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.
The cost of filling up a standard car in the UK with diesel surpassed £105 ($128) for the first time, piling further pressure on Britons hit by a cost-of-living crisis.
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
Qatar, the world’s biggest exporter of liquefied natural gas (LNG), warned that prices have climbed to “unhealthy” levels.
China is escalating its purchases of liquefied natural gas (LNG) for the winter, exacerbating a global supply shortage and leaving less fuel for energy-parched Europe.
Oil dropped as the dollar strengthened and investors turned their attention to a Federal Reserve meeting this week that’s expected to signal moving toward scaling back stimulus.
Natural gas prices in the UK and the Netherlands soared to record highs as concerns over tight supplies mount while demand increases.
Oil prices could hit $200 per barrel if no new investments are made in the upstream oil and gas sector in the short-term, Oman's energy and minerals minister said yesterday in reply to the International Energy Agency's (IEAs) assessment for reaching net-zero emissions by 2050, reported S&P Global Platts.
Small energy suppliers in the UK are going out of business as natural gas and power prices reach record highs across Europe.
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Oil climbed back above $73 a barrel after an industry report pointed to a big decline in US crude inventories ahead of an OPEC+ meeting that’s expected to lead to the group returning more supply to the market.
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
Oil extended a powerful rally, with global benchmark Brent closing in on $75 a barrel, after data pointed to a substantial draw in US crude stockpiles and top traders predicted further gains in prices.
China’s crude oil imports surged 28% year-on-year to 12.35 million barrels per day (b/d) in February. This was 2.7 million b/d higher compared to the same period a year ago, the latest data from analytics firm OilX showed.
From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them.
Oil tumbled along with broader markets as swelling U.S. crude stockpiles added to uncertainty over the economic impact of rising coronavirus cases worldwide.
In between the Teams and Zoom calls, which now fill our days, and the odd webinar or two, it’s becoming increasingly evident that the oil and gas industry needs to have some serious conversations about value.
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
Hedge-fund pessimism about crude prices is spilling into gasoline markets, even at the time of year when demand is highest.
Energy prices are the top concern for an increasing number of consumers, while distrust for providers has also risen, a survey has found.
African commodity exporters risk a “disorderly” hit to their economies if they don’t adapt to the reality of low prices, said a senior official at the International Monetary Fund.
Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances.
Motorists have been hit with rising fuel prices for four months in a row, new figures show.
California ’s attorney general has issued subpoenas to several oil companies to learn how they set petrol prices which are consistently among the highest in the US.