Top global oil traders Vitol, Trafigura and Gunvor said on Thursday they saw slow oil demand recovery because of a second coronavirus wave with oil prices rising to or above $50 per barrel only by October next year.Benchmark Brent crude futures traded down 1鈥
The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC Secretary General Mohammad Barkindo said on Thursday, adding that oil demand has been recovering slower than expected鈥
Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a U.S. economic stimulus deal and after a build in U.S. crude inventories鈥
Oil prices dropped on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes generated by a new U.S. stimulus package that lawmakers are struggling to agree.More than 1鈥
If 2020 had been anything close to a normal year, the oil and gas industry would have just wrapped up its annual gathering in Singapore, most likely reassured of its ongoing essential role in humanity's future.But this is far from a normal year鈥
Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy.The novel coronavirus hammered fuel demand in the spring, causing consumption鈥
Oil slid more than 3% towards $40 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鈥
Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane while rising coronavirus cases in Asia and Europe capped gains.Brent crude oil futures added 37 cents鈥
OPEC on Wednesday said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year's recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market鈥
Oil prices rose to their highest since early March on Wednesday on data showing a big drop in U.S. crude inventories, and a weak dollar, but mounting coronavirus infections weighed on the demand outlook.Brent crude was up $1.63, or 3.67%, at $46鈥
Oil prices fell on Monday on fears about the economic fallout from rising COVID-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August.Brent crude fell 18 cents, or 0.4%, to $43鈥
Spanish energy major Repsol lowered its oil price assumptions on Thursday, bringing its long-term outlook in line with most European rivals which have booked writedowns and leaving Equinor as a bullish outlier in the sector.Repsol took a writedown of $1鈥
The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning for 'choppy' oil prices and economic activity globally.Chevron said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock鈥
Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country's crude stocks.Brent crude fell 33 cents鈥
Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.It was the first report in which OPEC assessed oil markets next year鈥
