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Oil Price News

 

Oil Shoots Past $83 a Barrel, Hitting a Multi-year High

Oct 06, 2021

Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts said, technical indicators suggesting oil has rallied too fast…

Oil Prices Hit a Fresh Three-year High on Supply Deficit Concerns

Oct 15, 2021

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.Brent crude futures were up 80 cents, or 0…

Oil Rises on IEA Demand Forecast

Oct 14, 2021

Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.Brent crude futures gained 87 cents…

Oil Rises to Multi-year Highs on Global Energy Crunch

Oct 11, 2021

Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.Brent crude was up $1.45, or 1.8%, at $83.84 a barrel by 1336 GMT…

Oil Slides 4% on China Virus Curbs, Climate Warning

Aug 09, 2021

Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations…

OPEC+ Deal to Boost Output to End Talks of $100 a Barrel Oil

Jul 20, 2021

The OPEC+ deal to boost crude oil output from August was always the most likely outcome to the producer group's earlier impasse, and it should be enough to end market talk of $100 a barrel oil, at least for now.OPEC+ ministers agreed on Sunday to boost production by 400…

Oil Prices Drop on Expected Supply Increase

Jul 15, 2021

Oil prices fell on Thursday, extending losses as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose, raising concerns over demand in the world's largest consumer.Brent crude dropped 52 cents…

Big Oil Keeps Brakes on Spending, Despite Crude Rally Windfall

Jul 12, 2021

Leading international energy companies are resisting the temptation to rush and spend an unexpected windfall from rallying oil and natural gas prices as they focus on longer-term energy transition challenges, executives and analysts said.Benchmark…

Oil Prices Rise Over 2% as US Inventories Decline

Jul 09, 2021

Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.Signs of strong Asian demand from both China and India also strengthened the market.Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p…

Shell to Hike Shareholder Returns After Sharp Rise in Oil Price

Jul 07, 2021

Royal Dutch Shell on Wednesday said it would boost its returns to shareholders via share buybacks or dividends after a sharp rise in oil and gas prices helped it reduce debt.It will increase its distribution to shareholders to 20% to 30% of cash flow from operations beginning in the second quarter…

Oil Price Heads to Three-year High after OPEC+ Fails to Agree on Output Plan

Jul 06, 2021

Oil prices were heading towards three-year highs on Tuesday, towing petrocurrencies and bond yields with them, after the world's main oil producers failed to agree on production plans.Europe's stocks spluttered at the prospect of faster inflation…

OPEC+ Meets to Decide on Oil Output Policy

Jul 01, 2021

The OPEC+ group of oil producers meets on Thursday to decide on a further easing of output cuts next month and could also consider extending its overall supply pact beyond April 2022, sources within the group told Reuters.The group comprising…

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

Jun 22, 2021

Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.'There is quite a chance to reach $100 but we could see again…

Japanese Refiners See Bullish Oil Price Trend Continuing

Jun 16, 2021

Oil prices are set to remain on a bullish course this year given the strong recovery in global demand following the COVID-19 pandemic-induced slump, the head of the Petroleum Association of Japan (PAJ) said on Wednesday.'Global crude demand…

Oil Price Hits New High Near $75

Jun 16, 2021

Oil extended its run of gains on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories.The American Petroleum Institute reported U…

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