Opec

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Oil prices crawl higher ahead of OPEC Plus meeting on extended output cuts; Brent, WTI prices still down 40%
Business

Oil prices crawl higher ahead of OPEC Plus meeting on extended output cuts; Brent, WTI prices still down 40%

Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, a grouping dubbed OPEC+.

Oil prices slip as wary traders eye upcoming OPEC Plus meeting, to discuss extending record production cuts beyond June-end
Business

Oil prices slip as wary traders eye upcoming OPEC Plus meeting, to discuss extending record production cuts beyond June-end

The price falls in oil come after front-month Brent and WTI prices posted their strongest monthly gains in years in May

Russia has no objection to earlier OPEC Plus meeting; Saudi Arabia to extend record cuts till year-end: Report
Business

Russia has no objection to earlier OPEC Plus meeting; Saudi Arabia to extend record cuts till year-end: Report

Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for 9-10 June be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.

Oil falls as surprise US stock build douses demand recovery hopes; Saudi Arabia, Russia agree on further output curbs
Business

Oil falls as surprise US stock build douses demand recovery hopes; Saudi Arabia, Russia agree on further output curbs

The decline in oil benchmarks extended losses on Wednesday over uncertainty about Russia’s commitment to deep output cuts ahead of a 9 June meeting of OPEC and its allies.

Oil prices fall on Sino-US tensions over Hong Kong; global energy investment expected to fall by about 20% this year
Business

Oil prices fall on Sino-US tensions over Hong Kong; global energy investment expected to fall by about 20% this year

Gloomy forecasts over the economic impact of the pandemic also weighed on crude oil prices.

Oil prices gain for fourth day on signs of output cuts, better demand; Brent crude up 0.7% to $35 per barrel
Business

Oil prices gain for fourth day on signs of output cuts, better demand; Brent crude up 0.7% to $35 per barrel

Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic

Crude prices mixed after big gains as coronavirus risks offset hopes stockpiles will shrink
Business

Crude prices mixed after big gains as coronavirus risks offset hopes stockpiles will shrink

Brent crude was up 1 cent at $31.13 a barrel by 0115 GMT, after rising nearly 7 percent on Thursday.

Crude prices inch higher on US stockpile drop, but bleak outlook caps gains as virus pandemic crushes fuel demand
Business

Crude prices inch higher on US stockpile drop, but bleak outlook caps gains as virus pandemic crushes fuel demand

A drop in US crude inventories provided some support to prices early in the trading session,

Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers
Business

Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

Stock Market Latest Updates: Sensex surges 637 points, Nifty above 9,350; Axis Bank zooms over 7%, Ultra Cement among top gainers

Oil prices fall as fears of second coronavirus wave take hold, US stockpiles rise
Business

Oil prices fall as fears of second coronavirus wave take hold, US stockpiles rise

Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising

Oil prices fall in early trade after data shows rise in US crude inventories; concerns mount about new viral outbreaks
Business

Oil prices fall in early trade after data shows rise in US crude inventories; concerns mount about new viral outbreaks

Saudi Arabia’s cabinet has urged OPEC+ countries to reduce oil output further to restore balance in global crude markets, the country’s state news agency reported early on Wednesday

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand
Business

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand

Saudi Arabian state oil giant Aramco (2222.SE) on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand

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.

Crude climbs as storage fills less rapidly than feared; demand may pick up as some European countries, US cities ease lockdowns
Business

Crude climbs as storage fills less rapidly than feared; demand may pick up as some European countries, US cities ease lockdowns

While storage is rapidly filling up, production cuts by US shale producers, estimated by consultants Rystad Energy at 300,000 barrels per day (bpd) for May and June, should help slow flows into tanks.

Oil futures open lower in electronic trading, extend losses from last week; traders expect demand to fall for months
Business

Oil futures open lower in electronic trading, extend losses from last week; traders expect demand to fall for months

Trading in oil was extremely volatile last week, in an extension of the selling that has dominated trading since early March as demand collapsed 30 percent due to the pandemic.

Oil prices up, but ends wild week lower; economic disruption due to coronavirus pandemic slashes fuel demand
Business

Oil prices up, but ends wild week lower; economic disruption due to coronavirus pandemic slashes fuel demand

Oil trading was extremely volatile all week, in an extension of the selling that has dominated trading since early March as demand collapsed 30 percent due to the pandemic.

Coronavirus Crisis: Whether OPEC Plus oil producers formally agree, deeper cuts now look inevitable
Business

Coronavirus Crisis: Whether OPEC Plus oil producers formally agree, deeper cuts now look inevitable

With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal to cut supply by a record 9.7 million barrels per day (bpd) from 1 May.

Oil hits lowest this century as coronavirus crisis hammers demand; lockdowns to cut fuel demand steeply
Business

Oil hits lowest this century as coronavirus crisis hammers demand; lockdowns to cut fuel demand steeply

The falls follow two of the wildest days in the history of oil trading, with supply looking likely to outstrip demand for months to come.

Brent oil futures plunge again as growing glut feeds market panic; coronavirus pandemic obliterates fuel demand
Business

Brent oil futures plunge again as growing glut feeds market panic; coronavirus pandemic obliterates fuel demand

Tuesday set a new milestone as more than 2 million contracts for US crude for delivery in June changed hands, the busiest day in history, according to exchange operator CME Group

US oil futures plumb historic lows below zero, Brent plunges on concerns of collapse in demand, storage facility
Business

US oil futures plumb historic lows below zero, Brent plunges on concerns of collapse in demand, storage facility

Describing the drop in US oil futures as short-term and stemming from a “financial squeeze”, US President Donald Trump on Monday said his administration would consider halting Saudi crude oil imports.