Oil sinks after record US crude build

Vinson

US crude prices fell to an 18-year low and Brent lost more than 6.0 per cent after the United States reported its biggest weekly inventory build on record, while global demand is expected to fall to quarter-century lows due to the coronavirus pandemic. The grim figures undercut the positive feeling […]

Oil mixed as demand worries offset gains

Vinson

Oil prices were mixed as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic. Brent futures rose 26 US cents, or 0.8 per cent, to settle at $US31.74 a barrel, while US […]

Oil price up on hopes of production cuts

Vinson

Oil futures strengthened late in the session, buoyed by hopes that OPEC and its allies will strike a production cut agreement on Thursday. Crude has collapsed in 2020 because of a slide in demand due to the coronavirus pandemic and excess supply. Brent dropped to $US21.65, its lowest since 2002, […]

US pushes back on call for oil output cuts

Vinson

Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the US Department of […]

Oil Search launches $1.2b capital raising

Vinson

ASX-listed energy producer Oil Search is tapping investors for $US1.16 billion ($A1.90 billion) in order to withstand a prolonged period of low oil prices. The Papua New Guinea and Alaska-focused firm says its $US700 million raising will be conducted at $2.10 per share, which represents a 23.1 per cent discount […]

Oil dips after delays in Saudi-Russia meet

Vinson

Oil prices have slumped, pulling back from last week’s gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand. The global oil market rebounded over 35 per cent last week after sources at the Organisation of […]

Saudi-Russia dispute to pressure oil price

Vinson

Global benchmark oil prices are expected to open lower as a dispute between top crude exporters Russia and Saudi Arabia raises concerns of another collapse in talks to curb production at a meeting this week. The move lower may be muted as the market reacts to US President Donald Trump’s […]

Wall Street gains on oil price recovery

Vinson

Wall Street has bounced as a recovery in oil prices outweighed the shock of weekly jobless claims soaring past six million. Initial claims for unemployment benefits last week exceeded the top end of analysts’ estimates at 5.25 million, and US President Donald Trump has warned of more economic pain as […]

Oil ends lower after US stockpiles jump

Vinson

Oil prices have fallen after US crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic. Crude inventories rose by 13.8 million barrels last week, the US Energy Information Administration said. That was the biggest one-week […]

Oil prices post biggest quarterly losses

Vinson

Crude oil benchmarks ended a volatile quarter with their biggest losses in history, as both US and Brent futures were hammered throughout March on the global economic freeze due to the coronavirus pandemic and the eruption of a price war between Russia and Saudi Arabia. Both benchmarks lost roughly two-thirds […]