The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Oil held the bulk of a three-day advance to trade above $71 a barrel amid optimism that rising demand will tighten the global market.
OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
Oil rose on optimism that fuel demand will keep rising and tighten the market, despite a Covid-19 resurgence in many regions.
The Biden administration is preparing to release a blueprint for limiting sales of US drilling rights that falls short of the outright ban sought by some environmentalists, as the rising oil and gasoline price highlight the risks of curtailing domestic crude production.
Shell shareholders are in line to reap the rewards of the upturn in the oil price after the company confirmed it would be boosting returns.
Oil in New York reversed gains as the U.S. dollar rose Tuesday morning.
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
A rebound in the oil price is unlikely to derail future hydrogen investments, industry experts have predicted.
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
The past year has taken a significant toll on many industries’ bottom line, and oil and gas is no exception. Pushed by excess supplies, price wars, and reduced demand due to the COVID-19 pandemic, oil prices fell to record lows.
Corallian Energy attempted and failed to sell Shell and One-Dyas the “Jackdaw South” prospect ahead of the main development being sanctioned later this year.
Oil prices dipped as traders weighed weaker fuel demand in India against optimism over the global economic recovery from the coronavirus pandemic.
Oil is heading for the biggest weekly gain since early March on optimism the recovery in demand from the Covid-19 pandemic is improving.
A price war may be looming in the global oil market as rising output from OPEC+ and the Middle East boosts the competitiveness of the region’s shipments, potentially forcing other suppliers to discount their barrels.
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 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 markets aren’t on the verge of a new price supercycle as plentiful supplies mean any concerns of a shortfall are misguided, the International Energy Agency said.
OGUK report underlines need for ‘vital support’, says 30,000 job losses remains ‘reasonable estimate’
Oil and Gas UK (OGUK) has warned that the UK’s energy transition is at risk of stalling unless the industry receives “vital support” from government.
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.
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
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.
While oil’s dizzying collapse is still fresh for many traders, rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel.