Negotiations were relatively smooth, and OPEC+ did not deliver any major surprises when it agreed to ease the production cuts beginning in August. Widely expected, oil traders appeared satisfied by Continue Reading
OPEC+ agreed on Wednesday to ease its self-imposed production cuts starting next month as the global economy slowly awakens from its deep Covid-19 slumber. The organization has been curtailing output Continue Reading
Oil retreated from its highest close in four months after the OPEC+ alliance confirmed it would start tapering output cuts from next month. Futures in New York dropped below $41 a barrel. Continue Reading
Crude oil futures were steady to lower in mid-morning trade in Asia July 16 after a sharp drop in US crude inventories supported prices overnight, even as OPEC+ agreed to Continue Reading
Oil prices rose nearly 2% on Wednesday after a favorable U.S. inventory report from the Energy Information Administration (EIA), an OPEC agreement to taper the production cuts, and assurances from Continue Reading
The pandemic is this year’s big unknown for the global oil markets and the global economy. The oil market is unlikely to be completely out of the woods in four Continue Reading
Crude oil futures were higher in mid-morning trade in Asia July 15 as an improved global demand outlook and OPEC+ compliance data lifted sentiment ahead of a meeting at which Continue Reading
Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future Continue Reading
Crude oil futures climbed higher amid improved global demand outlooks, but concerns that rising COVID-19 cases in the US could send more states into lockdown weighed on refined product prices Continue Reading
Last May, Bernard Looney, the CEO of BP, said that “the coronavirus hit to crude consumption was likely to endure beyond the pandemic- and may have even ushered in “peak Continue Reading
