Oil headed for its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed the prospects for tightening supply.
A “bazooka” of oil from the US reserve, lockdowns in China and a “surprising durability” of production in Russia are preventing Brent Crude oil from hitting $200 a barrel.
With gas prices now more than five times the cost of a barrel of North Sea benchmark Brent Blend, the outlook for energy across Europe including the UK, is shocking.
Oil rose on Friday -- paring a hefty weekly decline -- before an OPEC+ meeting on supply at which Saudi Arabia could push for output cuts, and as efforts to revive an Iranian nuclear accord suffered a setback.
Oil shook off an early slump at the week’s open to push higher as investors weighed up prospects for demand ahead of a barrage of intelligence from leading energy players on the market outlook.
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months as key time spreads contract.
Supermajor Shell (LON: SHEL) has been backed to replicate the eye-watering profits it reported earlier this year.
Ask any UK driver about the soaring price of petrol and they’ll probably tell you something like this: prices always rise with oil, but they never seem to track it lower.
Oil declined as the prospect of more demand-sapping virus restrictions in China overshadowed signs of a tightening market.
Oil traded near $107 a barrel in New York as investors monitored developments from the gathering of Group of Seven leaders, and two supplier countries flagged potential output cuts due to political unrest.
A rise in interest rates has sparked fears that rising costs for home owners and buyers will dampen the market – although Aberdeen might resist this trend as the energy market heats up.
Oil pared gains before an OPEC+ meeting on supply strategy, after earlier stretching an advance that followed the European Union’s announcement Wednesday of a phased ban on Russian imports.
“Exceptional” oil and gas trading meant BP (LON:BP) raked in healthy profits in the first three months of 2022.
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Exxon Mobil tripled its share-buyback program to as much as $30 billion after profits surged amid Russia’s invasion of Ukraine and a rally in worldwide energy prices.
Chevron posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel.
If the European Union is serious about squeezing Russian oil, it may need to brace for some pain.
Oil fluctuated as China vowed to repair the economic damage caused by a spate of lockdowns, and crude supplies from Libya were disrupted.
Oil climbed as supplies from Libya were interrupted and Russia warned of the potential for record prices if more nations ban its energy.
Oil advanced for a second day as the US and Europe prepared to impose a fresh wave of sanctions on Russia for alleged atrocities committed by its forces against civilians in Ukraine.
Petrol prices at the pump are set to fall but the price of gas for home heating is likely to stay high, new analysis has revealed.
Oil slid below $100 a barrel and is heading for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of strategic U.S. reserves to tame rampant prices
Boris Johnson wants a “climate change pass” for the gas industry to wean western countries off supplies from Russia.
Entrepreneur Elon Musk has unexpectedly added his name to the list of the those calling for more oil and gas.
Oil soared to the highest price level since 2008 as buyers continued to shun crude from Russia following its invasion of Ukraine, while OPEC+ is doing its best to ignore the war started by one of its key members.