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…

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…

Oil Prices Retreat on Prospect of Iran oil Sanctions Easing

Feb 18, 2022

Oil prices retreated on Friday after wild swings during the week, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible Russian invasion of Ukraine, which could disrupt supply.Brent crude LCOc1 futures fell 68 cents…

Repsol Beats Forecasts Thanks to High Oil and Gas Prices

Feb 17, 2022

High oil and gas prices helped Spain's Repsol REP.MC to post earnings above market expectations on Thursday, giving it more financial firepower to spend on low-carbon operations investors are increasingly demanding of energy companies.Benchmark…

Oil Prices Stable at $90 a Barrel But Iran Supply Prospects Add Pressure

Feb 09, 2022

Oil prices were stable around $90 a barrel on Wednesday but the prospect of increased supply from Iran and the United States kept pressure on the market.Brent crude futures edged down 36 cents, or 0.4%, to $90.42 a barrel by 1150 GMT.  U.S. West Texas Intermediate crude fell 43 cents…

Exxon Reports Best Results in Seven Years on High Oil Prices

Feb 01, 2022

Exxon Mobil Corp on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices.The company slashed spending after fuel demand cratered two years ago and…

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