Axicorp

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Oil prices slide over US-China tensions; resumption of trade war could crimp economic recovery, oil price gains
Business

Oil prices slide over US-China tensions; resumption of trade war could crimp economic recovery, oil price gains

The market found support last week as major oil producers led by Saudi Arabia and Russia were set to begin cutting production on 1 May,

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected
Business

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected

Oil prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when US futures briefly crashed into negative territory.

Oil prices slide again as world runs low on storage capacity, expect plunge in demand post-lockdown easing restrictions
Business

Oil prices slide again as world runs low on storage capacity, expect plunge in demand post-lockdown easing restrictions

The main concern is that there is nowhere to store all the oil that is not being consumed due to the drop in global economic activity amid restrictions imposed around the world to curb the spread of the new coronavirus.

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

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

The figures followed a report from the International Energy Agency (IEA) that forecast oil demand would fall by 29 million barrels per day (bpd) in April, to the lowest in 25 years, and just below 30 percent of global demand before the coronavirus outbreak.