OPEC cuts demand forecast; prices mixed

Vinson

Oil prices were mixed overnight, as Brent crude rose modestly while US futures ended unchanged at an 18-year-low after some European countries said they would relax coronavirus restrictions even though OPEC lowered its global oil demand forecast. Brent futures gained 13 US cents, or 0.5 per cent, to settle at […]

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 […]

REX cuts Qld flights amid contract impasse

Vinson

Regional Express (Rex) has declared a force majeure on its contract with the Queensland state government and will suspend all services in the state indefinitely. The struggling airline on Tuesday announced its decision to cut services in the state as it could see no immediate “workable solution” with the Queensland […]

Woolies hiring 20000, others flag cuts

Vinson

Woolworths is creating 20,000 new jobs to meet a surge in demand but the list of companies shutting stores and standing down staff continues to grow. Woolies on Friday said it has placed around 3,000 of its stood-down ALH Group team members in new roles across its BWS, Dan Murphy’s […]