Markets enjoyed a “Trump bounce” today amid talk of a trillion dollar (£780 billion) infrastructure package in the US.
Oil resumed declines as fears a second coronavirus wave could threaten a recovery in demand outweighed further output cuts from major producers and more Federal Reserve support for the U.S. economy.
Many of the world’s airlines already stung by the pandemic grounding flights are now finding out what a risky place the oil market can be.
Energy service firm Subsea 7 said today that it intends to lay off 3,000 workers over the next year.
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
U.S. oil prices aren’t expected to repeat last month’s unprecedented collapse into negative territory, industry experts say, because the nation’s stockpile has slowly decreased, easing a storage crisis, while traders “learned their lesson.”
Aberdeen-based offshore catering firm ESS Support Services Worldwide has announced plans to cut dozens of jobs due to a “dramatic decrease” in demand.
WTI was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.
Norway’s Equinor saw its profits slide by 98% - a drop of £3.8billion – year-on-year as the Covid-19 pandemic and oil price crash took effect.
Workers facing redundancy are being urged to seek independent financial advice to plot the best road ahead.
Brent Crude’s rebound yesterday brought it up beyond $30, but the figure is still too low to make an impact for the UK North Sea.
Total barely managed to stay in profit for the start of 2020 as oil prices took a nosedive due to the Covid-19 outbreak.
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.
More than 500 jobs are at risk at Aberdeen-based energy services firm Bilfinger Salamis, which has started a redundancy consultation with its workforce.
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
Energy giant BP has told investors it is using business lessons from the aftermath of the Deepwater Horizon disaster to weather the current Covid-19 crisis.
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
Oil climbed after losing more than a quarter of its value over the past two days with volatility likely to continue on concern prices may drop below zero again as investors and a major fund exit the June contract.
Energy services giant Worley has revealed it has cut 3,000 jobs in response to the coronavirus pandemic and oil price crash.
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
Forced vessel sales, mergers and consolidations are on the cards for the offshore industry as assets decline in value, according to a consultancy.