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%.
Oil was up on Tuesday morning in Asia, building on its gains from the previous session. Brent oil futures rose 1.40% to $28.23 by 9:43 PM ET (2:43 AM GMT) and WTI futures jumped 6.38% to $21.69. Demand for the black liquid continues to rise cautiously. This comes as some countries kickstart economic activity after emerging from weeks-long lockdowns to curb the spread of the COVID-19 virus. The production cuts agreed to.
Oil prices climbed in early trade on Tuesday, adding to gains in the previous session, on expectations that fuel demand will begin to pick up as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. Both benchmark contracts rose by about 3% on Monday. Prospects improved for fuel demand.
Canada is likely going through its worst-ever recession, with more pain to come in May when the statistics authorities and analysts will have a fuller picture of the economic disaster brought about by the Coronavirus pandemic and the measures to curb its spreading. The oil price collapse with the demand crash in the Covid-19 outbreak,.
A federal judge, rapping the Trump administration for its weak environmental assessments, has vacated hundreds of oil and gas leases across a large swath of Montana.Custer County in Montana is predominately covered by livestock grazing and agricultural use with drilling sites and resource extraction scattered throughout. A federal judge on Friday vacated 287 oil and.
The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes. Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced.
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first-ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown. Global benchmark Brent crude also fell sharply in response to the collapse of demand following.