Tag Archives: Oil

Crude oil inventories in the United States declined last week, according to data released by the US Energy Information Administration (EIA) on Wednesday. The EIA weekly report showed that oil stockpiles decreased by one million barrels in the week that ended on October 16 to a total of 488.1 million …

Oil prices fell on Wednesday after a sudden increase in US crude stocks stoked fears of a global supply glut, and the rise in COVID-19 cases exacerbated concerns about a slow recovery in fuel demand. Brent crude futures for December delivery were at 42.70 dollars a barrel, down 46 cents, …

Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States recorded an unexpected increase last week, while gasoline and distillate inventories declined. Crude inventories increased 584 thousand barrels in the week ending October 16, to reach about 490.6 million barrels, while analysts’ expectations indicated …

Oil, Crude, trading

Oil prices rose on Tuesday, after recording earlier losses, to record its first rise after three consecutive declines. Brent crude futures for December delivery settled higher by 54 cents, or 1.3%, at $43.16 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery gained 64 cents, …

Two industry sources told Reuters that Russia may support keeping global oil production cuts unchanged after 2020 when it is time to ease them if global market conditions deteriorate due to slowing demand and increasing cases of coronavirus. Russian Energy Minister Alexander Novak said last week that OPEC + would …

There was little change in oil prices on Tuesday, to stabilize after suffering losses over three days due to fears that the increase in cases of Coronavirus globally would impede the recovery of demand for fuel while the increase in Libyan production leads to an abundance of supplies. Brent crude …

Oil, Crude, trading

Oil prices declined on Monday, despite the OPEC+ reiterating commitment for output cuts, amid concerns about the impact of the second wave of the Coronavirus pandemic on the global demand. Brent crude futures for December delivery closed lower by 31 cents, or 0.7%, at $42.62 per barrel. Meanwhile, the West …

Halliburton reported quarterly losses for the fourth consecutive quarter, amid disruptions caused by the COVID-19 crisis affecting the global demand for oil. Revenues decreased to $1.57 billion down by 55% from $3.51 billion for the same quarter last year. The oil giant posted a net loss of $17 million during …