FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant
Brent crude LCOc1 was down 52 cents, or 1.2%, at $42.62 a barrel as of 0805 GMT, and U.S. West Texas Intermediate crude CLc1 fell 50 cents, or 1.2%, to $40.15. Both benchmarks rose more than 2% on Thursday, buoyed by strong U.S. June jobs figures and a drop in U.S. crude inventories. [EIA/S] Brent is still heading for a weekly gain of more than 5%.
Boosting recovery hopes, a private survey showed on Friday that China’s services sector expanded at the fastest pace in over a decade in June.
It only spiked briefly above $43 so it's kind of weird to say the price is falling...
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Oil falls as virus resurgence fears weigh on fuel demand recoveryOil prices eased on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, stoked worries that a fuel demand recovery could stall. it is the end of time. Soon there will be a strong push to reopen everything. Confirmed Cases, Deaths & Recoveries
Source: Reuters - 🏆 2. / 97 Read more »
Aramco chief adds to bullish calls for an oil demand rebound in late 2020The view from the head of Saudi Arabia's state-owned oil giant is in line with IEA and OPEC projections.
Source: CNBC - 🏆 12. / 72 Read more »
Oil prices just had their best quarter in 30 years — what's next?The IEA's Fatih Birol has reportedly said he believes 2020 may well come to be seen as the worst year in the history of global oil markets. 50¢ I’d assume federalreserve will sh…t out more money from PLL as… to buy the oil even higher. Make the rich richer more. What a way to alter reality and news! The best quarter in the industry when oil traded to negative values (-USD 40) in April, due to excess production and lack of storage capacity? When are there many companies with serious liquidity problems and massive layoffs? Really crazy!
Source: CNBC - 🏆 12. / 72 Read more »
WSJ News Exclusive | Saudis Threaten New Oil-Price War With OPEC BrethrenSaudi Arabia threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said please do They’re about to sharpen their bone saw... What if, like, when we take the oil out of the planet, we're like, taking the oil out of the machine?
Source: WSJ - 🏆 98. / 63 Read more »
Fuel demand shock threatens future of Australia's oil refineriesA coronavirus-driven collapse in fuel demand is threatening Australia's oil refining industry, just as supply chain disruptions wrought by the pandemic have focused the government on the need to shore up fuel security. 5 HATCE 5 !!!!!!!!!!!!!!!!!!!!!!!!!!!! think green! Stop driving cars good, fuck 'em
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices slip on demand fears as U.S. virus cases surgeOil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. Oil futures are flat... Where do they get this crap? Oil is down 6 cents from the US close. Bye bye capitalism
Source: Reuters - 🏆 2. / 97 Read more »