-An armada of Saudi tankers brimming with crude heading to American shores is raising concern over storage space just as a U.S. glut shows signs of easing. Over 30 tankers laden with Saudi Arabian oil are set to arrive in the U.S. Gulf Coast and West...
Oil prices rose on Thursday after a drop in U.S. crude stocks and an IEA forecast for lower global stockpiles in the second half, but the Brent benchmark still hovered around $30 a barrel as a weak demand picture curbed gains. Brent crude futures were up...
Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance...
The world's top oil producer said its profit plummeted during the first three months of 2020 — and that was before crude prices completed their spectacular crash. State oil giant Saudi Aramco said Tuesday that net profit for the quarter ending in March fell 25% to...
Oil reversed losses and turned positive during early trading after Saudi Arabia said it will cut production further in an effort to support global oil markets. Beginning on June 1 the Kingdom will cut output by an additional 1 million bpd, which combined with the cuts...
Oil prices jumped on Thursday on news that China’s exports unexpectedly rose last month, and on the back of U.S. output cuts and the slow return of some activity in Europe. Brent crude rose $1.87, or 6.3%, to trade at $31.59 per barrel, after dropping 4% on...
Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand. U.S. West Texas Intermediate (WTI) crude (CLc1) futures fell 27 cents, or 1.1%, to...
Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained...
-Oil declined in Asia on signs producers delivered ample supply into the market last month, and as investors continued to cut their exposure to nearer-term contracts. Futures in New York fell as much as 6.5%, after gaining 17% last week. OPEC+’s pledge to trim supply by...
-Oil prices jumped in the afternoon of Asian trading hours on Wednesday following a report that showed a smaller than expected crude inventory build stateside. West Texas Intermediate for June delivery surged 14.1% to $14.08 per barrel. International benchmark Brent crude futures also added 4.15% to $21.31...
