Oil prices were mixed on Friday after big gains a day earlier when the International Energy Agency (IEA) predicted crude stockpiles would start to shrink in second-half 2020 after surging while the coronavirus pandemic slashed fuel demand.
United States crude oil futures turned negative on Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
Caution recaptured world markets on Monday as a near 30% drubbing for United States (US) WTI crude oil kicked off a busy week of data and earnings that will drive home the damage being inflicted by global coronavirus lockdowns.
Brent crude lost nearly 2%, amid persistent worries about slowing global oil demand and economic growth caused by the coronavirus outbreak.
With the announcement that the country has slipped into a technical recession, it is not all doom and gloom for South Africans with the announcement that petrol prices are set to decrease.
While United States (US) sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. U.S. West Texas Intermediate crude was up 15 cents,or 0.2 percent, at $72.07 a barrel by 0255 GMT […]
Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source…
Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC’s third-largest producer, are declining in the run-up to there-imposition of U.S. sanctions and as a hurricane moved across the Gulf of Mexico.
Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.