Oil Up on Increasing Demand after Loosened Lockdowns

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 rise on demand prospects as lockdowns start to ease

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’s Oil Patch Struggles To Survive The Worst Recession Ever

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,.

Judge Vacates Oil and Gas Leases on 145,000 Acres in Montana

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.

U.S. oil futures plumb historic lows below zero, Brent plunges

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.

Oil Down on Continued Oversupply Worries

Oil continued to slide from the previous session on Monday in Asia as producers continue to grapple with a supply glut. International Brent oil futures dropped 1% to $27.80 by 10:17 PM ET (3:17 AM GMT) and WTI futures slid 5.03% to $23.77 as the May futures contract expires on Tuesday. Investors remain unconvinced that OPEC+’s cut of nearly 10 million barrels agreed to in early April will ease oversupply.

Oil Prices Slump as Crude Storage Shortage Intensifies

The swelling glut of oil has outweighed efforts by producers to curb production The coronavirus pandemic has emptied out cities 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. Oil prices extended their declines Monday as.

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