Oil steadied in Asian trading after rallying to the highest level since 2014 following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch.
Could the energy crunch get so bad that oil prices hit $200 a barrel? One options trader thinks so.
Brent oil has been tipped to continue its upward trajectory after the crude benchmark hit its highest level in around three years.
Brent oil roared above $80 a barrel, the latest milestone in a global energy crisis, on signs that demand is running ahead of supply and depleting inventories.
Oil climbed toward $70 a barrel after a run of three weekly gains as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand and inventories over the fourth quarter.
Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand.
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
North Sea operators have handed back up to 1.1 billion recoverable barrels of oil from UK fields, according to data released by the Oil and Gas Authority (OGA).
Brent oil edged toward $70 a barrel with optimism building about the demand outlook in key regions such as the U.S., even as the coronavirus makes a comeback in parts of Asia.
For those who had been tracking technical indicators of oil this month, the message was clear: Crude prices had risen too quickly.
Oil in New York dropped more than 5% as short-term demand concerns and a rising dollar collided to cause the biggest intraday drop since December.
Oil reversed course in London, despite a raft of economic data from China adding to signs of recovery from the coronavirus pandemic.
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
International oil companies (IOCs) could be on track for record free cash flow this year should Brent continue its rise, according to Wood Mackenzie.
The CEO of NHV hopes the restoration of oil prices can help the beleaguered helicopter market “to a more sustainable situation”.
Oil in New York rose to the highest intraday level in more than a year as output curbs from top producers whittle down global inventories.
The oil price slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.
North Sea operators including Shell, BP, EnQuest and Premier Oil have all seen their shares jump in light of the oil price rally.
The price of oil extended a rally from the highest level in more than a year on signs the global market is tightening and demand is improving.
The Brent oil price has reached its highest in 13 months, but experts say questions persist on whether activity in the UK North Sea will see a similar resurgence.
Shell snapped up the largest amount of North Sea oil in over a decade during the market’s main trading window for physical cargoes, underpinning signs of sharply tightening supplies.
Brent oil topped $55 a barrel for the first time since February as gains in broader markets added to investor optimism already buoyed by Saudi Arabia’s unilateral plan to cut output.
North Sea oil prices are finally strengthening, catching up with other markets that already rallied on the back of rising buying interest from Asia, where demand in many places has already recovered from Covid-19.