Oil prices have surged to two-month highs – $31 a barrel yesterday – on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people. But an estimated 3.7 billion people are now living in areas that are experiencing […]
OPEC has slashed its global oil demand estimates for this year while cutting its forecast for non-OPEC supply as oil producers outside the OPEC+ pact accelerate production curtailments due to the demand crash, low oil prices, and limited storage capacity. In its closely watched Monthly Oil Market Report, OPEC revised down, again, its global oil demand […]
Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]
Oil futures rose yesterday on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85, […]
