Indexes across Europe ended in the red again on Wednesday, although the FTSE 100 avoided a major drop thanks to rising oil and commodity prices.
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
Brent oil edged toward $70 a barrel with optimism building about the demand outlook in key regions such as the U.S., even as the coronavirus makes a comeback in parts of Asia.
Crude oil climbed along with gasoline in New York after a cyberattack put the largest oil-products pipeline in the U.S. out of action.
ConocoPhillips will use a rebound in oil and gas prices to cut debt by about 25% over the next five years, signaling a focus on financial prudence even after completing one of the biggest shale takeovers in recent years.
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.