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Oil Price News

 

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

Apr 13, 2020

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U…

Oil Drops but Still Set for Biggest Monthly Gain in Years

13 hours ago

Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents…

Oil Price at Highest Since March

May 21, 2020

Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.Crude prices have slumped in 2020…

Brent Hits One-month High, U.S. Oil Tops $32 as Lockdowns Ease

May 18, 2020

Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT…

IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall

May 14, 2020

Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd)…

IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market

May 14, 2020

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand…

OMV Sees Hope for Oil Price Recovery in Second Half 2020

May 13, 2020

Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by increased fuel demand and output cuts by producers such as Saudi Arabia, its chief executive said.The spread of the coronavirus has knocked…

Equinor CEO Doesn't Believe in Quick Oil Market Rebound

May 07, 2020

More global oil production curtailments will be needed to reduce the gap between supply and demand and normalize the oil market, the chief executive of Norway's Equinor said on Thursday.Eldar Saetre, who led the company through the previous market downturn in 2014-2016…

Oil Prices Extend Gains on Demand Hopes as Lockdowns ease

May 05, 2020

Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7…

Oil Prices Hit 1990s Low

Apr 22, 2020

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.Brent crude…

April May Prove Worst Ever Month for Oil Industry - IEA's Birol

Apr 15, 2020

International Energy Agency (IEA) Executive Director Fatih Birol said on Wednesday this month could prove the worst ever experienced by the oil industry.'In a few years' time, when we look back on 2020 we may well see that it was the worst year in the history of global oil markets…

Oil Price Drops to $28 as Supply Cuts Not Enough

Apr 15, 2020

Oil fell 5% to around $28 a barrel on Wednesday, pressured by reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns.The International Energy Agency (IEA) on Wednesday forecast a 29 million…

Oil Rises After OPEC+ Agrees Record Output Cut

Apr 13, 2020

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling…

Oil Holds near $32 ahead of OPEC-Led Talks on Output Cuts

Apr 08, 2020

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.Thursday's videoconference…

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Apr 06, 2020

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33…

Current News

Oil Drops but Still Set for Biggest Monthly Gain in Years

Oil Drops but Still Set for Biggest Monthly Gain in Years

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