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Oil prices, after swinging from loses to gains and back in the morning, finally settled in a modest decline, moved by worries over a spike in Covid-19 cases and expected crude stock builds in the US.
Oil prices recovered early losses and see gains on relief that international trade remains unchanged, while road fuel demand stands strong despite a spike in Covid-19 cases.
Oil prices continued to gain on prolonged enthusiasm from Thursday’s OPEC+ meeting, with traders expecting increased production-cut compliance and regaining trust that supply is under control.
Oil prices have swung to gains after road fuel demand signals and an upcoming OPEC+ meeting weighted positively on trader sentiments.
Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.
Oil prices have swung to gains after a morning flavoured by concerns over expected crude stock build in the US.
Oil prices are enjoying some stability now, after pricing in fears of a new pandemic wave and the OPEC+ cuts agreement.
The backlog, which will likely increase in June, is equivalent to about two years of fraccing at the current pace, according to Rystad.
Oil prices fell this morning, as traders priced in fears of a second round of Covid-19-related demand decline.
The £62 million Energy Transition Fund will support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and will help attract private sector investment in the region.
Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.
Global spending is forecasted to reach US$383 billion this year, the lowest level in 15 years and a 29% decrease of US$156 billion compared to 2019.