The prices of WTI and Brent suffered a decrease in their prices at least 2% on Tuesday, June 9. This Wednesday, the price of WTI crude oil is located at $ 37.95, after yesterday’s fall of 0.99 cents, when the barrel of oil was trading at $ 38.94. Brent also suffered a decrease yesterday. Today …
After a slight drop, WTI crude $38, while Brent is at $40 Read More »
Although OPEC and its allies have agreed to reduce oil production to continue for another month, there are still challenges in the energy market. The world’s 23 largest oil exporters decided at a video conference on Saturday to cut production by another 9.7 million barrels a day. The company said in a statement that all …
Oil Price, the cancellation of projects, the reduction of costs, and the closure of oil facilities are obstacles that have also affected the marine oil producers. Despite significant improvements made by oil companies in the price area, offshore drilling has always been more expensive than onshore drilling. It is because the process of extracting oil …
Cheap oil blows hard on marine mining activities Read More »
This Wednesday, Mexican oil rebounded. It reached its highest price since March 6, when there was a break between the Organization of Petroleum Exporting Countries and its allies (OPEC +) and Russia. The oil price war and increase in production flooded the crude oil market. Pemex reported this Wednesday that it sold the Mexican mixture …
Mexican oil reaches a higher price since OPEC + and Russia break Read More »
In the hope of global demand rebound, oil prices surged. The production cuts and loosening lockdowns resulted in WTI futures increasing by 13%, to $33.32 a barrel. Brent prices rose 10%, to $35.72. Oil is used in almost everything: plastics, cosmetics, clothing, and even soaps. Above all, it has become a critical component for the …
The US commodities regulator warned that exchanges and brokerages should get prepared for volatility and negative pricing for specific contracts. Last month, the US WTI oil futures plunged into negative territory to $37.63 a barrel. Panicked investors paid buyers to take oil off their hands. Many funds and brokerages experienced losses because of their exposure. …
The CFTC warnsvolatility potential negative oil prices Read More »
A couple of prominent shale producers said that oil at around $30 might be enough to revive shale activity. Diamondback Energy Inc is going to curtail production by 10% to 15% this month. Parsley Energy Inc. has curbed a quarter of its output. As the world runs out of places to store additional oil supply, …
Oil up nearly $25, and it is for the first time middle of April Read More »
The negative price of crude oil in Cushing, Oklahoma, was caused by an apparent widespread forecasting error. Financial investors in crude oil futures did not predict the quarantine nor its consequence. They had no idea that the global demand for crude would decrease close to 30%. By the end of April, this would take over …
Disruption in the oil and milk sector paved a way to charity Read More »
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