Oil prices jumped on Friday, extending the previous session’s gains, buoyed by a lower-than-expected gain in US crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic.
US crude CLc1 for June delivery climbed $1.37, or 7.3 percent, to $20.21 a barrel, having gained 25 percent in the previous session. The other significant support factor on Friday was the official start of output cuts agreed between the Organization of the Petroleum Exporting Countries and other major producers like Russia – a grouping known as OPEC+ – to counter sliding demand.
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Oil prices jump as US crude inventories reportedly rise by less than expectedData from the American Petroleum Institute showed Tuesday that U.S. crude inventories jumped by 10 million barrels in the week to April 24 — to 510 million barrels, according to Reuters. That was lower than analysts' expected. Oil is oil and wont go away no matter what a fkink chart says Such a rigged market, what a joke This headline makes no sense.
Source: CNBC - 🏆 12. / 72 Read more »
Exxon Mobil maintains dividend even as oil prices craterExxon Mobil Corp on Wednesday maintained its quarterly dividend, a move closely watched by investors at a time when the oil industry faces a slump in demand and prices as the coronavirus pandemic puts a break on economic activity. it is all going to end in tears for the oil people The company has declared a second quarter cash dividend of $0.87 per share. Why not, they can always get as much money from the Fed as they want. Transferring private corporate debt to the public.
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices rise on early signs of slowing U.S. glut buildOil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices surge over 10% amid early signs of U.S. fuel demand recoveryOil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up. That surge is still less than two dollars a barrel. People are driving more and more everyday. The highways are packed. Stop trying to manufacture a demand for oil. Stay tf at home and keep not driving that much.
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices rise on early signs of pick up in fuel demandOil prices jumped on Thursday, lifted by signs that the U.S. crude glut is not growing as quickly as expected and of a rise in fuel demand, which has been crushed by the coronavirus. PERMABULLSHIT Toilet prices jumped wow, and the cruel are in paris wow. It is too early to tell. It will goes down again in a couple of days.
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices surge again US stockpiles grow less than feared, output cuts kick inOil prices jumped on Friday, extending the previous session's gains, buoyed by a lower-than-expected gain in U.S. crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic. *sets thermostat back down to 65 oh yes! My stock will recovery This means speculators think easy money is to be made again.
Source: Reuters - 🏆 2. / 97 Read more »