Biden hasn't yet placed any restrictions on Russian energy exports, so traders are questioning the impact of the West's sanctions.
UBS expects Omicron "to blend into the existing Delta wave that the global economy is already working through."
"The only thing that's really gonna knock the oil price down is new lockdowns in the Western world," Jefferies strategist Christopher Wood told CNBC.
Oil prices slid as rising COVID-19 case counts in Brazil, India and Europe hurt the demand outlook for the commodity.
Oil prices dropped Tuesday as Germany's lockdown order underscored worries that rising coronavirus cases in Europe will hurt energy demand.
Hedge funds have cut their bullish bets on crude oil futures in the week to September 8 at the fastest pace since mid-March. Investors sold 171 million barrels’ worth of crude and refined products, reflecting stalling demand, with Brent accounting for 67 million barrels and West Texas Intermediate for 57 […]
Oil futures fell on Monday, in their longest slide since April, as Saudi Arabia made deep price cuts for Asia-bound crude to help stir demand. COVID-19 vaccine contender Moderna said it would slow down its trial enrollment to ensure sufficient representation of minorities more at risk of contracting the virus. […]
The International Energy Agency lowered its global oil demand forecasts for 2020 and 2021 on expectations of a further downturn in air travel. Although there has been a recovery in business and industrial activity, that did not deter the agency from downgrading its estimates. The Paris-based agency expects global oil […]
Saudi Aramco posted a 50% dive in profits for the first half of the year, as the pandemic destroyed energy demand. Yet the oil major kept its $US75 billion dividend intact, most of which will be paid out to Riyadh government officials in the third quarter. The decision to retain […]
The worst of the oil market downturn from the coronavirus pandemic has passed, according to the International Energy Agency. That outlook comes despite a resurgence in coronavirus cases and a massive crude oil inventory build-up. The IEA said reimpositions of lockdowns in North and Latin America have been “casting a […]
Saudi Arabia’s oil exports dropped by $US11 billion in the first three months of 2020, the kingdom’s statistics agency said this week. Revenue from oil exports declined by 21.9% year-on-year to $US40 billion, slashing total revenue from merchandise exports down 20.7% to $US53 billion. China, Japan, and India were Saudi […]
The ailing oil market has reached an inflection point after plummeting to historic lows in April, JPMorgan analysts said Wednesday. Demand will bounce back over the next two to three months to outpace the commodity glut, the bank projected. Even as supply surpluses give way to deficits, demand won’t reach […]
Crude oil prices tanked Monday as continued fears over the coronavirus pandemic slammed energy demand. West Texas Intermediate (WTI) the US benchmark dropped below $US20 a barrel in Asian trading while Brent crude hit $US23.03, its lowest price since 2002. The ongoing price war between producers Russia and Saudi Arabia […]
Oil shipments from Venezuela have reportedly fallen by more than a third over the past month. That’s after the Trump administration imposed sanctions on the country’s state-run oil industry. The sanctions were rolled out in an attempt to cripple the government of President Nicolas Maduro, who is facing global pressure […]
The US will reimpose oil sanctions against Iran on Monday. Eight countries are set to receive sanctions waivers. But they could still end up squeezing global oil supply. In the wake of President Donald Trump’s withdrawal from the Iran nuclear deal earlier this year, Washington will reinstate more economic penalties […]
OPEC said the oil market could be approaching oversupply. US sanctions against Iranian oil take effect at the beginning of November. Watch oil trade in real time here. Less than two weeks before US sanctions against Iran kick in, OPEC said the oil market could shift toward a surplus and […]
Oil prices sank to their lowest point in nearly a month, with the US benchmark shedding nearly 3%. The Energy Information Agency reported a fourth week of US crude buildup. Watch oil trade in real time here. Oil prices tumbled Wednesday to their lowest level since September after government data […]
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