Oil Price News

 

Woodmac: How has the Price Crash Changed the Upstream Sector?

Jun 25, 2020

According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry.Andrew Pearson, vice president, upstream, said: 'This figure captures the impact of Wood Mackenzie’s downgraded…

Oil Prices Transitioning to Next Phase of Cycle

Jun 23, 2020

Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis in decades.Front-month Brent futures have averaged…

Brent Crude Rises to Above $42 a Barrel

Jun 19, 2020

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday…

UBS Lifts Brent Price Forecast

Jun 18, 2020

UBS raised its forecasts on Thursday for the price of Brent crude this year, citing expectations of an undersupplied oil market as demand starts to pick up on the back of a recovering global economy.'Supply is being curbed by OPEC+ voluntary…

E&P Players' Widely-differing Views on Oil Price Future

Jun 16, 2020

BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.It also highlights the huge variation in how oil companies are viewing…

BP Lowers Oil Outlook. Expects to Take up to $17.5B Writedown

Jun 15, 2020

BP will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels…

Oil Extends Slump as Prospect of Second Viral Wave in U.S. Ends Rally

Jun 12, 2020

Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel.West Texas Intermediate was down 65 cents…

ConocoPhillips CEO Says Surprised by Quick Rebound in Oil Prices

Jun 11, 2020

ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.Oil is now trading at near $40 per barrel…

Oil Prices Rise on OPEC+ Cuts. Brent at $42,8

Jun 08, 2020

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China's crude imports hit an all-time high in May.Brent crude was up 51 cents, or 1.2%, at $42.81 per barrel, by 0628 GMT, while U…

Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension

Jun 03, 2020

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters…

Oil Gains, with Brent above $40

Jun 03, 2020

Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents…

Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts

Jun 02, 2020

Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT…

Oil Drops but Still Set for Biggest Monthly Gain in Years

May 29, 2020

Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents…

Oil Prices Up as Faith in Supply Cuts Grows

May 26, 2020

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT…

Oil Steadies as Demand Uncertainty Tempers Supply Cuts

May 25, 2020

Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents…

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