Oil Price News


OPEC+ Bets Crude Oil Demand will Recover as Fast as Output Returns

Apr 06, 2021

The move by the OPEC+ group of oil exporters to ease their output restrictions from May onwards is effectively a bet that the current soft demand for crude will improve at the same pace as production returns.If history is a guide, it will be extremely difficult to get that balance correct…

Oil Falls Below $64 on Rising Iran, OPEC+ Production

Apr 05, 2021

Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.The Organization of the Petroleum Exporting Countries and allies…

Oil Prices Up as OPEC+ Meets to Decide on Output Policy

Apr 01, 2021

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday.Brent crude was up by 91 cents, or 1.5%, at $63.65 a barrel by 0849 GMT…

Oil Prices: Brent Hits $70

Mar 15, 2021

Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China's economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world's largest oil importer.Brent crude futures for May were steady at $69…

Brent Tops $70 after Houthi Attack on Saudi Oil Export Hub

Mar 08, 2021

Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security…

Total CEO Not Betting on Prices Staying at $70 a Barrel

Mar 08, 2021

Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic and that oil prices were unlikely to remain at the current high of $70 a barrel.'I am not betting on prices staying at $70 a barrel…

Oil Surges After OPEC+ Extends Cuts

Mar 05, 2021

Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68…

Oil Prices Near 14-month High on OPEC+ Decision to Extend Output Cuts

Mar 05, 2021

Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic…

Oil Prices Reach 13-month Highs

Feb 15, 2021

Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.Brent crude was up 88 cents, or 1.4%, at $63.31 a barrel at 1320 GMT, after climbing to a session high of $63…

Brent Oil Price Hits $60 Boosted by Supply Cuts, U.S. Stimulus Hopes

Feb 08, 2021

Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand.Brent was up 68 cents…

Oil Climbs to Highest in a Year

Feb 05, 2021

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.Brent crude futures climbed 28 cents…

Oil Rises Above $56 on U.S. Stimulus Hopes ahead of Biden Inauguration

Jan 20, 2021

Oil rose above $56 a barrel on Wednesday, supported by expectations the new U.S. administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts of a drop in U.S. crude inventories.U.S. Treasury…

Oil Rises to 11-month High

Jan 12, 2021

Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56…

Saudi Cuts Drive Oil to 11-month High

Jan 07, 2021

Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54…

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