Oil prices

    • Oil surges over Ida damages, US supply concerns

      Oil surges over Ida damages, US supply concerns

      Oil prices started the week surging to new highs over concerns linked to supplies to US customers. The market takes in account damages caused from Hurricane Ida coupled with higher demand, Reuters reported. Brent crude rose to $73.40 a barrel, and US West Texas Intermediate crude was up to $70.21 a barrel. Both markets were at their highest since 3 September.

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    • OPEC+ ups its 2022 global oil demand forecast

      OPEC+ ups its 2022 global oil demand forecast

      The expanded organisation of oil exporting countries OPEC+ announced it revised upwards its forecast for the global demand and consumption in 2022. The projected higher demand is coupled with falling inventories and rising prices, Reuters elaborated. OPEC+ is under intense pressure by US to increase its oil output.

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    • Oil surges as hurricane Ida sweeps US refineries

      Oil surges as hurricane Ida sweeps US refineries

      Crude oil prices soared on supply concerns as powerful hurricane Ida swept the US Gulf and forced a large number of companies to halt the activity of offshore refineries and urgently evacuate the personnel. On international markets crude oil soared after three weeks of prices slowly rising, Reuters reported. Traders are not certain whether and how many of the platforms are still functional.

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    • Oil slides to $66 per barrel over lower demand concerns

      Oil slides to $66 per barrel over lower demand concerns

      Crude oil tumbled down to 66 dollars per barrel as latest Covid-19 cases surge prompted lower demand for fuels. The drop in demand is coupled by rising US dollar against major currencies. US which is a major oil consumer also reported record high levels of gasoline inventories, Reuters elaborated.

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    • BP Q2 profit soars to $2.8bn

      BP Q2 profit soars to $2.8bn

      The 2021 second quarter profits of the energy giant British Petroleum outpaced expectations to reach as high as 2.8 billion dollars. The higher international prices of oil were the main factor behind the positive result, Reuters reported. The higher than expected profits provoked the giant to raise targets related to planned dividend payments and share buybacks.

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    • Oil prices fall on higher output and China slowdown

      Oil prices fall on higher output and China slowdown

      International oil prices dipped in early August trading as investors eyed slowing Chinese economy and the envisaged rise in world production. A survey showed that the factory activity in China has slipped sharply. The country is the world's second biggest oil consumer, Reuters elaborated. Still the oil producers from OPEC are enforcing their vows to rise output.

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    • Oil soars to record highs as travel season begins

      Oil soars to record highs as travel season begins

      Oil prices surged on international markets as tourist season reopened and pushed higher demand for fuels, Reuters reported. The robust climbing of prices easily topped one-month highs with potential to go further. Air and car transport in Europe and North America were the main factors behind the rising demand. Fast vaccination roll-outs in industrial countries further boosted the demand fro energy sources.

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    • OPEC+ boosts oil output as crude rices surge

      OPEC+ boosts oil output as crude rices surge

      OPEC oil cartel plus the allied producing countries announced plans to increase output to 2.1 million barrels per day of crude production, AP reported. The decision offsets the fears that Covid-19 cases increase in some countries will shrink demand against surging energy needs in recovering economies. Energy ministers agreed the decision during an online meeting.

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    • Shell sees a fall in Q1 fuel sales

      Shell sees a fall in Q1 fuel sales

      Royal Dutch Shell announced it expected a significant drop in fuel sales in the first quarter of 2021, Reuters reported. The world’s biggest fuel retailer expects a very slow recovery of the markets undermined by Covid-19 lockdowns in major industrial countries. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels per day (bpd) for the first quarter of 2021, compared with just under 4.8 million bpd in the last quarter of 2020. It had previously forecast sales of 4-5 million bpd.

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    • Oil surges on stronger growth outlook, vaccine rollout

      Oil surges on stronger growth outlook, vaccine rollout

      International crude priced rose as post-pandemic economic outlook improved on the back of fast vaccine rollout and stimulus packages in industrial countries, Reuters reported. The biggest oil consumer in the world also reported a drop of inventories which prompts a further price rise. Brent futures rose up to $63.08 a barrel while US West Texas Intermediate spiked to $59.65.

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