Oil dropped as the dollar strengthened, adding more volatility to the market which is facing a mixed demand outlook after a recent rally.
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Brent oil edged higher in Asia after closing at the highest in almost 13 months as a deepening energy crisis in the US disrupted crude production and forced the shutdown of some of the nation’s biggest refineries.
New contracts, renewals and the opening of a new Aberdeen base have been flipping the fortunes of Bilfinger Salamis after a stark start to 2020.
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
Oil dropped below $45 a barrel as a consensus within OPEC+ to postpone an output hike planned for January remained elusive ahead of a meeting of the cartel’s power brokers later on Monday.
OPEC+ said oil producing countries must be ready to act when the group gathers for its next full ministerial meeting in two weeks, the latest indication the cartel is preparing to delay a production increase.
Oil extended its gain with investors weighing news of another Covid-19 vaccine breakthrough as OPEC+ moved closer to delaying a planned easing of output cuts.
Oil in London jumped by the most since June as Pfizer Inc. reported a potential Covid-19 vaccine breakthrough.
Oil kicked off what promises to be a turbulent week of trading by plunging to a five-month low as a continued increase in Libyan crude production coincided with a wave of new virus-lockdown measures in Europe.
Oil futures bounced back from session lows as stronger-than-expected US economic growth data and signs that Europe may get more stimulus offset some of the fallout from renewed lockdown restrictions.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Subsea technology and service firms could turn their backs on oil and gas work if customers keep heaping pressure on margins, an industry chief has warned.
Premier Oil’s boss says it would make “no sense” for Opec and its allies to increase output ahead of a meeting between the producing nations on Wednesday afternoon.
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
US oilfield equipment firm Dril-Quip could be poised to make scores of Aberdeen staff members redundant in response to the crude price slump and Covid-19 pandemic.
A focus on providing high quality virtual services to international clients is helping TRACS International shrug off the worst of the latest downcycle and replenish its order book.
Hefty investments and lengthy contract wins have put Brimmond Group in a “strong financial position” from which to ride out the latest oil industry downcycle, bosses said.
The oil price crash wiped $1.6 trillion off the valuation of the global upstream industry, according to energy researcher and consultancy Wood Mackenzie.
An analyst has suggested the same “hardball” treatment that the supply chain was subjected to during the last downturn may not be repeated this time around.
In a recent article I described the mechanisms which drive the market structures of backwardation and contango, which explained how and why the market got into negative territory, with a steep contango forward curve. But having got there, how does that same understanding of market behaviour help us form a view of where we go from here?
There is a certain irony in the coincidence of two recent major events that together, focused minds on how exactly the huge upheavals caused by COVID-19 may affect our efforts to achieve net zero carbon.
There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.
The FTSE 100 Index edged up a further 822.22 points, or 1.4%, to 5,935.98 today.