Has demand for oil already peaked? October 13, 2020 | City Talk Alternative energy sources to fossil fuels have been around for many years. Countries around the world are now harnessing the power of the wind, sun and tides to cut their dependence on fossil fuels such as oil. Energy transition However, this transition to renewable energy is now set to accelerate rapidly, driven by a number [...]
Oil prices jump on optimism over Trump health updates October 5, 2020 Oil prices surged six per cent today after doctors said US President Donald Trump could soon be discharged from hospital following his Covid-19 diagnosis. Brent crude rose 5.6 per cent to $41.48 per barrel this afternoon, while US West Texas Intermediate was up 6.4 per cent to $39.42 per barrel. Oil prices had dropped more [...]
Oil prices slump as Trump contracts coronavirus and global output increases October 3, 2020 Oil prices fell more than four per cent on Friday after US President Donald Trump tested positive for Covid-19. The sell off saw oil post its second weekly decline as rising global crude output threatened to overwhelm the market’s recovery. The uncertainty around the health of Trump contributed to a number of factors causing uncertainty, [...]
Global oil prices plunge over fresh demand fears October 1, 2020 Global oil prices dropped sharply this afternoon amid fears that the continuing rise in coronavirus cases would drive demand down again. Worldwide standard Brent crude lost 5.2 per cent to trade at $40.05, while US benchmark West Texas Intermediate dropped six per cent to stand at $37.75. Earlier this week, the number of people who [...]
Global stocks slip as coronavirus cases rise September 19, 2020 Stock markets around the world continued to stutter this week as an increase in Covid-19 cases in across Europe weighed on market sentiment. Wall Street saw early gains on Friday reverse and the S&P 500 and Nasdaq ended the session posting a third straight week of declines, led by this week’s Federal Reserve meeting and [...]
Oil prices reverse losses as Opec cracks down on over production September 17, 2020 Global oil prices sprung upwards this afternoon after producer group Opec+ said that it would crack down on those countries which did not comply with its record output cuts. Delegates are also planning an extra meeting in October if global oil markets weaken again, further reassuring traders. Worldwide benchmark Brent crude reversed its losses and [...]
Global oil demand set to fall as coronavirus recovery stalls September 15, 2020 The International Energy Agency (IEA) today reduced its forecast for global oil demand for the year, saying that the continued uncertainty caused by coronavirus shows little sign of abating. Oil markets have been rocked by unprecedented volatility this year, with the near-total shutdown of air travel and other restrictions on economic activity sending demand plunging. [...]
Oil prices falter for second successive week as stockpiles rise September 12, 2020 Oil prices fell to their second straight weekly loss on Friday as stockpiles around the globe continued to rise amid a lack of demand. Brent crude oil prices fell around six per cent a barrel for the week as sluggish demand remains some way off pre-coronavirus levels. The decline seen so far this month continued [...]
Oil prices fall to lowest levels since July amid signs of stalling demand September 8, 2020 Global oil prices fell to their lowest levels since the start of July this morning amid fears that demand is stalling as coronavirus infections surge around the world. Worldwide standard Brent crude fell over two per cent to trade at $41.13, the lowest it has changed hands in two months. US benchmark West Texas Intermediate [...]
Oil prices fall on oversupply and US jobless data August 20, 2020 Oil prices dropped today after it emerged producer cartel faces a huge surplus and the number of new US jobless claims climbed back above 1m. Brent crude fell 2.7 per cent to $44.13 per barrel, while benchmark West Texas Intermediate was down three per cent at $41.62 per barrel. It followed reports that some Opec [...]
