Oil Price News

 

Oil Jumps to Two-Year High. Strong Levels Here to Stay, Analyst Says

Jun 07, 2021

Oil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits.Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and…

Oil Nears $72, Close to a Two-year High

Jun 04, 2021

Oil rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe.The Organization of the Petroleum Exporting…

Brent Reaches $70, Highest Since March

Jun 01, 2021

Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer.Prices were also boosted…

Oil Prices Rise on Potential Snag in Iran Talks

May 24, 2021

Oil prices rose on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, while Goldman Sachs said the case for higher prices remained intact even with increased Iran exports.Brent crude oil futures for July were 90 cents…

Oil Jumps on Weather Concerns in Gulf of Mexico

May 21, 2021

Oil prices jumped 2% on Friday after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal…

Oil Hits $70 for the First Time since March

May 18, 2021

Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and U.S. economies offset concern over spreading coronavirus cases in Asia.The British economy reopened on Monday…

Oil Edges Higher on US, Europe Demand Hopes

Apr 23, 2021

Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains.Brent crude futures rose 21 cents…

Aggressive Push to Meet Paris Goals, Could See Oil Prices Slide to $10 by 2050

Apr 16, 2021

Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday.In a report outlining a scenario…

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…

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