Tag: oil
Written by Gabriel HerveyFebruary 11, 2021
Oil Extends Weekly Gain With Brent Pushing Toward $60 a Barrel
Business Article
(Bloomberg) — Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve. Load Error Futures gained 1.1% in New York on Friday to the highest since late January 2020, while Brent crude remained just under $60 a barrel in London.
Written by Gabriel HerveyFebruary 9, 2021
Oil Rises 1%, Hits Highest in a Year on Growth Hopes, OPEC+ Output Cuts | Investing News
Business Article
NEW YORK (Reuters) – Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies. Oil was also supported as U.S. stock markets hit record highs on signs of progress
Written by Gabriel HerveyApril 5, 2020
OPEC+ meeting delayed as Saudi Arabia and Russia row over oil price collapse: sources
News Business Article
DUBAI/MOSCOW: OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. The delay came amid pressure from U.S. President Donald Trump for the Organization of the
Written by Gabriel HerveyMarch 27, 2020
COVID-19: FairPrice expands purchase limits to include cooking oil, canned products; further caps on sales of toilet paper, poultry
News Business Article
SINGAPORE: Supermarket chain NTUC FairPrice expanded its purchase limits to include cooking oil and canned products, while making changes to previous restrictions on items like paper products and poultry. In a Facebook post on Friday (Mar 27), FairPrice said this was in response to the evolving COVID-19 pandemic and a “precautionary measure to discourage resellers
Written by Gabriel HerveyMarch 25, 2020
Commentary: Saudi Arabia’s new, radical oil strategy aims to keep prices low
News Business Article
PRINCETON, New Jersey: Saudi Arabia’s recent decision to crank up oil production represents a dramatic shift in its thinking about energy markets and its own reliance on oil revenues. Gone are the days when Saudi oil reserves were prudently managed for future generations. By no longer maintaining a specific oil-price band or retaining spare production
Written by Gabriel HerveyMarch 11, 2020
Muhyiddin announces new economic council for COVID-19 and falling oil prices; will consider reinstating GST
News Business Article
KUALA LUMPUR: Malaysian Prime Minister Muhyiddin Yassin said on Wednesday (Mar 11) that he will set up an economic action council to tackle COVID-19 as well as the issue of falling oil prices. Speaking to reporters after chairing his first Cabinet meeting, the new prime minister also said that he will consider reinstating the Goods
Written by Gabriel HerveyMarch 9, 2020
Singapore stocks near 4-year low as oil rout, COVID-19 fears send investors ‘dumping everything’
News Business Article
SINGAPORE: Singapore shares plunged to a near four-year low amid a major sell-off on Monday (Mar 9), mirroring the sea of red across Asian equity markets as investors rushed for the exits after a steep fall in oil prices and escalating concerns about the global spread of COVID-19. Clocking losses for the third straight session,
Written by Gabriel HerveyMarch 9, 2020
COVID-19 to cause first annual decline in oil use in decade: IEA
News Business Article
PARIS: The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the COVID-19 outbreak, the International Energy Agency (IEA) said on Monday (Mar 9). In its latest report – which did not take into account an oil price war after Saudi Arabia and Russia failed
Written by Gabriel HerveyMarch 9, 2020
Asian shares slammed in panicked trade, oil prices crash
News Business Article
SYDNEY Asian shares were set for a pounding on Monday (Mar 9) as investors fled to bonds to hedge the economic shock of COVID-19, and oil plunged more than 20 per cent after Saudi Arabia slashed its official selling price. The world’s top oil exporter plans to raise its production significantly after the collapse of OPEC’s
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Commentary: Even with low prices, this is not the end of oil
KUALA LUMPUR: To say that we are witnessing an era of extreme oil price volatility could be considered something of an understatement. And we may not have seen the worst of it yet. The remarkable collapse of talks between major oil producers, Organization of the Petroleum Exporting Countries (OPEC) and Russia in March had contributed