Oil Price News

 

Brent Hits Highest Since March on Promising Vaccine News

Nov 24, 2020

Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%…

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…

Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension

Jan 05, 2021

Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4…

Oil Slips, Set for 20% Annual Drop in Tumultuous 2020

Dec 31, 2020

Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows…

A Historic Oil Price Collapse, with Worries Headed into 2021

Dec 29, 2020

This year was like no other for oil prices. Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude plunged deep into negative territory and Brent dropped below $20 per barrel…

Oil Prices Edge Down as OPEC and Allies Seek Consensus on Output

Dec 01, 2020

Oil prices inched down on Tuesday as investors awaited direction from OPEC and its allies after the producers postponed a formal meeting to decide whether to lift output from January.Brent crude was down 19 cents at $47.69 a barrel by 1430 GMT and West Texas Intermediate was down 36 cents at $44…

Exxon Lowers Oil Price Outlook for Much of the Next Decade

Nov 25, 2020

U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents.As part of an internal financial-planning process conducted this fall…

OPEC+ Starts Talks to Weigh Further Steps to Support Oil Market

Nov 16, 2020

The Organization of Petroleum Exporting Countries and allies started meetings on Monday that will look at further action to support the oil market in 2021, as the second wave of coronavirus weighs on demand and prices.OPEC and allies led by Russia…

Brent Crude Tops $40 as Biden's Win Buoys Risk-taking

Nov 09, 2020

Oil prices rose more than 2% on Monday, with Brent futures topping $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from the worsening coronavirus pandemic.Brent crude futures for January climbed 94 cents…

Coronavirus Surge Throws Oil Recovery into Reverse

Nov 04, 2020

Oil futures prices have started to signal OPEC+ may have to do more to offset a second wave of coronavirus and a renewed economic slowdown.Between mid-September and mid-October, Brent’s six-month calendar spread had been tightening, a signal…

Russia, Saudi Arabia Discuss Volatile Oil Market

Oct 19, 2020

The world's two largest oil exporters, Russia and Saudi Arabia, are in talks on how to support volatile oil markets, the Kremlin said on Monday as rising coronavirus infections worldwide curb fuel demand.An OPEC+ ministerial monitoring committee…

Oil Traders See Slow Demand Recovery

Oct 16, 2020

Top global oil traders Vitol, Trafigura and Gunvor said on Thursday they saw slow oil demand recovery because of a second coronavirus wave with oil prices rising to or above $50 per barrel only by October next year.Benchmark Brent crude futures traded down 1…

OPEC+ to Make Sure Oil Prices Don't Drop Steeply Again, Barkindo Says

Oct 15, 2020

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC Secretary General Mohammad Barkindo said on Thursday, adding that oil demand has been recovering slower than expected…

Oil Prices Rise as Hurricane Enters Gulf of Mexico

Oct 08, 2020

Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a U.S. economic stimulus deal and after a build in U.S. crude inventories…

Current News

Exxon Strikes Out at Hassa-1 Offshore Guyana

Exxon Strikes Out at Hassa-1 Offshore Guyana

Offshore Wind: Things are Getting Bigger

Offshore Wind: Things are Getting Bigger

Harren & Partner Adds Offshore Wind Vessel to Fleet. Launches SAL Renewables

Harren & Partner Adds Offshore Wind Vessel to Fleet. Launches SAL Renewables

Eidesvik Offshore Nets Long-Term Charter for Acergy Viking SOV

Eidesvik Offshore Nets Long-Term Charter for Acergy Viking SOV

Subscribe for OE Digital E‑News

Offshore Engineer Magazine