Energy Minister Parviz Shahbazov of Azerbaijan says that an emergency or early meeting for OPEC+ is unlikely. The official’s comments come at a time when traders and experts are widely expecting an emergency meeting for the pact. It’s speculated whether the assembly of the Organization of the Petroleum Exporting Countries will occur to discuss the …
Early OPEC+ Meeting Unlikely Yet, Says Azerbaijan Official Read More »
Oil prices slipped on Thursday. It let go of earlier gains after news said OPEC officials failed to agree on deeper production cuts amid a sharp drop in global demand growth. US crude futures lost 0.5% and traded at $50.48 per barrel. Global benchmark Brent futures slipped 1.2% at $55.61 per barrel. Experts from the …
Oil prices slipped on Friday as sentiment continued to be weak. China’s industrial base got ready to impose extreme measures to halt the rapid spread of the coronavirus. US crude futures were 0.6% weaker at $51.81 per barrel. UK Brent, which is the global crude benchmark, lost 1% at $56.76 per barrel. In January, prices …
Oil Drops, On Track for Worst Month Amid Virus Scare Read More »
The price of oil surged after Yemen’s Houthi rebels said they attacked an oil facility in Saudi Arabia. West Texas Intermediate for delivery in March gained 48 cents to $53.96 per barrel on the New York Mercantile Exchange. On Tuesday, the contract rose 0.6%. Meanwhile, Brent for delivery in March gained 1.2% to $60.23 per …
Oil Volatile After Houthi Attacks, US Stockpiles Increase Read More »
Bulls are in trouble this Monday as the downward momentum from last week continues in today’s trading. Nothing bat pure bad fundamentals are causing prices to stumble along from nearly $60 to around $53 in trading. Looking at it, both WTI crude and Brent oil futures are on their sixth consecutive losses as of today. …
Oil and Petroleum Prices See Massive Drop in Recent Sessions Read More »
Last Thursday, in the oil inventory report, prices tumbled to their lowest in seven weeks. The decline of over 1% happened as worries regarding the spread of a respiratory virus from China may harm fuel demand. Moreover, this will happen if it will impede economic growth in a mirror of the SARS outbreak almost 20 …
Oil Prices Plunge as China Virus Upsets Fuel Demand Read More »
Recently, oil prices became stable in the commodity market. It happened as reports of slow-moving economic growth in China lifted concerns over fuel demand. Moreover, the matter has countered confidence from the signing of a U.S.-China trade deal this week. In 2019, the world’s second-largest economy grew by 6.1%. According to government data, it is …
Oil Firm as China Expansion Weighs on Trade Deal Stance Read More »
In recent times, oil prices plunged based on fears that the pending Phase 1 trade deal between the United States and China may perhaps not push demand. Moreover, the U.S. intends to maintain tariffs on Chinese goods until the second phase. In a statement, U.S. Treasury Secretary Steven Mnuchin said last Tuesday that tariffs on …
Oil Prices Weaken as the U.S.-China Phase One Deal Arises Read More »
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