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 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.
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.
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.
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 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 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.
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.
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 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.
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.
