Light Crude Down 11% for the Month
Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery. Futures fell 1.1% in New York on Continue Reading
OIL FUTURES: Crude hits five-month lows as European lockdowns loom
Oil futures were settled near five-month lows Oct. 30 as rising COVID-19 cases continued to weigh on demand outlooks. NYMEX December WTI settled 38 cents lower at $35.79/b, and ICE Continue Reading
Oil Sees Worst Month Since March
Oil prices have hit a 5-month low as COVID cases climb, new lockdowns are put in place and reports emerge that OPEC may not maintain its production cut in 2021. Continue Reading
Oil falls on demand concerns, posts second monthly decline
Oil prices fell on Friday and posted a second consecutive monthly drop as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption. Continue Reading
Analysts: Oil Prices Are Going Nowhere In The Short Term
Oil prices will continue to trade in a narrow range for the rest of the year, and the average Brent price next year will not exceed $50 a barrel, the Continue Reading
Traders Look To Store Diesel At Sea As Second Wave Hits Demand
In another sign that the second coronavirus wave is hitting fuel demand, oil trading firms are looking for new supertankers to use them as floating storage for diesel as demand Continue Reading
Iraq To Back Any OPEC+ Oil Production Decision
OPEC’s second-largest oil producer, Iraq, will support any unanimous decision that the OPEC+ group makes regarding the alliance’s future oil production policy, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said Continue Reading
Iraqi oil minister denies seeking exemption from OPEC + output cuts in 2021
Highlights Reuters reported Oct. 29 Iraq seeking exemptions Report quoted unnamed Iraqi oil official Kuwait denies report it opposes extension of cuts into 2021 Dubai — Iraqi oil minister Ihsan Continue Reading
Kurdistan Halts All Oil Exports After Attack
The Kurdistan Region Government in Iraq declared a halt to all oil exports on Friday after experiencing an attack on a crude oil pipeline earlier in the week. The pipeline Continue Reading
How Is the Oil Industry Dealing With Covid?
It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp., who summarized the attitude of the whole industry after Big Oil ended reporting another dismal set of quarterly Continue Reading