OPEC cut its forecasts for 2020 and 2021 global oil demand on Wednesday, citing rising COVID-19 cases and government lockdowns as a risk to the commodity market. In its November report, the lowered its 2020 demand projection by 0.3 million barrels to 90 million barrels per day. The revision follows […]

Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market’s recovery. West Texas Intermediate crude sank as much as 6.4%, to $US37.04 per barrel. Brent crude, oil’s international standard, tumbled 5.8%, to $US38.83 per barrel, at intraday lows. A global […]

Oil fell as much as 5% on Friday after Presidnet Donald Trump said he had tested positive for COVID-19. That decline far outpaced other asset classes. Trump’s test has no direct impact for the oil market right now, but it has brought into stark focus the risks to both supply […]

Goldman Sachs expects jet fuel demand to recover in 2021 alongside the potential availability of a COVID-19 vaccine in the second quarter. The bank’s analysts said the number of airline passengers will return to pre-virus levels by 2023. “We do not believe that jet fuel demand has peaked and see […]

An energy outlook report published by BP on Monday suggests oil demand may never return to its 2019 peak and could halve over the next three decades. The oil market has failed to fully rebound through the coronavirus crisis as weakened travel activity slams consumption. BP laid out three scenarios […]

US stocks sank on Tuesday as investors sold-off tech giants and bought safe-haven assets. The tech-heavy Nasdaq composite index dropped more than 4%, extending its loss to 11% in the period since Sept. 2. Tech giants including Apple,Microsoft, and Facebook led the decline, while Treasurys and the dollar gained. Investors […]

Oil contracts slumped on Tuesday as industry giants cut prices in an effort to support market demand. West Texas Intermediate crude tumbled as much as 9.2%, to $US36.13 a barrel. Brent crude sank as much as 6.7%, to $US39.79, at intraday lows. The sell-offs began over the holiday weekend after […]

Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery. West Texas Intermediate crude fell as much as 3.3%, to $US41.50 per barrel. International benchmark Brent crude dropped 3%, to $US44.02 per barrel, at intraday lows. Fed officials expressed […]

Oil futures sank on Thursday as dire economic data releases pointed to a demand recovery lasting longer than expected. West Texas Intermediate crude fell as much as 6.3%, to $US38.72 per barrel. Brent crude slid 5.4%, to $US41.38, at intraday lows. Thursday reports showed US GDP sliding the most on […]

Demand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, the global coalition of producers said in a Tuesday report. OPEC crude demand projections for 2020 were revised slightly higher as well but remain well below pre-pandemic highs. World oil demand won’t fully recover […]

Oil prices slumped on Wednesday as investors stared down a larger-than-expected jump in US crude inventories and surging COVID-19 case counts in several states. Inventories leaped by 1.75 million barrels to 545 million barrels last week, according to an American Petroleum Institute report seen by Reuters. Economists expected a build-up […]

US stocks rose on Monday as investor focus on continued economic-reopening progress offset spiking global coronavirus cases. Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset. New coronavirus cases have hit records in some US states and continue to increase globally. Read more on Business […]

Oil continued its climb to past highs on Tuesday amid reports that OPEC+ members are eyeing extensions to record production cuts. Major producers including Russia want to keep cuts set to end in June in place for one more month, Bloomberg reported Monday. Saudi Arabia, OPEC’s de facto leader, is […]

Oil prices experienced a wild ride in recent months as a global price-war and a slide to negative levels shook the market. The world’s most-traded commodity has mostly rebounded in May from its late-April lows, but traders still fear a prolonged demand pressure fuelled by the coronavirus. Here’s a timeline […]

Oil surged Tuesday after the Energy Information Administration lowered its production forecasts for 2020 and 2021. West Texas Intermediate crude oil gained as much as 8.7% on Tuesday to $US26.23 a barrel. International benchmark Brent crude jumped as much as 3.6%, to $US30.70 per barrel. Oil prices have whiplashed amid […]

President Donald Trump praised the oil-market recovery on Tuesday, noting that rising prices will aid the US energy sector after weeks of deteriorating sentiment. West Texas Intermediate crude leaped as much as 8.7%, to $US26.33 per barrel, in Tuesday trading, extending a rebound that began when Saudi Arabia further cut […]

US stocks rose Tuesday as investors continued to weigh economic-reopening efforts worldwide. The Federal Reserve Bank of New York said on Monday that it will begin buying corporate-bond exchange-traded-funds Tuesday. A measure of consumer prices excluding food and fuel in April posted the biggest monthly drop since 1957. WTI crude […]