Energy News Results

  • BP sacks crude oil staff amid probe into China dealings

    BP has terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore's Hontop Energy, three people familiar with the matter said. The decision was made this week, the people said. The staff worked in crude trading and operations roles in Singapore and Shanghai, they said.

  • Oil drops 3% on weak demand outlook and higher OPEC supplies

    Oil prices fell 3% on Thursday as rising coronavirus cases around the world dampened the demand outlook, and a rise in OPEC output last month also pressured prices.

  • TABLE-UAE's Fujairah oil inventory data for week ended Sept 28

    Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Sept. 28, according to industry information service S&P Global Platts.

  • Brent pares losses, U.S. crude up on stimulus hopes

    Global benchmark Brent crude pared losses Wednesday and the U.S. crude price rose on hopes that a U.S. economic stimulus deal would support the market, even as concerns about the coronavirus pandemic continued to loom over demand forecasts.

  • Brent pares losses, U.S. crude up on stimulus hopes

    Global benchmark Brent crude pared losses Wednesday and the U.S. crude price rose on hopes that a U.S. economic stimulus deal would support the market, even as concerns about the coronavirus pandemic continued to loom over demand forecasts.

  • Oil drops 2nd day as surging coronavirus cases prompt demand worries

    Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens. Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.

  • Citgo Petroleum's Palacios to step down as chairwoman

    Citgo Petroleum Corp on Tuesday said Luisa Palacios will step down as chair of the board of the eighth largest U.S. oil refiner on Oct. 30, according to a statement on its website. Palacios, who joined the company in February, 2019, when it named a board of directors independent of Venezuelan state oil firm, PDVSA, will remain a director, according to the statement.

  • Oil traders doubt OPEC will boost output as planned in 2021, citing bearish signals

    OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said on Tuesday. OPEC is due to taper their production cuts by 2 million barrels per day in January.

  • Cooling Demand Recovery Keeps Oil Stuck Around $40

    Gasoline demand in the U.S. has flatlined for much of the third quarter, keeping crude-oil prices near $40 a barrel and challenging the global energy industry heading into the final months of the year. Fragile fuel demand joins other indicators of economic activity-- from consumer spending to hiring-- in signaling that growth is softening after a surge from April to June. That trend has many investors skittish as fall begins, particularly with November's presidential election...

  • Oil falls over 3% as virus cases mount and U.S. debate looms

    Oil prices fell over 3% on Tuesday to their lowest in two weeks on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Investors in stocks and commodities also remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.

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