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Energy / Oil Prices

The Real Reason Oil Prices Went Negative In April

Nov 24, 2020 at 09:17 | Charles Kennedy

Unusually high open interest in West Texas Intermediate was one of the two causes for the benchmark plunging into negative territory in late April, according to a report…

Oil Prices Leap Higher On Fresh Vaccine Hopes

Nov 16, 2020 at 08:43 | Tsvetana Paraskova

Oil prices jumped by 4 percent early on Monday, bolstered by another potential vaccine breakthrough, as well as bullish economic data from China. As of 9:14 a.m. ET on Monday,…

An Oil Market Recovery Is On The Horizon

Nov 10, 2020 at 17:39 | Cyril Widdershoven

The major participants at ADIPEC 2020’s ADNOC Trading Forum expressed a wide range of sentiment, but the general message was one of caution or even outright pessimism when…

Vitol CEO: Oil Prices Could Hit $50 In Near Future

Nov 10, 2020 at 08:26 | Irina Slav

Oil may hit $50 over the next few months thanks to a moderate decline in global inventories that will accelerate by mid-2021, the chief executive of Vitol, Russell Hardy said…

Citibank Forecasts $49 WTI For 2021

Nov 09, 2020 at 12:47 | Tsvetana Paraskova

Citi revised down on Monday its outlook for the WTI Crude price for next year by $5 to $49 a barrel, citing the global spike in coronavirus cases that…

Oil Prices Surge 10% On COVID Vaccine Hope

Nov 09, 2020 at 09:03 | Tsvetana Paraskova

Oil prices soared by 10 percent and WTI Crude topped $40 a barrel on Monday morning, after vaccine developers announced 90-percent efficacy of a COVID-19 vaccine candidate, instilling hopes on…

This Could Become The World’s Most Expensive Crude Oil

Nov 06, 2020 at 17:48 | Matthew Smith

This year has been turbulent for global energy markets. The COVID-19 pandemic and March 2020 price crash sent markets into a tailspin, which saw the North American oil…

Oil Hasn't Been This Bearish Is Nearly A Century

Nov 05, 2020 at 14:45 | Alex Kimani

The energy sector has emerged as the worst-performing of the United States' 11 market sectors in the current year, dropping to its lowest point relative to the S&P…

Oil Prices Drop As Markets Await U.S. Election Result

Nov 05, 2020 at 11:02 | Tsvetana Paraskova

Oil prices dropped on Thursday morning as a highly contested presidential election continued to be too close to call as of 11 a.m. ET, although Democratic candidate Joe Biden was…

Saudi Arabia Cuts Oil Prices To Asian Market

Nov 05, 2020 at 09:15 | Tsvetana Paraskova

The world’s top oil exporter, Saudi Arabia, appears unconvinced that near-term demand has much room to grow as it reduced its official selling price for its flagship crude grade to…

Oil Prices Are Set To Go Higher Next Year

Nov 04, 2020 at 17:37 | David Messler

As predicted, a second wave of COVID-19 is wreaking havoc on the world economy with many European nations contemplating new shut downs. It looks like it will be…

OPEC’s Oil Revenues Set To Plunge To 18-Year Low

Nov 03, 2020 at 11:19 | Tsvetana Paraskova

The low oil prices and the record OPEC+ production cuts are set to nearly halve the net oil export revenues of OPEC members this year compared to 2019, sending them…

Oil Prices Rise On Election Day

Nov 03, 2020 at 09:08 | Tsvetana Paraskova

Oil prices jumped early on Tuesday, with Brent back above the $40 a barrel mark, supported by a rally in financial markets and a weaker U.S. dollar on Election Day.…

Analysts: Oil Prices Are Going Nowhere In The Short Term

Oct 30, 2020 at 09:45 | Tsvetana Paraskova

Oil prices will continue to trade in a narrow range for the rest of the year, and the average Brent price next year will not exceed $50 a barrel, the…

Saudi Energy Minister: The Worst Is Over For Oil Markets

Oct 27, 2020 at 10:10 | Julianne Geiger

The worst of the oil market is behind us, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday at CERAWeek's India Energy Forum. "We are still vigilant. I…

Hedge Funds Boost Bullish Oil Bets

Oct 26, 2020 at 13:15 | Tsvetana Paraskova

Portfolio managers increased their bullish bets on crude oil futures and options in the week to October 20 by the most since April, according to the latest commitment of traders…

Venezuela’s Oil Major Sees Oil At $35 Through 2021

Oct 23, 2020 at 08:46 | Irina Slav

Venezuela’s state oil company has made a pessimistic estimate for next year’s oil prices, expecting to make just $35 per barrel for the crude it exports, Reuters has reported.…

World Bank Sees Oil Average $44 in 2021

Oct 22, 2020 at 13:01 | Tsvetana Paraskova

Energy prices suffered the most among commodities in the pandemic—especially oil prices—and they won’t be rising much next year either, averaging just $44 a barrel, the World Bank said in…

Saudi Arabia Is Suffering The Consequences Of Its Failed Oil Price War

Oct 21, 2020 at 17:11 | Simon Watkins

Nine months on from Saudi Arabia’s second major oil price war in the last five years, more negative consequences are manifesting themselves. Aside from the irrevocably

China's Crude Imports Become Backbone Of Oil Price Recovery

Oct 21, 2020 at 14:08 | Tsvetana Paraskova

The world’s largest oil importer, China, will continue to have a significant impact on the oil market in the coming months, as most of the rest of the…

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