concerns that economic turmoil could slow global demand outweighed expectations for a seasonal decline in U.S. crude stockpiles.
Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled.
Oil’s rally is unraveling on fears over a rise in U.S. production and as a deepening slump in equities undermined market support.
Oil giant Royal Dutch Shell is expected to reveal that profits more than doubled last year as it benefited from the surging cost of crude.
The FTSE 100 drops 37 points (0.5%) during lunch with a dip in oil and mining stocks being blamed for its lowest level since October.
A combination of higher crude prices and cost cutting measures should add up to positive third quarter for Shell, an analyst has said.
UBS Wealth management executive director, commodities and FX, Wayne Gordon has weighed in on the oil price upturn after Brent topped $60 for the first time in two years on Friday.
London’s premier index rebounded to within a whisker of a new mid-session record after choppy trading for the pound handed a boost to blue-chip stocks.
The FTSE 100 Index has closed above 7,500 for the first time as higher-than-forecast inflation data and confidence over Britain’s prospects under a Tory government drove stocks higher.