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Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases. Brent crude was up by 31 cents, at $44.74 a barrel, its highest close since March. U.S. WTI Crude was up by 26 cents, at $41.96 a barrel, its highest close since late July.
US oil and gas producer Hess Corp underwent a smaller than expected loss on Wednesday. Hess said the average selling price of its crude oil, fell 35.4% in the second quarter to $39.03 a barrel. Its quarterly total costs and expenses fell over 27% to $1.1 billion. Crude prices sank to extreme lows due to the global crisis however higher output and lower costs helped offset a plunge in oil prices.
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects. Overall, the exceptional asset impairments that will, therefore, be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billion on Canadian oil sands assets alone, this will increase its gearing ratio by 1.3%.
Oil prices changed little on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise output. Brent crude was up 4 cents at $44.13 a barrel. U.S. WTI crude was down one cent at $41.26 a barrel. Prices were anchored on Thursday by demand concerns with a rise in COVID-19, raising the prospect for lockdowns to be reimposed.
Oil prices were steady on Tuesday. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. Brent crude was unchanged at $43.41 a barrel. U.S. WTI crude fell 14 cents, to $41.46 a barrel. Both benchmarks rose as much as 0.5% earlier in the session. A weakening of the dollar typically helps improve demand as that makes crude cheaper for global buyers.
Equinor on Friday reported a drop in second-quarter operating profit but a strong performance from its refinery and trading business helped to counter the drop. Equinor’s three ventures, E&P Norway, E&P International and E&P USA, made losses, but profits increase at its refinery and trading division. The Norwegian government has imposed oil output limits from June-December this year, backing efforts by the OPEC+ and others to support prices.
Oil prices dropped on Monday stressed down by rising coronavirus cases and tensions between the United States and China. Brent crude dipped 0.2%, to $43.26 a barrel, while U.S. WTI crude dropped to $41.22 a barrel, down 0.2%. The fall in oil mirrored about escalating tensions between the world’s two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million.
Oil prices rose on Friday, although demand concerns stemming from rising coronavirus cases. Brent crude rose 0.5%, to $43.52 a barrel, and U.S. WTI crude rose by 0.3%, to $41.19. The United States on Thursday recorded over 1,000 deaths from COVID-19. While the rise in infections has fears of renewed government lockdowns, worries that oil demand could also be hit by tensions between the United States and China - the world’s top two oil consumers.
Suncor Energy Inc. has reported a second-quarter net loss of $614 million after it cut back on production to deal with sharply reduced crude prices amid lower global energy demand. Suncor's total production was 18.5% less than the 803,900 boe/d in the prior-year quarter, as it took measures including shutting down one of the two production trains at its Fort Hills oilsands mine in northern Alberta.
Baker Hughes Co posted its second consecutive quarterly loss on Wednesday as oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices. Baker Hughes has cut its 2020 budget by over 20% year-on-year and disclosed plans to exit or shut down non-core product lines, including North American full-service drilling and completions fluids business.
Oil prices edged higher on Thursday, although gains were capped by a surprise build in U.S. crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen the recovery in fuel demand. Brent crude rose 0.2%, to $44.36 a barrel. U.S. WTI crude also gained 0.2%, to $41.98 a barrel. Prices have been marking time since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine.
Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 35 cents, to $43.97 a barrel, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, to $41.53. Oil prices climbed about $1 the previous day, reaching their highest since March 6.
Oil prices fell on Monday, startled by the possibility that a recovery in fuel demand could be crashed by a rise in the pace of coronavirus infection around the globe. Brent crude was down 25 at $42.89 a barrel, while the U.S. WTI was off by 22 cents, at $40.37 a barrel. While fuel demand has recovered from a 30% drop in April, usage is still below pre-pandemic levels.
Oil prices slipped on Friday in the midst of developing vulnerability about the worldwide recuperation in fuel demand as coronavirus cases flooded in a few nations. Brent crude slipped 26 cents to $43.11 a barrel. U.S. WTI dropped 23 cents to $40.52. The two benchmark crudes fell 1% on Thursday after the OPEC and its allies agreed to trim their record supply cuts by 2 million bpd, starting in August.
Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. The OPEC and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August. They will reduce their cuts to 7.7 million bpd through December from the 9.7 million bpd cuts in place since May.
Oil prices fell in the international market on Friday, as more coronavirus cases start to appear globally and in the United States indicating that a fuel demand recovery could be delayed. Brent crude slipped 0.8%, at $42.79 a barrel. U.S. WTI crude was priced 0.9% lower, at $40.30 a barrel. “Crude oil prices are notoriously fickle when it comes to oscillations in global sentiment,” said an analyst at DailyFX.
Oil prices slipped in the international market on Thursday, stressed down by the biggest one-day spike in US coronavirus cases and as California brought back some lockdown measures. Brent crude dropped 0.1%, to $41.97 a barrel. U.S. WTI crude was priced 0.3% lower, at $39.72 a barrel. New cases of COVID-19 rose by almost 50,000 in the U.S. on Wednesday, according to a Reuters tally.
Oil prices rose on Tuesday after a volatile session sparked by confusion over the status of the US-China trade deal. Brent crude rose 1.1%, to $43.57 whilst WTI rose 1.2%, at $41.21. Markets were unsettled by surprise comments from White House trade adviser Peter Navarro, who said the hard-won deal was "over", though US President Donald Trump later soothed jangled nerves with an assurance that the agreement was fully intact.