Oil Price News

 

Soaring Prices Set Stage for Drop in Oil, Gas Demand

Mar 08, 2022

Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday.Global oil futures hit as much as $139 a barrel this week as gasoline, diesel and power prices to multi-year highs. The surges come as oil buyers shun cargoes from the world's No…

Oil Drops to 12-week low on Recession, COVID-19 Worries

1 hour ago

Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday's heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.Brent LCOc1 futures for September delivery fell $2…

Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted

Jul 05, 2022

Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel…

Brent Climbs Above $120/bbl after Saudi Arabia Hikes Crude Prices

Jun 06, 2022

Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signaling tight supply even after OPEC+ agreed to accelerate output increases over the next two months.Brent crude was up 91 cents…

Oil Prices Climb above $120 a Barrel ahead of EU Meeting on Russian Oil Ban

May 30, 2022

Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months, as traders waited to see whether a European Union meeting would reach an agreement on banning Russian oil imports.The Brent crude futures contract for July…

Chevron 1Q Income Nearly Quadruples as Oil Prices Surge

Apr 29, 2022

Chevron Corp's first-quarter profit nearly quadrupled from the same period a year ago, easily surpassing Wall Street's forecasts as oil and gas prices surged following Russia's invasion of Ukraine.The second-largest U.S. oil producer on Friday posted adjusted earnings of $6…

Morgan Stanley Lifts Brent Price Forecast for 3Q to $130 a Barrel

Apr 22, 2022

Morgan Stanley raised its third-quarter price forecast for Brent by $10 per barrel to $130 citing a 'greater deficit' this year due to lower supply from Russia and Iran, which is likely to outweigh short-term demand headwinds.'The oil market is contending with negative GDP revisions…

Oil Prices Steady Amid Fears Over Slowing China Demand

Apr 18, 2022

Oil prices steadied on Monday as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.Brent futures LCOc1 were up 27 cents, or 0…

Oil Prices Drop on Concerns of Weaker Chinese Demand

Mar 28, 2022

Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID-19 infections.Brent crude LCOc1 futures slid as low as $113.72 a barrel and were trading down $5…

Brent Crude Soars to $139 a Barrel as U.S., Europe Mull Russian Oil Import Ban

Mar 07, 2022

Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139…

Oil Rises Above $112 as Ukraine Conflict Offsets Iran Supply Hope

Mar 04, 2022

Oil rose above $112 a barrel on Friday in a volatile session as fears over disruption to Russian oil exports in the face of Western sanctions offset the prospect of more Iranian supplies in the event of a nuclear deal with Tehran.Signs of an escalation in the Russia-Ukraine conflict…

Brent Crude Tops $112. Tanker Owners "Are Having a Ball"

Mar 02, 2022

Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The…

Oil Rises Past $102 as Russian Energy Supply Fears Intensify

Feb 28, 2022

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.Brent crude LCOc1 rose $4.82, or 4.9%, to $102…

Oil's Journey from Worthless in the Pandemic to $100 a Barrel

Feb 25, 2022

In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity…

Oil Price Tops $100 for First Time Since 2014 as Russia Attacks Ukraine

Feb 24, 2022

Oil prices surged on Thursday, with Brent breaching $100 a barrel for the first time since 2014, after Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy supplies.After Russian President Vladimir…

Current News

Oil Drops to 12-week low on Recession, COVID-19 Worries

Oil Drops to 12-week low on Recession, COVID-19 Worries

'Energy Major' Buys 1,2 GW Floating Wind Farm Project from Hexicon Korea

'Energy Major' Buys 1,2 GW Floating Wind Farm Project from Hexicon Korea

Valaris Bags $466M in Rig Deals. CEO Sees 'Constructive Outlook' for Offshore Drilling Industry

Valaris Bags $466M in Rig Deals. CEO Sees 'Constructive Outlook' for Offshore Drilling Industry

Canada: Offshore Safety Watchdog Lays Charges for 2019 Oil Spill

Canada: Offshore Safety Watchdog Lays Charges for 2019 Oil Spill

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