Crude oil prices dips again on fears of second coronavirus wave

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 […]

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Oil futures plunge below zero as prices collapse to two-decades low on lack of demand

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Oil prices collapsed to more than two-decade lows as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale […]

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OPEC+ signs historic deal; Russsia and Saudi to cut oil production stabilise plummeting prices

Top oil-producing countries including Russsia have agreed for output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour in a last-ditch effort to cement an accord that rested […]

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Indian OMCs rattled by oil volatility, uncertain petroleum demand

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Volatility in crude oil prices and an uncertain petroleum demand over the last fortnight have come as a cause for concern for oil marketing companies (OMCs). “Crude prices had rallied 25 per cent on Thursday after Saudi Arabia called an ‘urgent meeting’ of the OPEC+ alliance and other producers to negotiate an output cut deal. NYMEX front-month crude […]

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