Crude oil news & headlines
Latest breaking stories, features and analysis
- The price of crude oil is again below $40 psychological level
- Demand for oil has weakened as air travel remains restricted
- Libya could return up to 1.1 million barrels per day of production
Features & analysis
Latest Crude oil news
The price of crude oil has advanced from $37 above $42 in less than several days and the current price stands around $41. At its latest meeting, the OPEC agreed to extend the compensation period for overproduction till the end of December. Fundamental analysis: IEA cut its 2020 demand forecast for oil The price of crude oil advanced last week despite the fact that Libyan warlord General Khalifa Haftar said that the country will reopen oil ports c...
Crude oil prices fell around 7% in the last two weeks on Monday on concerns regarding the delayed global economic recovery. Moreover, the troubles related to Libyan supply are causing more headaches for oil bulls. Fundamental analysis: Global economic recovery slower than expected Investors are increasingly pessimistic that the global economic recovery will accelerate before the end of the year. “(Coronavirus) infection rates are on the ris...
Shares of Chevron Corporation (NYSE: CVX) are likely to join other oil stocks in tumbling on Monday after the company has been forced to shut production and commence evacuation of its crews from the US Gulf of Mexico ahead of tropical storms. Fundamental analysis: Another issue for oil producers Chevron joined Shell, BP, and Equinor in announcing it will shut production at its four facilities in the US Gulf of Mexico ahead of the announced...
Crude oil price closed the week 0.17% higher in another low-volume weekly trading session. Reuters reports that some OPEC+ countries will have to slash their production in August and September to offset oversupply. Fundamental analysis: OPEC+ must cut supply In order to balance the excessive production and output levels from May to July, certain OPEC+ countries are under pressure to cut production in the coming months. Reuters reports that some c...
Shares of BP PLC (LON: BP.) rose 8% on Tuesday after the oil giant announced a dividend ‘reset’ by 50%. BP stock price is now trading above GBX300 again as it attempts to break the descending trend line. Fundamental analysis: New strategy presented BP reported a loss of $16.8 billion, mostly due to $10.9 billion worth of impairments. As expected, the firm struggled amid a collapse in crude oil prices and low demand during the COVID-19...
British Petroleum (LON: BP) said on Saturday that it has invested £790 million in India’s Reliance Industries. The investment, it added, will get the British oil major a minority stake in Reliance’s fuel retail business. BP recently raised £9.50 billion via its first hybrid bonds issue. Shares of BP closed at £17.83 per share on Friday that represents a 40% decline year to date in the stock market after recovering from a low of £12.76 per share i...
April 2020 was a historic month for financial markets as oil prices traded in the negative territory for the first time ever. The demand was practically non-existent in April, which led to OPEC+ countries cutting production to its lowest levels in 30 years. Historically low production from OPEC+ members Crude oil prices are having a pretty bad year so far with the 2020 highs printed in the first week of January. Since then, oil prices have practi...
Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Fundamental analysis: Infection cases on the rise again Crude oil price closed this week at $38.17, down 2.28%. This is despite prices trading above the $40 handle in the mid-week on hopes of a V-shaped economic recovery. “Markets have...
Shares of Repsol SA (ETR: REP) closed the week over 6% in the red for the third week in a row. The stock price has now pared back gains and it trades almost 3% down in June. Fundamental analysis: Repsol inks new contracts Repsol SA, the tenth biggest company in Spain by market capitalization, committed millions of euros for investments in fuel production using green hydrogen. The oil giant plans to produce gas from urban waste. The new plan...
Shares of Petrofac Limited (LON: PFC) have slumped over 10% today after the company reported it expects a 70% decline in revenue for its two divisions. As a result, Petrofac share price has erased gains recorded in the past four days. Fundamental analysis: Weak oil demand hurting the company Petrofac said its two divisions – engineering and construction – are expected to suffer immensely from a plunge in demand for oil products....
Crude oil price is wavering today as worries of a second coronavirus wave outweigh the falling US and Canadian oil rig count. Brent, the international benchmark, is up by 0.35% while West Texas Intermediate (WTI) is up by 0.20%. At the same time, the Bloomberg Commodities Index is up by 0.20%. Second wave fears rise Crude oil price, like all other commodities, is affected by demand and supply. Today, the demand for oil is in slow recovery after f...
British Petroleum (LON: BP) said on Thursday that its hybrid bonds issue raised a total of £9.50 billion in debt in multiple currencies. As per a BP’s spokeswoman, the company wishes to benefit from low-interest rates to strengthen its balance sheet. Learn more about the key balance sheet components. Shares of the company are less than 1% down on Thursday. At 311 pence per share, British Petroleum is more than 30% down year to date in the stock m...
Saudi Aramco said on Wednesday that it has completed its deal with Saudi Basic Industries. Aramco now has a 70% stake in the Riyadh-based petrochemicals company that it purchased for £55.10 billion. Aramco also announced a 3-year extension on the payment period to 2028, aimed at providing support against weak oil prices. Shares of Aramco ended almost flat on Wednesday. At £6.94 per share, the Saudi Arabian multinational petroleum and natural gas...
British Petroleum (LON: BP) slashed its long-term price forecasts for oil and gas on Monday as it warned of a lasting impact of the Coronavirus pandemic on the energy sector. The company also said that the virus outbreak will accelerate a global shift to renewable energy. In the current quarter, BP now estimates £10.36 billion to £13.95 billion of write-downs. Shares of the company were reported more than 3% down in premarket trading on Monday. A...
Crude oil prices are down significantly today as investors worry about global demand after China confirmed a new cluster of coronavirus cases in Beijing. The price of Brent, the international benchmark, declined by 1.30% while the West Texas Intermediate (WTI) fell by 1.85%. Similarly, other commodities declined, with the Bloomberg Commodities Index falling by more than 0.70%. Also, global stocks fell, with the DAX index, FTSE 100, and CAC 40 fal...
Exxon Mobil’s (NYSE: XOM) plans of selling its assets in the British North Sea were previously delayed due to the Coronavirus pandemic and a sharp slump in global oil prices. In an announcement on Thursday, however, industry sources highlighted that the U.S. oil major has now decided to restart the sale. The news comes a month after Exxon released its financial results for the first quarter. Shares of the company were reported about 3% dow...
Crude oil price dropped today after the Energy Information Administration (EIA) released the weekly inventory data. International Brent is trading at $40.60, down more than 1.3% from a day ago while West Texas Intermediate is trading at $38.28. Crude oil price as US inventories rise US crude oil inventories rose by 5.7 million barrels a week ago, according to the EIA. This was a surprise to market participants because analysts polled by Bloomberg...