Oil and gas producers, and refineries that fuel the US, are assessing the impact on operations after the passage of Hurricane Ida, with peak daily supply curtailment of 1.8 million barrels per day recorded in the Gulf of Mexico. As a result of the disruption price volatility can be expected in global crude markets.
Oil headed for the best weekly gain since October as focus shifted to the US stimulus outlook and a storm menacing the Gulf of Mexico.
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries.
Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand.
Oil rose on optimism that fuel demand will keep rising and tighten the market, despite a Covid-19 resurgence in many regions.
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
Oil climbed back above $73 a barrel after an industry report pointed to a big decline in US crude inventories ahead of an OPEC+ meeting that’s expected to lead to the group returning more supply to the market.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
Brent oil hit $75 a barrel for the first time in more than two years amid signs of a rapidly tightening market.
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal.
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.
Energy Voice considers the prospect of an oil supercycle and its potential supply crunch, rising demand, and triple digit oil prices.
Oil slid after U.S. crude inventories surged for a fourth week, further fueling the downbeat sentiment generated by the International Energy Agency describing global stockpiles as plentiful.
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
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.
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Oil pared its earlier rally toward the highest settlement in almost 10 months as the market weighed the potential distribution of Covid-19 vaccines against a raft of new cases sparking tighter restrictions on movement.
Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.
Oil accelerated gains in the wake of a weakening dollar and as Tropical Storm Zeta leads U.S. Gulf crude producers to shut output.