Global oil supply faces tricky rebalancing despite output fall in Sept, says IEA

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Global oil supply fell in September as the Organization of the Petroleum Exporting Countries (OPEC) as well as allied producers improved their compliance with agreed output levels, but the market faces a tricky rebalancing due to a recent increase in covid infections, according to the International Energy Agency (IEA). “Our global demand and supply estimates (including an assumption of full […]

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Global consumption of petroleum and liquid fuels to average 92.8 million b/d for 2020, says EIA

The U.S. Energy Information Administration (EIA) said in its latest short-term outlook report it was forecasting global consumption of petroleum and liquid fuels to average 92.8 million b/d for all of 2020, down by 8.6 million b/d from 2019, before increasing by 6.3 million b/d in 2021. It estimated that global consumption of petroleum and […]

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Oil traders make hay as pandemic plays havoc with prices: FT Commodities Global Summit

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Global commodity traders expect 2020 to rank as one of their strongest ever in terms of profitability after benefiting from “unprecedented volatility” and market dislocations due to the coronavirus pandemic, was the conclusion at the FT Commodities Global Summit. “2020 will probably be one of our best years ever in terms of trading profitability,” Singapore-based […]

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Oil prices fall as EIA confirms crude inventory build in the United States

Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]

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Metals, crude prices recovering on gradual unlocking of global economy

Metals and crude oil prices rose on the expectation of a recovery in demand following the gradual re-opening global economy and stronger manufacturing data from China, the world’s largest consumer. The price of copper for delivery in three months jumped 0.7 per cent to trade at $5,415 a tonne on the benchmark London Metal Exchange (LME) on increased demand from […]

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