fetching latest news
News tagged in:
Oil prices toppled in the international market today, slumping over 25% on the looming concerns of a potential price war between Saudi Arabia and Russia. Brent crude plummeted 25%, to $33.96 a barrel. US WTI crude sunk by 26%, to $30.55 a barrel. Sources say that Saudi Arabia is looking to boost its crude output above 10 million bpd in an attempt to punish Russia for not supporting the production cuts.
The oil cartel, OPEC yesterday agreed to deepen output cuts by an additional 1.5 million barrels per day (bpd) in the second quarter of 2020 to regulate fuel prices amidst coronavirus outbreak. The cartel has, however, made its action conditional on Russia and others chipping in. The oil demand outlook has tumbled as countries take stringent measures to contain coronavirus spread, pushing OPEC to consider its deepest cut since 2008.
Oil prices dropped in the international market on Friday, as concerns deepened due to non-agreement between OPEC and its allies over production cut. Brent crude dipped 0.96%, to $49.51 per barrel. US WTI crude was priced 0.83% lower, at $45.52 per barrel. While OPEC has suggested an extra 1.5 million barrels per day (bpd) until the end of 2020, non-OPEC states like Russia and Kazakhstan are yet to agree.
Oil prices ramped up in the international market on Thursday, buoyed up by a smaller-than-expected build in US crude stockpiles. Brent crude climbed 1.5%, to $51.91 per barrel. US WTI crude was priced 1.5% higher, at $47.47 per barrel. Meanwhile, Saudi Arabia and other OPEC+ members, yesterday, struggled to find support from Russia for additional cuts in oil production in a bid to prop up prices amidst coronavirus outbreak.
Oil prices climbed up in the international market on Wednesday, rising over the expected cuts in the production by oil cartel, OPEC. Brent crude was priced 1.12% higher, at $52.44 a barrel. US WTI crude was priced 1.12% higher, at $47.71 a barrel. An OPEC+ panel, on Tuesday, proposed reducing oil output by an extra 1 million barrels per day (bpd).
Oil prices witnessed growth continuously for the second day on Tuesday. The market is hopeful that the central banks will act rightly to curb the impact of the coronavirus outbreak. This optimism took Brent on a rise of 2.5% to $53.18 per barrel. Brent increased by 2.8% and was traded at $48.07 a barrel. Further, OPEC and its allies might announce deeper cuts after their meeting on March 5-6.
After hitting multi-year lows, the oil prices bounced back on Monday. The prices have improved over production cut expectations from OPEC. Brent rose by 1.3% and was traded at $50.32 a barrel. WTI increased by 1.1% and was traded at $45.23. The central banks are also signalling cut in interest rates to support the market.
Oil prices continued its upward journey in the international market on Thursday, buoyed up by the expectations of deeper production cuts to negate the tumbling demand due to the coronavirus outbreak in China. Brent crude climbed 0.3%, to $55.96 per barrel. US WTI rose 0.6%, to $51.46 a barrel. OPEC yesterday decreased its 2020 forecast for the demand of cartel's crude by 200,000 bpd, prompting expectations of deeper output cuts.
Iraq has informed about OPEC's plan to cut down on the crude output. This possibility is being weighed over China's coronavirus epidemic. OPEC will hold a meeting with "joint technical committee" in Vienna on Tuesday and Wednesday. "The technical committees are discussing the recommendations, which they will elevate to their ministers. Any further cut to outputs would only be announced in a ministerial meeting", said Iraq's oil ministry.
Oil prices rose in the international market on Wednesday, pushed up by possibilities of OPEC extending the oil cuts if coronavirus spread hurts demand, and fall in the U.S. stockpiles. Brent crude climbed 0.6%, to $59.84 a barrel. WTI crude futures rose 0.6%, to $53.79 a barrel. Sources familiar with the discussions at OPEC said that the cartel is considering to extend oil production cuts until at least June.
Brazil's energy and mines minister Bento Albuquerque has put a full stop at the speculations of Brazil joining OPEC. He said, "We don’t want restrictions; we want to increase our production”. However, the minister also said that Brazil is open for discussion with OPEC members regarding possible cooperation. The market started expecting this incorporation when President Jair Bolsonaro announced personal aspirations to join the organisation in October 2019.
Oil prices rise higher in the International market on Friday, amidst Middle East tensions. Brent crude futures LCOc1 has jumped nearly $3 to hit a high of $69.16 a barrel which is the highest since Sept. 17. West Texas Intermediate (WTI) crude futures CLc1 climbed 2.9%, to $62.94 a barrel. China’s announcement to keep around $115 billion in funds to support the country's ailing economy also boosted oil prices.
US-China bond supported an increase in oil prices on Thursday, despite increased Middle East tensions. Brent Crude rose to $66.25 a barrel, while WTI climbed to $61.19 per barrel. Oil cartel, OPEC's prediction of crude benchmarks average out a greater value in 2020. The decrease in US crude inventories last week has also boosted price rise. OPEC and allies' decision of 500 million bpd in production cuts came into effect from Jan 1.
Oil prices rose on Thursday, climbing on the back of OPEC-led supply cut and US-China trade deal. Brent crude LCOc1 jumped 0.2%, to $67.36 a barrel. U.S. WTI CLc1 was traded 0.3% higher at $61.31 a barrel. President Trump on Tuesday said that the US and China will sign the Phase 1 agreement to end the ongoing trade dispute between the two biggest economies of the world.
Oil prices rose in the international market on Tuesday, pushed up by comments from Russian energy minister towards OPEC-led supply cut. Brent crude LCOc1 climbed to $66.44 a barrel. U.S. WTI CLc1 was traded higher at $60.53 a barrel. Russian energy minister, in an interview on Monday, said that cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue “until the market requires it”.
Oil prices held ground in the international market on Thursday, as the market found relief in a supply-deficit forecast made by OPEC. Brent crude futures LCOc1 were 0.3% higher, at $63.61 a barrel. US WTI crude futures CLc1 fell at $58.85 a barrel. The cartel yesterday said that it now anticipates a small deficit in the oil market in the next year, indicating towards a tighter market than previously thought.
Oil prices fell on Tuesday, as concerns of slowing global demand outlook offset the OPEC-led supply cut decision. Brent futures LCOc1 were priced 0.2% lower, at $64.14 per barrel. US WTI crude futures CLc1 were down by 0.1% at $58.95 a barrel. ANZ Bank, yesterday, said, “The euphoria (on output cuts) was short lived, with an unexpected fall in exports from China highlighting the impact of the trade conflict,”.
Oil prices jumped in the international market on Friday, after OPEC approved the 50% increase in production cuts in early 2020. Brent futures LCOc1 jumped to $63.40 per barrel. US WTI futures CLc1 were priced at $58.45 a barrel. OPEC and allies have come to an agreement over more output cuts to prevent the oversupply early next year. The agreement will decrease 500,000 bpd of production.