Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.Add your comment!
Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.Add your comment!
Chevron said Monday it would buy Noble Energy in a US$ 5 billion all-stock deal, bolstering its shale presence as a plunge in crude prices have made assets cheaper. The deal, the largest in the U.S. energy sector this year, comes more than a year after Chevron abandoned its offer for Anadarko Petroleum, outmaneuvered by Occidental Petroleum higher bid.
Oil prices fell due to concerns about riots in major US cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June.
Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user.
OPEC again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.
Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.
Oil prices opened about one percent lower on Sunday as a persistent glut continued to weigh on prices and COVID-19 eroded global oil demand even as some governments began to ease lockdowns.
A Buenos Aires crude oil refinery operated by Argentine state-controlled energy firm YPF is running with a minimal level of workers due to a drop in consumption and a lack of storage space amid a crash in global oil prices during the coronavirus pandemic, a spokesman said on Wednesday.
Colombia’s Ecopetrol said on Monday it raised US$ 2 billion through more than a doubly subscribed bond issue. Majority state-owned Ecopetrol issued 10-year paper due April 29, 2030, with a 7% yield.