oil
Saudis turn to technology for Eid gatherings
JEDDAH: Many special Eid-related traditions have been broken this year as families are forced to stay home because of coronavirus restrictions. But technology has come to the rescue with many relying on video calls to bring family members and loved ones closer. Eid Al-Fitr is the occasion Saudis look forward to most — attending Eid …
U.S. oil benchmark on track for a more than 18% weekly rise as focus shifts to supply cuts
Oil futures rose Friday, with the U.S. benchmark on track for a weekly gain as investors turn their attention toward production cuts by major oil producers and demand shows early signs of recovery with business lockdowns globally beginning to be lifted. “The market focus is increasingly shifting to supply as many OPEC+ members meet or …
Climate change: Study pours cold water on oil company net zero claims
Image copyright Getty Images Image caption Oil and Gas UK (OGUK) wants action from the UK government to allow businesses in its sector to access finance to help them through the Covid-19 crisis Claims by oil and gas companies that they are curbing their carbon emissions in line with net zero targets are overstated, according …
World shares subdued amid mixed earnings; oil falters
LONDON (Reuters) – Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a pall over markets. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville Oil prices ended an extended winning streak …
Oil prices tank another 21% as storage fears persist, commodity giant BP warns of a shock ‘on a scale never seen before’
Reuters/Shamil Zhumatov Oil prices fell for a second consecutive session on Tuesday on fears that global storage for oil is running out. The price of West Texas Intermediate fell as much as 21%, to $10.07 per barrel on Tuesday. The losses follow a drop that reached 30% on Monday after United States Oil Fund — …
Dow Jones Today, Stocks Edge Up On Jobless Claims; Oil Prices Spike, Blackstone’s $150 Billion War Chest| Investor’s Business Daily
Stocks opened higher Thursday, after weekly jobless claims topped 4.4 million, but were down from a week earlier. Earnings news and spiking oil prices influenced early trade, as investors waited on a federal stimulus vote. Casino owners rallied after a bullish outlook from Las Vegas Sands. Walmart lagged on the Dow Jones today, tripped up …
European markets react to coronavirus, oil price fears
European markets traded in positive territory on Wednesday, apparently defying widespread concerns over the coronavirus outbreak and a slump in oil prices. Meanwhile in China, the country’s National Health Commission (NHC) said there were 30 new confirmed cases as of April 21, of which 23 were attributed to travelers coming from overseas. That brings the …
Saudi Oil Stranded in Supertankers as Backlog Piles Up
Saudi Arabia’s oil-price war with Russia flooded the market with crude. Now, with demand having dried up and buyers hard to find, the kingdom is resorting to storing much of it at sea. At least one in 10 supertankers around the world is serving as a floating oil storage facility, Saudi oil officials say. With …
BREAKING: Oil prices drop below $0 for the first time in history
On Monday afternoon, oil prices hit an all-time low, dipping below $0 for the first time in history. Traders blamed the drop on the expiration of the May futures contract on Tuesday coupled with a sharp decline in demand amidst the coronavirus shutdowns. According to NPR, at the start of the year, a barrel of …
This oil price crash isn’t as bad as it seems — here’s why
Something that’s never happened in the oil market is happening today: negative prices on an oil contract. While many people may see this and think the overall price of oil is negative, there’s nuance. The short answer is that no, not all oil is free. The picture in the market is not as bleak as …
