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Oil prices hit one-month highs on output cuts, demand signs

Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout. Brent crude (LCOc1) was up $1.06, or 3.3%, at $33.56 a barrel by 0452 GMT, after touching.

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Coronavirus widens climate rift between European and U.S. oil majors

Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like.

Wary of U.S. Crude, Investors Bet on Gasoline and Brent

U.S. gasoline demand is “the big enchilada,” says one analyst The coronavirus pandemic has stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the oil price bust that could reshape energy markets. Wary of U.S. crude oil after prices.

US working natural gas volumes in underground storage rise by 103 Bcf: EIA

The US Energy Information Administration reported a second consecutive triple-digit build, but production declines could affect the injection for the week in progress. Storage inventories increased by 103 Bcf to 2.422 Tcf for the week ended May 8, the US Energy Information Administration reported Thursday morning. The injection was less than S&P Global Platts’ survey.

Singapore fuel oil stocks at 8-week high despite lower net imports

Singapore’s residual fuel oil inventories rose 4% in the week ended May 13 despite lower net import volumes, official data showed on Thursday, in a sign of sluggish marine fuel demand at the world’s top bunkering hub. – Onshore fuel oil stocks rose by 851,000 barrels (about 134,000 tonnes) from the previous week to 24.987.

Nigeria cutting oil output by nearly a quarter -minister

OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said. “The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of our production. And of course, as at.

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