Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump after OPEC’s biggest producer.
Coal power plant construction will push ahead in Asia despite falling electricity demand and environmental concerns as policymakers prioritize boosting economies crippled by the coronavirus pandemic, analysts say. Fossil fuel demand will plummet this year as lockdowns sap electricity use, the International Energy Agency said in a report last month. The European Union, International Monetary.
Saudi Arabian state oil giant Aramco on Tuesday reported a 25% fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand. Brent crude prices fell 65% in the first quarter before OPEC+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May.
The great oil glut of 2020 may have already peaked in the world’s biggest crude importer. Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy.
Oil was down on Monday morning in Asia, giving up some of its gains from the last session. Brent Oil futures were down 1.36% to $30.48 by 9:52 PM ET (2:52 AM GMT) and WTI futures slid 2.02% to $24.24. WTI futures had gained almost 5 % during the last session. Although some U.S. states.
Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers. Brent crude futures (LCOc1) were down 73 cents, or 2.4%, at $30.24 a barrel by 0114 GMT,.
The Urals oil price in Northwestern Europe reached $24.68 a barrel [CIF Rotterdam] for the first time since mid-March, Argus agency reports. The Urals is traded with the $0.85/barrel premium against the Brent in Northwestern Europe for the fourth day in succession [CIF Rotterdam terms]. The price uptick is increased by almost all May volumes.
US President Donald Trump called on Thursday for involving China in new arms control talks with Russia, telling his Russian counterpart Vladimir Putin that they need to avoid a “costly arms race,” the White House said. Trump and Putin spoke by telephone, also welcoming the recent OPEC+ oil deal as well as discussing the global.
The Railroad Commission of Texas and oil producers’ associations are warning oil firms in the state that people have been visiting oil sites claiming, falsely, to be inspectors of the Railroad Commission, the oil regulatory body in Texas. “Nefarious activity in the oil patch is on the rise, including an increase in oil and equipment.
Crude prices finished with a second straight week of double-digit gains on Friday after the U.S. oil rig count hit financial crisis lows. West Texas Intermediate, the benchmark for U.S. crude, settled up $1.19, or 5%, at $24.74 per barrel. For the week, WTI was up 25%, pushing through with the previous week’s near 17%.
