Oil Price News

 

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…

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…

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…

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…

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