Tag: OIL PRICES

Oil rises to $67, heads for weekly gain on demand hopes

Oil rose to $67 a barrel and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies

Goldman expects OPEC + to keep oil production unchanged in May

Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”

U.S. oil activity jumps as executives remain wary of OPEC, Biden

Activity and spending in U.S. oil fields is soaring this year as the industry recovers from last year’s pandemic-driven oil price crash, according to cautiously optimistic energy company executives polled by the Federal Reserve Bank of Dallas in a survey

Oil rises as Suez Canal ship runs aground, European lockdowns weigh

Oil rose more than 2% after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains

Oil prices rise on economic outlook, drawdown in fuel stocks

Oil prices rose on a weaker dollar as fears of rising US inflation eased while a steep fall in US fuel stocks meant a crude glut would be short-lived as refiners restart in Texas after last month’s freeze

Russia says OPEC+ will try to ensure there are no sharp oil price swings

Russian Foreign Minister Sergei Lavrov said that OPEC+ oil producers would try to ensure there are no sharp oil price swings and that the current price more or less reflected the balance between producers and consumers

Goldman cuts 2021 Brent forecast as virus surge creates temporary headwind

The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously

IEA sees new European lockdowns denting oil demand outlook

Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency said

Brent crude tops $40 as Biden’s win buoys risk-taking

Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic

BP swings back to profit, epidemic uncertainty weighs

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits