Oil prices tumble as major economies reimpose lockdowns
4 years, 2 months ago

Oil prices tumble as major economies reimpose lockdowns

CNN  

London CNN Business — Oil prices fell sharply on Monday as new lockdowns across Europe and record coronavirus cases in the United States slammed the outlook for energy demand. These four countries consume the equivalent of a little over 6% of global consumption, “so no surprise that we are seeing the market reacting this morning,” ING’s head of commodities strategy Warren Patterson and senior commodities strategist Wenyu Yao wrote in a research note on Monday. Ryanair, Europe’s largestcarrier by passengers, said Monday it was further reducing its winter schedule, cutting capacity between November and March to “at most” 40% compared with the same period last year.That’s down fromits previous forecast of 60%.The airline warned that its losses in the second half of the fiscal year through March 2021 would be worse than in the first half. “If this downward pressure on the market continues, there is nothing ruling out the group having an emergency meeting to try calm market fears,” said ING’s Patterson and Yao, who expect the group to extend production cuts into next year.

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History of this topic

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month, 2 weeks ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

Oil Prices Soar as Middle East Tensions Escalate
3 months ago

Oil Prices Soar as Middle East Tensions Escalate

The Hindu  

Oil prices extend upward march on Mideast tensions, with Brent North Sea crude reaching close to $80 per barrel on Monday. The rise is partly attributed to concerns about geopolitical unrest in the Middle East, but also to hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging economy.

Oil market surges on shock output cuts
1 year, 9 months ago

Oil market surges on shock output cuts

Firstpost  

London: World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year. ‘Revive geopolitical tensions’ Sunday’s decision is “in reality” aimed at pushing prices higher but could have a political impact too, senior analyst Ipek Ozkardeskaya at Swissquote Bank said. Green said …

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?
1 year, 11 months ago

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?

LA Times  

Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent. In Germany, Europe’s largest economy, the government passed gas and electricity price caps allowing small businesses and consumers to buy 80% of their …

Drivers are stuck in limbo as world’s oil supply reshuffles
2 years ago

Drivers are stuck in limbo as world’s oil supply reshuffles

Associated Press  

NEW YORK — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply. “But it …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 1 month ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

Oil prices decline amid fears of a global recession
2 years, 2 months ago

Oil prices decline amid fears of a global recession

India Today  

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. But the IMF also urged central banks to keep up their fight against inflation even as investors worry policymakers could trigger a sharp economic downturn by raising borrowing …

Oil prices fall further as China extends COVID-19 curbs
2 years, 4 months ago

Oil prices fall further as China extends COVID-19 curbs

The Hindu  

Oil prices fell on Thursday, extending sharp losses from the previous session, as China's extension of lockdown measures to curb the COVID-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand. Saxo Bank analyst Ole Hansen said the decline was "driven by continued demand worries related to the risk of growth-killing rate hikes from central …

Global crude prices fall on demand concerns as China imposes fresh lockdown
2 years, 4 months ago

Global crude prices fall on demand concerns as China imposes fresh lockdown

Live Mint  

New Delhi: International crude oil prices declined on Wednesday on fears of demand slump as China imposed fresh lockdown to curb spread of Covd-19. The cut may not impact supply as the oil producer group is already producing well below production target level while the cut also signals weaker outlook for demand,“ Ravindra Rao, head of commodity research at Kotak …

Oil tumbles to lowest since January as demand concerns escalate
2 years, 4 months ago

Oil tumbles to lowest since January as demand concerns escalate

Live Mint  

Oil retreated to the lowest level since January on concern a global slowdown will cut demand in Europe and the US just as China’s Covid Zero strategy hurts consumption. OPEC leader Saudi Arabia said this week it’s ready to manage the market proactively, raising the possibility of more supply cuts. In China, the world’s biggest oil importer, strict anti-virus curbs …

Oil slides to fresh seven-month lows as selloff deepens
2 years, 4 months ago

Oil slides to fresh seven-month lows as selloff deepens

CNN  

New York CNN — Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. “High prices are already starting to weigh on the European economy, and fears of contagion are causing a vicious selloff in oil prices today,” said Matt Smith, lead oil analyst Americas at Kpler. Tom Kloza, global …

Oil slides on strong dollar and weaker demand outlook
2 years, 5 months ago

Oil slides on strong dollar and weaker demand outlook

The Hindu  

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. "In the West, the combination of high energy prices and rising interest rates is fuelling concerns about a recession that would have a serious impact on oil demand," Commerzbank said. U.S. President Joe Biden will …

Oil falls 8% as global recession fears spook market
2 years, 5 months ago

Oil falls 8% as global recession fears spook market

Al Jazeera  

Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cases in China reduced traders’ appetite for risk. “The decimation of other commodities has also reduced risk appetite for crude even in a supply-constrained market.” Despite recession fears, several energy administrations agree that supply tightness is set to worsen. IEA’s Executive Director Fatih Birol said nations “might not …

Markets slump on poor showing for retailers after Wall Street fall
2 years, 7 months ago

Markets slump on poor showing for retailers after Wall Street fall

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The US markets also opened marginally lower on Thursday …

Russian war, China lockdowns roil oil markets as OPEC+ meets
2 years, 8 months ago

Russian war, China lockdowns roil oil markets as OPEC+ meets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Increasing production beyond the quotas would complicate relations among …

Oil spikes back above $100 as Russia fears grow
2 years, 9 months ago

Oil spikes back above $100 as Russia fears grow

CNN  

New York CNN Business — Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. The swift rebound in oil prices will be watched closely by leaders in Washington and on Wall Street because high energy prices threaten to exacerbate inflation and slow the economy. “Given Putin’s actions in …

Oil soars past $105 as Russia’s attack on Ukraine rattles markets
2 years, 10 months ago

Oil soars past $105 as Russia’s attack on Ukraine rattles markets

Al Jazeera  

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. “If sanctions affect payment transactions, Russian banks and possibly also the insurance that covers Russian oil and gas deliveries, supply outages cannot be excluded,” said Commerzbank analyst Carsten Fritsch. …

Oil prices: OPEC and Russia stick with plans to increase oil output in January
3 years, 1 month ago

Oil prices: OPEC and Russia stick with plans to increase oil output in January

CNN  

London CNN Business — Saudi Arabia, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in prices driven by fears of a new glut. Brent crude futures, the global benchmark, had soared about 70% since the beginning of the year, but began falling in November when the United …

Oil crashes as coronavirus strain threatens demand recovery
3 years, 1 month ago

Oil crashes as coronavirus strain threatens demand recovery

Al Jazeera  

The emergence of the new strain represents the biggest threat to the recovery in global oil consumption. Oil prices crashed more than 10% as a new coronavirus strain sparked fears that renewed lockdowns will threaten a global recovery in demand. High gasoline retail prices prompted U.S. President Joe Biden to seek ways to ease the pressure on consumers, leading to …

The biggest long-term lessons we can learn from the supply chain crisis
3 years, 2 months ago

The biggest long-term lessons we can learn from the supply chain crisis

The Independent  

The just-in-time world economy is in trouble. There are not only worries about supplies for Christmas, but fears that the global shipping crisis may last well into next year. “Faced with historically long delivery times, global manufacturers’ stockpiling of inputs continues to run higher than before the pandemic,” she said. For example, the German supermarket chain Lidl claims:“We're … passionate …

Global stock market down on inflation as investors worry about brewing energy crisis
3 years, 2 months ago

Global stock market down on inflation as investors worry about brewing energy crisis

Firstpost  

World markets have come under pressure in recent weeks as the reopening of economies and supply chain woes fuel inflation, with a rally in commodity prices a major contributory factor London: World stock markets retreated Tuesday as investors grew increasingly concerned about a brewing energy crisis, soaring inflation, signs of a slowdown in the global economy and an end to …

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45
3 years, 6 months ago

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45

News 18  

SINGAPORE: Oil prices steadied after two days of losses amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned. Brent prices have fallen nearly 5% since Monday’s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as …

Oil prices went negative a year ago. Now the glut is gone
3 years, 8 months ago

Oil prices went negative a year ago. Now the glut is gone

CNN  

New York CNN Business — Panic gripped the energy market last spring as a frightening realization dawned on oil traders: The world was rapidly running out of space to store excesscrude. After hitting a record of 12.9 million barrels per day in November 2019, US oil output crashed to just 10 million barrels per day last May. The overwhelming majority …

Dow, US stocks and oil prices sink as new coronavirus variant sends Europe into lockdown
4 years ago

Dow, US stocks and oil prices sink as new coronavirus variant sends Europe into lockdown

CNN  

New York CNN Business — It was a bumpy ride for US stocks on Monday as worries over a new variant of the coronavirus overshadowed the news of a second pandemic relief bill that was agreed to in Washington late Sunday. Trading volumes are lower with the holiday approaching, which means that market moves tend to be exaggerated, making Monday’s …

Oil prices: This week’s rally is built on shaky ground
4 years, 1 month ago

Oil prices: This week’s rally is built on shaky ground

CNN  

London CNN Business — Oil prices have surged this week on hopes that an effective coronavirus vaccine could be approved before the end of the year. The IEA said Thursday that it now expects oil demand to decrease by 8.8 million barrels a day this year, compared to its forecast last month of a reduction of 8.4 million barrels. “In …

Oil prices crash on demand concerns as many countries extend covid lockdown
4 years, 2 months ago

Oil prices crash on demand concerns as many countries extend covid lockdown

Live Mint  

Oil prices fell 4% on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence over this week's U.S. presidential election. Vitol sees winter demand at 96 million barrels per day while Trafigura expects demand to fall to 92 million bpd or below. Still, concerns about weakening demand and rising supplies from …

Oil prices bounce back from 3-week lows
4 years, 5 months ago

Oil prices bounce back from 3-week lows

Deccan Chronicle  

TOKYO: Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer. U.S. crude gained 35 cents, or 0.9%, to $40.27 after dropping 3.3% the previous session, again recovering from lows not seen since July 10. …

Oil prices slip on demand worries as COVID-19 cases rise
4 years, 5 months ago

Oil prices slip on demand worries as COVID-19 cases rise

Deccan Chronicle  

MELBOURNE: Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the U.S. Energy Information Administration reported a sharp, unexpected 10.6 million …

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes
4 years, 5 months ago

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes

News 18  

Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel …

Oil prices higher on tighter supply, but demand concerns resurface
4 years, 6 months ago

Oil prices higher on tighter supply, but demand concerns resurface

Deccan Chronicle  

SINGAPORE: Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of …

Oil edges up on tighter supply, but demand concerns check gains
4 years, 6 months ago

Oil edges up on tighter supply, but demand concerns check gains

Live Mint  

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening …

Oil prices fall 1% as persistent glut weighs on rates; demand plummets 30%, virus pandemic curtails movement
4 years, 7 months ago

Oil prices fall 1% as persistent glut weighs on rates; demand plummets 30%, virus pandemic curtails movement

Firstpost  

The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns. New York: Oil prices opened about 1 percent lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Global oil demand has plummeted by about 30 …

Oil prices fall on US-China tensions, weak factory data; crude inventories likely to increase in coming weeks
4 years, 8 months ago

Oil prices fall on US-China tensions, weak factory data; crude inventories likely to increase in coming weeks

Firstpost  

While global oil demand is expected to recover modestly from April lows as countries ease some lockdown measures, the glut created over months in storage facilities will loom over the markets. London: Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease, amid a fresh spat between the …

'Unprecedented' oil price collapse hammers BP profits
4 years, 8 months ago

'Unprecedented' oil price collapse hammers BP profits

The Telegraph  

BP's profit slumped by two thirds in the first three months of the year after coronavirus triggered a collapse in global oil prices. The drilling titan warned that some companies will have no choice but to shut down wells as it unveiled a plunge in its preferred measure of underlying replacement cost profits to $791m, down from $2.4bn in the …

Oil crash adds new shock to limping world economy
4 years, 8 months ago

Oil crash adds new shock to limping world economy

Live Mint  

-- The historic collapse in the price of oil is inflicting another shock on a weakened world economy, creating a disinflationary risk for some and severely denting budgets in producers from Saudi Arabia to Russia and Canada.The rock-bottom price comes amid the worst global slump since the Great Depression, which has already led to interest-rate cuts and other stimulus, stretching …

Wall Street suffers worst fall in three weeks amid growing concerns over oil
4 years, 8 months ago

Wall Street suffers worst fall in three weeks amid growing concerns over oil

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Wall Street has suffered …

Cheap oil isn’t going away, even after record production cuts
4 years, 8 months ago

Cheap oil isn’t going away, even after record production cuts

CNN  

New York CNN Business — President Donald Trump took a victory lap over the weekend for helping convince Russia and Saudi Arabia to make record-shattering production cuts – but there was no celebration in financial markets. “But it’s absolutely not enough to rebalance the market.” US oil prices finished 1% lower on Monday to $22.41 a barrel.That’s a far cry …

US crude falls 24%, Brent down 13% as analysts warn more to come
4 years, 9 months ago

US crude falls 24%, Brent down 13% as analysts warn more to come

Al Jazeera  

US oil prices have lost more than half their value in the past 10 days as the coronavirus pandemic spreads worldwide. United States benchmark crude collapsed more than 24 percent and global benchmark Brent flirted with 2003 levels on Wednesday as analysts warned of a “gnarly” combo of crippled demand and growing supply while governments worldwide scrambled to save a …

News Analysis | Why oil prices are crashing
4 years, 9 months ago

News Analysis | Why oil prices are crashing

The Hindu  

Oil prices saw their biggest single-day crash in almost 30 years on March 9, throwing global equity markets into turmoil. The price of a barrel of Brent crude closed down 24% at $34.36 after a price war was initiated between Saudi Arabia and Russia, two of the world’s largest oil producers. After 2014 “glut” diplomacy which brought down prices below …

Oil plunges as producers begin price war
4 years, 9 months ago

Oil plunges as producers begin price war

The Hindu  

Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector. A three-year supply pact between members of the Organization of the Petroleum Exporting Countries, which includes the group’s top producer Saudi Arabia, …

Why oil prices are crashing and what it means
4 years, 10 months ago

Why oil prices are crashing and what it means

CNN  

London CNN Business — Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait. The oil price war follows a rift between Russian President Vladimir Putin and Saudi Arabia's crown prince, Mohammed bin Salman, over how best to balance world energy markets. The Gulf …

Oil prices are dropping fast. Can OPEC come to the rescue?
4 years, 10 months ago

Oil prices are dropping fast. Can OPEC come to the rescue?

CNN  

London CNN Business — A version of this story first appeared in CNN Business’ Before the Bell newsletter. He thinks that an OPEC cut of 1 million barrels per day would be sufficiently supportive, especially given falling oil production in countries like Norway that predated the coronavirus outbreak. “The fundamentals of the US economy remain strong,” he said, while acknowledging …

Oil prices inch higher in lacklustre pre-Christmas activity amid support for supply cuts, lower inventory forecast
5 years ago

Oil prices inch higher in lacklustre pre-Christmas activity amid support for supply cuts, lower inventory forecast

Firstpost  

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia’s energy minister said cooperation with OPEC to support the market would continue Tokyo: Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia’s energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude …

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