World News

Oil tanker attacked at sea – huge explosion reported on board NCC Dammam

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Dryad Global received “unconfirmed reports” that an oil […]

Business

Oil falls below $42 to lowest since July on demand fears

LONDON (Reuters) – Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world. Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed on the Labor Day holiday weekend. New […]

Business

Oil prices struggle to hold five-month high amid pandemic worries

MELBOURNE (Reuters) – Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. dollar. U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 3 cents, or 0.1%, at $42.16 a […]

Business

Oil down nearly 4% as virus surge weighs on demand outlook

LONDON (Reuters) – Oil prices fell by around 4% on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output. U.S. West Texas Intermediate (WTI) crude futures were down $1.52, or 3.7%, at $39.75 a barrel at 1401 GMT. […]

Business

Oil rises after surprise drop in U.S. inventories offsets demand concerns

TOKYO (Reuters) – Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude LCOc1 was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 […]

Business

Big Oil braces for second-quarter losses after virus whips up perfect storm

LONDON (Reuters) – Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP (BP.L), Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow […]

Business

Oil rises after U.S. crude stocks drop, focus on OPEC+ meeting

SEOUL (Reuters) – Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies. Brent crude LCOc1 futures were up 10 cents, or 0.2%, at $43 a barrel […]

Business

Exclusive: U.S. turns screws on maritime industry to cut off Venezuela's oil

LONDON/WASHINGTON (Reuters) – Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country. U.S. sanctions have driven Venezuela’s oil exports to their lowest levels in nearly 80 years, […]

Business

Oil rises on signs of economic recovery, but new infections loom

LONDON (Reuters) – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of a surging coronavirus infections capped the gains. Brent crude LCOc1 was up 13 cents, or 0.3%, at $41.40 a barrel at 1236 GMT, and U.S. […]

Business

Exclusive: Legal tussles snarl millions in oil from Hin Leong deals

SINGAPORE (Reuters) – Millions of dollars of oil stored in tanks and ships in Asia and Europe has become caught in a web of lawsuits related to trade and financing deals by Singapore’s Hin Leong Trading (Pte) Ltd, according to court documents and shipping data. A report filed this week in Singapore’s High Court and […]