Low prices and dwindling dividends could encourage more investors to move away from oil and gas in favour of renewables, according to a leading oil and gas lawyer.
Oil steadied as Saudi Arabia vowed that OPEC and its partners will do what’s necessary to balance the market.
Oil clung to losses with signs of a shaky U.S. economic rebound and rising global coronavirus cases weighing on the prospect for a demand recovery.
Oil pared losses as shrinking American crude and refined product stockpiles countered troubling signs of a slowing labor market recovery.
Oil accelerated losses with workers in the U.S. Gulf heading back following Hurricane Delta’s landfall and Libya taking a major step toward reopening its biggest field.
Libya took a major step toward reviving its battered oil industry by reopening its biggest field, presenting a new headache for OPEC+ as the alliance of major producers tries to curb global supplies.
Oil advanced to the highest in two weeks as Hurricane Delta heads toward the energy-producing Gulf of Mexico region.
Oil jumped the most since May in New York as President Donald Trump’s prognosis seemed to improve and stirred optimism over the possibility of an economic relief deal in Washington.
Oil held its decline near $39 a barrel in New York, heading for the first monthly loss since April, as the world’s biggest trading houses signaled a meaningful recovery in demand is some way off.
Oil headed for its first back-to-back weekly losses since April’s price rout, driven by a sharp slump in risk sentiment earlier in the week and a patchy demand recovery.
KCA Deutag is working on a restructuring deal with creditors to wipe off more than £1billion of debt.
Oil recovered some of its losses with a rally in equities providing support to prices even as industry data pointed to a surprise increase in American crude stockpiles.
Oil moved back above $40 a barrel in London, as broader markets rebounded from Tuesday’s selloff.
Revenues at Anasuria Hibiscus UK have dropped 98% as the company deferred oil sales in hopes of a recovery in the price of Brent Crude.
Oil rose as production was disrupted by two storms approaching the U.S. Gulf Coast.
Oil fell as economic signals out of Europe and Asia flashed warning signs about the rebound in crude consumption.
Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that’s hurt economies and fuel demand globally.
Bilfinger has revealed it has shed nearly 2,600 jobs globally since the start of 2020.
Occidental Petroleum Corp. reported a $6.6 billion writedown in the second quarter, equivalent to more than 40% of its market value, as the collapse in energy prices took its toll on the debt-laden U.S. shale oil producer.
Oil held near a four-month high after speculation the Federal Reserve will keep U.S. interest rates near zero for longer buoyed markets.
Oil in New York is heading for a weekly decline as surging coronavirus cases raised fresh concerns about demand, while the market is continuing to grapple with ample supply.
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.