Energy News Results

  • Vitol-backed Cockett targeted by Brazil's Car Wash corruption probe

    Brazilian police carried out search warrants on Thursday as part of a growing graft probe into the global maritime fuels market, after three executives linked to Dubai-based Cockett Marine Oil Ltd admitted to bribing a Petrobras employee for sweetheart deals, court documents show.

  • Oil rally stalls despite surprise fall in U.S. stocks

    Oil slipped on Thursday, stalling a rally driven by a surprise fall in U.S. crude inventories that added to bullishness over expectations progress on vaccines may end the coronavirus pandemic and revive fuel demand. Having spent the Asian trading day higher, Brent futures were down 1 cent at $48.60 a barrel by 0746 GMT, after rising around 1.6% in the previous session.

  • Brazil's Petrobras slashes spending plan as lower oil prices bite

    Brazil's state-controlled oil company Petroleo Brasileiro SA cut its five-year investment plan by 27% from a year ago to $55 billion to preserve cash, as the coronavirus pandemic drove down global oil demand and prices.

  • TABLE-UAE's Fujairah oil inventory data for week ended Nov 23

    Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Nov. 23, according to industry information service S&P Global Platts.

  • Oil rally stalls on signs of more supply, demand doubts

    Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that COVID-19 vaccines will revive fuel demand. Brent futures had risen to nearly $50 a barrel this week after three major pharmaceutical companies announced progress on vaccines that could start to be rolled out before the end of the year.

  • Oil extends gains on surprise U.S. inventory draw amid vaccine rally

    U.S. oil rose for a fifth day on Thursday as a surprise drop in crude inventories extended a rally driven by hopes that vaccines would end the coronavirus pandemic and revive fuel demand. Brent was up by 20 cents, or 0.4%, at $48.81 a barrel, after rising around 1.6% in the previous session.

  • U.S. drillers add oil and gas rigs for fourth month -Baker Hughes

    U.S. energy firms added oil and natural gas rigs this week, boosting the oil count for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June.

  • Oil rallies past 8-month high on U.S. crude inventory drop, vaccine hopes

    Oil prices climbed to the highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent crude rose 80 cents, or 1.7%, at $48.66 a barrel by 12:57 p.m. ET, adding to a 4% gain the previous session.

  • COLUMN-Left in the dark about WTI crude price plunge: Kemp

    The U.S. Commodity Futures Trading Commission report on volatility in WTI oil futures, published on Monday, has already been criticised for not probing deeply enough into how and why prices plunged into negative territory for one day in April and then rebounded sharply the next day. For at least one CFTC commissioner, the report does not go far enough.

  • Oil rallies past 8-month high on U.S. crude inventory draw, vaccine hopes

    Oil prices climbed nearly 2% to their highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent crude rose 75 cents, or 1.6%, to settle at $48.61 a barrel, its highest since early March.

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