Energy News Results

  • Oil jumps 4% on latest COVID-19 vaccine progress

    * OPEC+ October supply cut compliance seen at 96%, sources say. * China crude throughput hits record high in October. By Noah Browning. Oil prices jumped more than 4% on Monday, recouping the previous session's losses after Moderna Inc (MRNA) said its experimental vaccine was 94.5% effective in preventing COVID-19.

  • U.S. drillers add oil and gas rigs for ninth week in a row -Baker Hughes

    U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row to the highest since May, as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June. The oil and gas rig count, an early indicator of future output, rose 12 to 312 in the week to Nov. 13, energy services firm Baker Hughes Co (BKR) said in its closely followed report on Friday.

  • Oil falls on rising Libya output, coronavirus surge

    * Vaccine unlikely to boost oil demand until well into 2021 -IEA. * Brent, WTI on track for second weekly gain. * U.S. oil rigs rise to highest since May -Baker Hughes. By Devika Krishna Kumar. Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand.

  • Oil falls as COVID-19 spike stokes fuel demand fears; still set for big weekly gain

    Oil prices fell in early trade on Friday as a spike in the number of COVID-19 infections raised fears for the global economy and near-term fuel demand, but remained on track for a second straight weekly gain amid hopes for a vaccine. U.S. West Texas Intermediate crude futures dropped 40 cents, or 1.0%, to $40.72 a barrel by 0118 GMT, having lost 0.8% on Thursday.

  • Permanent oil refinery closures accelerate as pandemic bites - IEA

    Permanent refining capacity closures expected for 2020-2021 have risen to about 1.7 million barrels per day as the COVID-19 pandemic hammers demand for oil products, the International Energy Agency said on Thursday. About a dozen refinery closures have been announced in the past few months, the IEA said, with the bulk of capacity closures - over 1 million bpd - happening in the United States.

  • Oil falls on coronavirus surge, unexpected U.S. crude stockpile rise

    * U.S. crude stocks post surprise rise, EIA says. * Vaccine unlikely to boost oil demand until later in 2021 -IEA. * European lockdowns remain a major concern. * OPEC+ considering extension to production cuts. By Stephanie Kelly.

  • Oil keeps climbing on hopes OPEC+ will hold back supply as COVID-19 cases rise

    Oil prices rose in early trade on Thursday, taking the week's gains to more than 12% on growing hopes that the world's major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand.

  • TABLE-UAE's Fujairah oil inventory data for week ended Nov 9

    Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Nov. 9, according to industry information service S&P Global Platts.

  • Brent touches $45/bbl on vaccine hopes and U.S. crude drawdown

    * Brent and WTI crude benchmarks touched highs up more than 2% * U.S. crude stocks down 5.1 mln bbls last week, API says. * European lockdowns and rising COVID-19 cases cap gains. By Jessica Resnick-Ault.

  • Oil gains after stockpile draw amid hopes for coronavirus vaccine

    Oil futures rose on Wednesday after an industry report showed that U.S. crude inventories fell by more than expected as prices continued to be supported by news of successful trials of a vaccine for coronavirus. Brent crude was up 31 cents, or 0.7%, at $43.92 a barrel by 0213 GMT, while U.S. oil gained 36 cents, or 0.9%, to $41.72 a barrel.

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