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.
Analysts have warned that non-OPEC oil and gas supply is unlikely to renege on its 2020 losses in the short-term.
The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year.
Global oil demand is expected to peak at just over 102 million barrels per day (bpd) by 2028, two years earlier than originally thought.
The International Energy Agency (IEA) has warned that oil demand could be pushed back to pre-crisis levels without significant policy changes.
Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte LLP.
The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said.
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.
Oil fell as economic signals out of Europe and Asia flashed warning signs about the rebound in crude consumption.
Oil declined as investors assessed the International Energy Agency’s reduced forecasts for global oil demand in part due to a slowdown in air travel.
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon.
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.
An Aberdeen energy expert has said the North Sea has an opportunity to demonstrate its “resilience” as global oil demand reaches a 25-year low.
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
The electric vehicle revolution could turn out to be more dramatic than governments and oil companies have yet realised.
The Opec group of oil producers said yesterday that global demand would grow faster than previously thought this year.
Market volatility and a resultant fall-off in share prices has left Aim-listed oil and gas firms vulnerable to takeover, according to sector specialists at Ernst and Young.
OIL prices are likely to remain strong during 2011, according to an Aberdeen-based energy expert.
SCHLUMBERGER, the world's largest oilfield service company, said yesterday that oil operators were likely to start increasing their spending on new projects.
Do you ever read BBC economics chap Robert Peston's blog on the BBC website? I do because it provides some interesting insight into how the City is thinking or - as recent events would seem to prove - not thinking.