Showing posts with the label Oil

News on Stocks, Oil Prices & International Trade: Monday, March 7, 2022:

 Source: Stocks, Oil Prices and International Trade News: Live Updates William P. Davis 27-34 minutes Stocks extend their rout as the Ukraine war and its economic fallout intensif March 7 Global stocks slid on Monday as attacks on Ukraine escalated and governments considered ever-stricter economic penalties on Russia, including cutting off imports of Russian oil. It was Wall Street’s worst day in nearly two years. The S&P 500 fell 3 percent, its sharpest daily decline since May 2020. The Nasdaq composite dropped 3.6 percent and is now 20 percent off its November record, entering territory known on Wall Street as a bear market, denoting a serious downturn. Aside from the shock and uncertainty of the war, the conflict has increased concerns about prolonged inflation worldwide, and as stocks slid on Monday, energy prices jumped. Russia is a major exporter of oil and natural gas, providing 10 percent of the w

OIL Price Report (morning Edition): Oil Prices Climb on Monday. Oil prices climb after progress on huge U.S. stimulus bill Reuters 2-3 minutes Oil prices rose more than $1 on Monday on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out. Brent crude futures for May rose 63 cents, or 0.98%, to $65.05 per barrel. U.S. West Texas Intermediate (WTI) crude futures jumped 58 cents, or 0.94%, to $62.08 per barrel. "Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House and as central banks continue to sabre rattle to ward off market-implied financial tightening," Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday. U.S. House of Representatives passed a $1.9 trillion coronavirus relief package early Saturday. Democrats who control the chamber approved the swe

Oil Oil jumps more than 2% as supply cuts take effect Reuters 3 minutes Flames burn off at an oil processing facility in Saudi Aramco's oilfield in the Rub' Al-Khali desert in Shaybah, Saudi Arabia, in October 2018. Simon Dawson | Bloomberg | Getty Images Oil prices rose more than 2% on Monday, buoyed by falling U.S. crude inventories and rising winter fuel demand as a one of the worst snowstorms in years hits the U.S. Northeast. Brent crude was up $1.22 cents, or 2.2%, at $56.26 a barrel. U.S. crude settled 2.59% higher at $53.55 per barrel. Both benchmarks gained nearly 8% in January. U.S. government data last week showed a 2.3 million-barrel drawdown in stocks at the Cushing, Oklahoma, delivery hub for crude futures. Another 2.3 million-barrel weekly decline is expected since then, analysts and traders said citing a Wood Mackenzie report. "Crude is being supported by many small

News | Business | Oil | OPEC: OPEC cuts 2020 oil demand forecast, trims 2021 outlook on pandemic fallout

Sam Meredith 4 minutes - Source: CNBC A oil tanker goods train passes towards Nizamuddin Railway Station near Ashram in New Delhi on July 30, 2020. Mayank Makhija | NurPhoto via Getty Images LONDON —  OPEC has cut its forecast for oil demand growth this year, citing a weaker-than-expected recovery in India and other Asian countries, and warned risks remain “elevated and skewed to the downside” for the first half of next year. In a closely-watched monthly report published Monday, the group of oil-producing nations downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020. That’s down 400,000 bpd from the previous month’s estimate and reflects a contraction of 9.5 million bpd year-on-year. The report comes as energy market participants become increasingly concerned about a faltering economic recovery and stumbling fuel demand in the wake of the coronavirus pandemic. The Midd

News | Oil | World Output: Oil producers expected to increase crude output

3minutes - Source: BBC Image copyright Getty Images The world's leading oil producers are expected to announce an increase in output this week amid signs that demand is rising. Oil cartel Opec is due to hold a meeting on Tuesday and Wednesday to discuss its next move. Analysts predict major producers will agree to ease supply cuts that were imposed in April to prop up prices. Opec and its allies, known as Opec+, cut daily oil output by 9.7m barrels as the pandemic saw demand collapse. That agreement was made to help ease the effects of an oil glut caused by the lockdowns and to stabilise prices. Brent crude, which is the global benchmark for oil, is down around 30% this year, while US-traded West Texas Intermediate (WTI) fell below zero at one point in April.

Oil: A historic production cut from global oil powers this week 'won't necessarily help all that much'

Sam Meredith 5-6 minutes - Source: CNBC Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy analysts split over the prospect of non-allied partners, including the U.S., signing up to a deal immediately thereafter. An emergency meeting of OPEC and non-OPEC partners, sometimes referred to as OPEC+, will be held on Thursday, as the coronavirus pandemic continues to ravage global oil demand. OPEC kingpin Saudi Arabia and non-OPEC leader Russia are seen as likely to agree to cut production in an effort to arrest an oversupplied market, but only on the condition that the U.S. joins a global pact, Reuters reported, citing unnamed sources. President Donald Trump said Monday that OPEC hadn’t asked “that question” yet, but suggested U.S. oil production had already fallen anyway. Crucially, G-20 energy ministers will convene for their own extraordinary meeting one day

Oil: OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

Sam Meredith 3-4 minutes - Source: CNBC An employee stands at the Hammar Mushrif new Degassing Station Facilities site inside the Zubair oil and gas field, north of the southern Iraqi province of Basra on May 9, 2018. Haidar Mohammed Ali | AFP | Getty Images Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement. IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “ deep concerns ” about the coronavirus pandemic on Monday, warning it could have “potentially far-reaching economic and social consequences.” Birol and Barkindo said they expect developing countries to see their oil and gas income fall by 50% to 85% in 2020. They singled out public sector spending in vital areas such as health care and education as being especially vulnerable. Internati

Oil: OPEC reportedly agrees on massive oil supply cut to offset virus impact; awaits Russia's approval

Sam Meredith, Holly Ellyatt 3-4 minutes - Source: CNBC OPEC has reportedly agreed to impose a deeper round of production cuts in order to support oil prices, paving the way for crunch talks with non-OPEC leader Russia, who has to agree to the plan. The 14-member group, led by Saudi Arabia, decided Thursday to cut production by 1.5 million barrels per day (bpd), two unnamed sources told Reuters. The deal — which was at the top end of analyst expectations — is believed to be conditional on approval from Russia. A meeting of both OPEC and non-OPEC members, sometimes referred to as OPEC+, will take place on Friday. Ahead of Thursday’s meeting, Russia’s appetite for deeper production cuts had been far from certain, with Moscow reportedly in favor of an extension to the current level of cuts rather than a further reduction. International benchmark Brent crude traded at $51.49 Thursday morning, up around 0.7%, while U.S. West Texas Int

Energy | Oil | Oil Price Report: Oil falls as US rights bill fuels tensions with China

3-4 minutes - Source: CNBC Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. Benjamin Lowy | Getty Images Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China. Brent crude  was down 19 cents, or 0.3%, at $63.87 a barrel by 0854 GMT, having dropped 0.3% on Wednesday. West Texas Intermediate crude  fell 33 cents, or 0.6%, to $57.78, after losing 0.5% in the previous session. China warned the United States that it would take “firm countermeasures” in response to U.S. legislation backing anti-government protesters in Hong Kong. Investors are concerned that the move might delay further a preliminary agreement between the United States and China to put an end to their trade war that has slowed global economic growth, and consequently consumption of o