Oil plunges deeper into bear market on coronavirus fallout
4 years, 10 months ago

Oil plunges deeper into bear market on coronavirus fallout

CNN  

New York CNN Business — The spread of the coronavirus around the world is sending shockwaves through an oil market ill-prepared for a serious blow to energy demand. Oil prices plunged deeper into a bear market Wednesday, reflecting fears about the economic repercussions of the rapidly-spreading health crisis. That is what is turning investor sentiment on oil and other risk assets as well,” said Michael Tran, director of global energy strategy at RBC Capital Markets. Citing the coronavirus, on Wednesday, Goldman Sachs told clients it is cutting its 2020 oil demand growth forecast in half to just 600,000 barrels per day.

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History of this topic

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 7 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

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 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 …

It's a bear market! What you need to know about stocks, inflation, the Fed, and what's to blame.
2 years, 6 months ago

It's a bear market! What you need to know about stocks, inflation, the Fed, and what's to blame.

Slate  

I hope you’re a Werner Herzog fan, because Wall Street is getting grizzly, man. The origins of Wall Street’s most enduring cliche apparently lie in early modern Britain, as Jason Zweig explained a couple years back in a great piece for the Wall Street Journal: According to Anatoly Liberman, a linguist at the University of Minnesota, the use of “bull” …

How to survive in a bear market
2 years, 8 months ago

How to survive in a bear market

Live Mint  

A bear market is defined as a market that falls more than 20% from its most recent peak. With multiple issues such as the Russia-Ukraine conflict and inflation dogging stocks around the world, major global indices such as the Nasdaq have collapsed into a bear market. However, the chances of a bear market for Indian stocks are strong given the …

Biden oil move aims to cut gas prices ‘fairly significantly’
2 years, 9 months ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

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 …

Biden sets out oil, gas leasing reform, stops short of ban
3 years, 1 month ago

Biden sets out oil, gas leasing reform, stops short of ban

Associated Press  

WASHINGTON — The Biden administration on Friday recommended an overhaul of the nation’s oil and gas leasing program to limit areas available for energy development and raise costs for oil and gas companies to drill on public land and water. The long-awaited report by the Interior Department stops short of recommending an end to oil and gas leasing on public …

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 …

Global markets: Stocks and oil plunge on new Covid variant fears
3 years, 1 month ago

Global markets: Stocks and oil plunge on new Covid variant fears

CNN  

Hong Kong/London CNN Business — Stocks fell and oil prices plunged more than 10% on Friday as the emergence of a new Covid-19 variant rattled global markets. South Africa’s health minister said Thursday that a new coronavirus variant appears to be spreading rapidly in parts of the country. UK Health Minister Sajid Javid said the variant “may be more transmissible” …

US oil companies are in no rush to solve Biden’s gas price problem
3 years, 2 months ago

US oil companies are in no rush to solve Biden’s gas price problem

CNN  

New York CNN Business — US oil companies used to ramp up production at even the slightest hint of higher prices. Oil companies are ‘very confused’ Not only are oil companies plowing money into low-carbon businesses, the climate crisis has created vast uncertainty about the future demand for fossil fuels. Yet analysts said it’s not fair to pin the blame …

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns
3 years, 8 months ago

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns

News 18  

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising Covid-19 cases in India, Japan and Brazil. OPEC, Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC raised …

Global crude oil price rise despite rising Covid-19 surge. Here's why
3 years, 8 months ago

Global crude oil price rise despite rising Covid-19 surge. Here's why

India Today  

Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited gains. "Follow-through buying is pushing prices up further," said Tamas Varga at oil broker PVM. "But the immediate upside potential could be limited …

Oil prices fall 2% as inventories rise and vaccine rollout stalls
3 years, 9 months ago

Oil prices fall 2% as inventories rise and vaccine rollout stalls

Business Standard  

Oil prices fell for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. "Short-term developments - stuttering vaccine rollouts and the build in U.S. oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging," said PVM Oil Associates …

Oil falls 2% as inventories rise, vaccine rollout stalls
3 years, 9 months ago

Oil falls 2% as inventories rise, vaccine rollout stalls

Live Mint  

Oil prices fell for a fifth day running on Thursday on a stronger dollar, a further increase in US crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. "Short-term developments - stuttering vaccine rollouts and the build in US oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging," said PVM Oil Associates …

Oil prices rise as investors look to higher demand seen in second half
3 years, 11 months ago

Oil prices rise as investors look to higher demand seen in second half

Live Mint  

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in …

Opinion: Pretty soon, we may need more oil than we can produce
4 years ago

Opinion: Pretty soon, we may need more oil than we can produce

CNN  

Editor’s Note: Dan K. Eberhart is CEO of Canary, an independent oilfield services company in the United States. After 10 months of layoffs and forced consolidations sparked by pandemic-related shutdowns, higher prices would be welcome news for producers and the oilfield services companies and refiners that depend on them – not to mention the largely rural communities across Texas, Louisiana, …

OPEC and Russia agree to start pumping more oil next month
4 years, 1 month ago

OPEC and Russia agree to start pumping more oil next month

CNN  

London CNN Business — Saudi Arabia, Russia and other oil producing countries have agreed to start tentatively increasing output next month even as the coronavirus pandemic continues to cloud the outlook for demand. The alliance of oil producers slashed production in May and June by 9.7 million barrels a day, about 10% of global output, after coronavirus lockdowns and travel …

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 …

As oil passes $45, It’s 2021 that’s really got traders excited
4 years, 1 month ago

As oil passes $45, It’s 2021 that’s really got traders excited

Live Mint  

The prospect of a coronavirus vaccine has transformed how oil traders are evaluating the market’s prospects for the second half of 2021. The difference in price between December West Texas Intermediate futures for 2021 and 2022 --- a popular trade among oil focused hedge funds -- has also reached the narrowest since March. “We think all of that is going …

Oil rises on hopes for Covid-19 vaccine, declining US crude stocks
4 years, 1 month ago

Oil rises on hopes for Covid-19 vaccine, declining US crude stocks

Hindustan Times  

Oil prices climbed on Wednesday as hopes of an effective Covid-19 vaccine continued to bolster sentiment, while an industry report showed US crude inventories fell more than expected. Crude stockpiles also fell by 5.1 million barrels last week to about 482 million barrels, industry group data showed on Tuesday, compared with analysts’ expectations in a Reuters poll for a reduction …

Oil prices pull back from 5-month highs as rising product stocks weigh
4 years, 5 months ago

Oil prices pull back from 5-month highs as rising product stocks weigh

Live Mint  

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling U.S. crude inventories. The two benchmarks had risen to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. Still, oil investors remain …

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 falls 2% on U.S.-China tensions, rising virus cases
4 years, 5 months ago

Oil falls 2% on U.S.-China tensions, rising virus cases

Live Mint  

Oil prices dropped nearly 2% on Monday despite a weaker U.S. dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand's recovery. "In lack of larger fundamental news, oil prices are following the overall macro trends, behaving as a 'risky asset' and being traded lower when safe-haven assets strengthen," said Bjornar …

Oil prices slip amid uncertainty over fuel demand, easing supply curbs
4 years, 5 months ago

Oil prices slip amid uncertainty over fuel demand, easing supply curbs

Live Mint  

Oil prices slipped on Friday amid growing uncertainty about the global recovery in fuel demand as coronavirus cases surged in several countries, while major producers were set to ease output curbs. The two benchmark crudes fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim their record …

Oil prices mixed as virus spike casts shadow over demand
4 years, 5 months ago

Oil prices mixed as virus spike casts shadow over demand

Deccan Chronicle  

MELBOURNE: Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs. The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, agreed …

Oil prices mixed as virus spike casts shadow over demand
4 years, 6 months ago

Oil prices mixed as virus spike casts shadow over demand

Deccan Chronicle  

SINGAPORE: Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States. Amid rising numbers of coronavirus cases in 39 U.S. states, a Reuters tally showed that in the first …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

SEOUL: Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to …

Oil falls as growing coronavirus cases stoke fuel demand worries
4 years, 6 months ago

Oil falls as growing coronavirus cases stoke fuel demand worries

Hindustan Times  

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery. Gasoline demand will be closely watched as the United States heads into its July 4 holiday weekend as many Americans are expected to hit the road. Brent crude futures were down …

Oil falls as growing coronavirus cases stoke fuel demand worries
4 years, 6 months ago

Oil falls as growing coronavirus cases stoke fuel demand worries

Live Mint  

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to $40.31 …

Oil prices slip on demand fears as virus cases surge
4 years, 6 months ago

Oil prices slip on demand fears as virus cases surge

Deccan Chronicle  

MELBOURNE: Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. New U.S. COVID-19 cases rose by nearly 50,000 on Wednesday, according to a Reuters tally, in the biggest one-day spike since the …

Oil prices crawl up on demand recovery, tempered by virus outbreaks
4 years, 6 months ago

Oil prices crawl up on demand recovery, tempered by virus outbreaks

Live Mint  

Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production. Analysts said satellite data showing strong pick-ups in traffic in China, Europe and across the United States pointed to a recovery …

Oil prices steady amid signs of demand coming back after coronavirus
4 years, 6 months ago

Oil prices steady amid signs of demand coming back after coronavirus

Hindustan Times  

Oil prices were steady on Tuesday, holding onto the previous session’s gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts. The reopening of some US states and countries around the world after lockdowns has helped sustain oil’s recent rally as demand for fuel …

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 …

The big oil turnaround: From negative prices to a bull market
4 years, 6 months ago

The big oil turnaround: From negative prices to a bull market

Live Mint  

Every day, traders in London congregate at 4 pm to buy and sell North Sea oil for half an hour. Leaving lockdown “You can see demand ramping up every week,” said Marco Dunand, co-founder of major oil trading house Mercuria Energy Group Ltd. “Our short-term tracking of demand confirms a healthy recovery from the lows of April,” said Giovanni Serio, …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

MELBOURNE: Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and …

Oil falls amid virus resurgence fears, rise in inventories
4 years, 6 months ago

Oil falls amid virus resurgence fears, rise in inventories

Deccan Chronicle  

SEOUL: Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic. Both benchmarks rose over 3% in the previous session after the International Energy Agency raised its 2020 oil demand forecast to 91.7 million barrels per day and U.S. retail sales posted a record jump …

Oil prices drop as coronavirus infections rise
4 years, 6 months ago

Oil prices drop as coronavirus infections rise

Deccan Chronicle  

TOKYO: Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check. “Renewed optimism that OPEC+ production cuts could remain in place if we see second wave concerns intensify have oil prices refusing to enter freefall,” said Edward Moya, …

Oil is up $80 in seven weeks. The remarkable recovery could be too good to be true
4 years, 7 months ago

Oil is up $80 in seven weeks. The remarkable recovery could be too good to be true

CNN  

New York CNN Business — The oil market has rapidly recovered from its darkest day ever. Goldman Sachs: Fundamentals are ‘turning bearish’ JBC Energy Group cautioned that oil prices will need a “confluence of bullish surprises” just to maintain current levels. The Wall Street bank cited four major challenges: Demand expectations are “running ahead” of fundamentals; the level of inventories …

Oil prices edge lower as US fuel demand remains weak; worsening US-China tension weigh on financial markets
4 years, 7 months ago

Oil prices edge lower as US fuel demand remains weak; worsening US-China tension weigh on financial markets

Firstpost  

Oil prices edged lower on Friday after US inventory data showed lacklustre fuel demand in the world’s largest oil consumer Singapore: Oil prices edged lower on Friday after US inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening US-China tensions weighed on global financial markets. Thursday’s data from the Energy Information Administration showed that US …

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 …

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 …

Oil prices rebound: US crude futures show modest rise from $0 a barrel, but gains capped on demand concerns
4 years, 8 months ago

Oil prices rebound: US crude futures show modest rise from $0 a barrel, but gains capped on demand concerns

Firstpost  

Oil prices have skidded as travel restrictions and lockdowns to contain the spread of the coronavirus curbed global fuel use, with demand down 30 percent worldwide. Seoul: Oil prices rebounded on Tuesday, with US crude turning positive after trading below $0 for the first time ever, but gains were capped amid unresolved concerns about how the market can cope with …

Premarket: The coronavirus pandemic has broken the oil market
4 years, 8 months ago

Premarket: The coronavirus pandemic has broken the oil market

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. “There’s a lot of oil and no real place to put it right now, so no one wants to take delivery of it,” Randy Giveans, a Jefferies analyst, told me. “We’ve seen more contracts in the last four weeks than for the past four years combined,” …

US crude plunges to 20-year low as coronavirus hits demand
4 years, 8 months ago

US crude plunges to 20-year low as coronavirus hits demand

Deccan Chronicle  

Singapore: US crude crashed to below $15 a barrel Monday, its lowest level for over two decades, with traders concerned that storage facilities are filling up as the coronavirus pandemic strangles demand. But prices have continued to fall as analysts say the cuts are not enough -- and US crude's collapse Monday was triggered by worries that key storage facilities …

Oil bounces back as rising stockpiles seen pointing to lower output; coronavirus pandemic ravages demand
4 years, 8 months ago

Oil bounces back as rising stockpiles seen pointing to lower output; coronavirus pandemic ravages demand

Firstpost  

The figures followed a report from the International Energy Agency that forecast oil demand would fall by 29 million barrels per day in April, to the lowest in 25 years, and just below 30 percent of global demand before the coronavirus outbreak. Tokyo: Oil rose on Thursday, with US crude rebounding from near-20-year lows in the previous session on hopes …

Coronavirus forces US, Russia and OPEC cartel to slash 10 per cent of world's oil supply
4 years, 8 months ago

Coronavirus forces US, Russia and OPEC cartel to slash 10 per cent of world's oil supply

ABC  

The world's biggest oil producers, including Russia, Saudi Arabia and the United States, have agreed to slash the world's oil supply by 10 per cent in a desperate bid to lift prices, which have been hammered by the coronavirus outbreak. Key points: A previous agreement by OPEC+ to cut production this year fell apart because of a dispute between Russia …

Market Ahead, April 9: Top Factors That Could Guide Markets Today
4 years, 9 months ago

Market Ahead, April 9: Top Factors That Could Guide Markets Today

Business Standard  

To begin with, the SGX Nifty is up over 100 points this morning so a green start seems to be on the cards for Indian indices today. News agency Reuters quoted senior officials saying that the government is poised to announce a second stimulus package in coming days which will be worth around Rs 1 trillion and focus on help …

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