Crude oil news

Crude oil prices are on track to post the worst day on record as the June contract for WTI, the benchmark for U.S. crude prices, trades almost 50% lower amid worries about a lack of storage. “Price discovery is complicated, more so than usual, by the soon-to-expire WTI NYMEX front-month contract for May 2020,” wrote Stephen Innes, global chief market strategist at AxiCorp. “Even more so as the near-term prices are trading massiv...

Crude oil price trades around 27% lower to trade at levels below the $14 mark for the first time since early 1999 as supply is hitting record highs, while demand may reach the lowest levels since 1985, according to the International Energy Agency (IEA).  Fundamental analysis: Storage runs out Crude oil prices are trading under an extreme amount of selling pressure due to the collapse in demand amid the COVID-19 outbreak. Invezz reported over...

Crude oil price hit a new 18-year low this week as investors continue to punish OPEC+ countries for failing to meet their expectations in the size of the production cut. A claim from a group of analysts that Saudi Arabian oil exports to the U.S. more than doubled made waves in the commodity and energy community.  IEA projects the lowest demand for oil in decades  The gloomy demand for crude oil amid the COVID-19 outbreak has proved to b...

After all the machinations and drama the group of countries known as OPEC+ finally got their act together and announced over the weekend a crude oil output cut of historic proportions. They agreed to reduce their production by 9.7 million barrels per day (BPD), the single-largest cut ever. Unfortunately, it did little for oil prices. West Texas Intermediate crude for May delivery lost 35 cents, or 1.5%, to settle at $22.41 a barrel on the NYMEX....

Crude oil price has been extremely volatile today as investors await news from the crucial meeting between OPEC and Russia that is expected to result in an agreement to cut oil production in order to boost oil market price. Fundamental analysis: New agreement possible Crude oil price jumped to above $28 at one moment during today’s session after Reuters reported that OPEC+, consisting of OPEC and its allies, including Russia, is debating a new pl...

Crude oil price closed the week more than 32% higher in the first phase of recovery after the “black gold” printed the 18-year low of $19.29. Oil prices were boosted by comments from the Russian President Vladimir Putin who said that a cut in production levels is “possible”. Fundamental analysis: Putin to the rescue Vladimir Putin provided a much-needed light at the end of a tunnel after he stated it is possible, but only in a scenario where majo...

The Canadian dollar rose against the US dollar as oil prices surged today. Brent, the global benchmark, rose by more than 10% while West Texas Intermediate (WTI) rose by more than 9%. As of this writing, the USD/CAD pair is trading at 1.4133, which is 0.40% lower than where it opened yesterday. Still, Canadian dollar is down by more than 9% against the greenback this year. Canadian dollar performance against USD this year Crude oil price pushes C...

Even as Goldman Sachs warned that global oil demand could plunge by 18.7 million barrels per day in April, U.S. shale producer Whiting Petroleum Corporation (NYSE: WLL) filed for bankruptcy. Whiting became the first major U.S. shale producer to seek Chapter 11 protection. Its board of directors attributed their decision to “the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi / Russia oil price wa...

With the world’s top two oil producers, Russia and Saudi Arabia, still in a deadlock on oil prices, and the Coronavirus pandemic weighing further on the global demand, the largest oil and gas companies from across the globe have been pushed into cutting expenditures in 2020. The collapse in oil prices has so far pushed eight of the leading oil companies into announcing cost cuts.  Royal Dutch Shell (LON:RDSA) and Saudi Aramco (SE:2222)...

U.S. crude oil briefly broke the psychologically sensitive $20 level today as demand projections crumpled on fears that the coronavirus could affect economies for much longer than expected. At the time of writing U.S. crude oil was trading at $20.46, down $1.18 or 5.53%, after having touched a low of $19.86. Demand concerns Crude is caught, on the one side, in a price war raging between Saudi Arabia and Russia, and on the other, a collapse in glo...

Crude oil prices have today traded below the $20 mark for the first time since February 2002 as the bears continue to push the price action lower amid the low market prices and coronavirus outbreak. Fundamental analysis: Oil facing “unprecedented” collapse in demand Dan Yergin, one of the most recognized oil experts, has warned that the demand for oil could decline by 20 million barrels a day in April on the back of the coronavirus outbreak that...

Rosneft (MCX:ROSN) has decided to terminate all operations in Venezuela to avoid the U.S. sanctions against this South American country. The oil giant has transferred all assets to another Russian company, fully owned by the government. Fundamental analysis: Rosneft moves to protect its position In what appears to be a move to avoid the U.S. wrath, Rosneft has decided to get rid of all assets in Venezuela. Igor Sechin, CEO of Rosneft and a long t...

Some of the world’s biggest sovereign wealth funds, from oil-rich countries, could dump more than $200 billion worth of stocks. According to JPMorgan strategist Nikolaos Panigirtzoglou, sovereign wealth funds across the globe lost around $1 trillion of funds invested in equities due to the coronavirus outbreak. As a result, high oil exporters, mostly located in the Middle East and Africa, are facing double trouble – extremely low oil prices...

Russia has called for a new OPEC+ agreement to balance oil markets, just a few weeks after it rejected an offer from OPEC and Saudi Arabia to cut crude oil production. In the meantime, crude oil prices trade near an 18-year low. Fundamental analysis: Russia asks oil countries to jointly tackle low oil prices Just a few weeks after the OPEC+ discussions to cut crude oil productions fell apart, which triggered the collapse in crude oil prices, Russ...

With the global oil price recently dropping to historically low levels, Chevron (NYSE:CVX) announced that it plans on suspending its share buyback program this year and aims at cutting capital expenditure by £3.42 billion. The Coronavirus pandemic that is weighing heavily on demand and the ongoing price war between the top 2 oil producers of the world, Russia and Saudi Arabia, has resulted in an over 60% decline in the oil price since Janua...

The recent crash in the global oil price is weighing heavily on oil major Royal Dutch Shell (AMS:RDSA). As part of its strategy to cope with it, Shell said on Monday that it plans on reducing its capital expenditures by around £4.3 billion in 2020. The company also declared the next phase of its share buyback program suspended earlier this morning. According to Shell, it will drop its cash capital expenditure from the previously announced &...

Crude oil prices are currently trading 24% higher as the “black gold” races to post the best day ever following weeks of heavy losses. The commodity lost nearly 17% yesterday when it traded at the lowest level since 2002. Crude has been boosted by strong actions from the central banks worldwide to support the economies and business activity. “Crude was wildly oversold, with a Relative Strength Index which got below 14, the lowest I’ve ever seen f...