Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.
Crude futures plunged by the most in more than two weeks as jitters reverberated through markets a day after the Federal Reserve provided a gloomy outlook for the U.S. economy.
Oil slumped as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
Oil rose as investors eyed a potential extension of record production curbs by OPEC+ while physical markets continued to show signs of tightness.
Oil extended its drop after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
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 advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
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.
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Oil extended its recovery from Monday’s plunge below zero but remained under intense pressure from a swelling global supply glut.
Nigeria is moving towards production cuts as a result of a lack of local storage and inability to sell cargoes.
Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.