Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic. Brent crude was up by 72 cents, or 2.3%, at $32.59 per barrel by 0044 GMT after falling 3.6% on Tuesday.
Republican U.S. senators who have introduced a bill that would remove U.S. defense systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom's officials on Saturday, a source familiar with the planning said on Tuesday.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 11.9 million barrels for the week ended April 3, according to sources. The API data also reportedly showed gasoline stockpiles up by almost 9.5 million barrels, while distillate inventories declined by 177,000 barrels. Inventory data from the Energy Information Administration will be released Wednesday.
Oil prices continued to slide Tuesday, erasing gains from earlier in the day as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures fell 9.4% to $23.63 a barrel, while Brent, the global gauge of prices, fell 3.6% to $31.87 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia were close to...
A bipartisan group of U.S. lawmakers introduced a bill on Tuesday providing $3 billion to buy oil for the national emergency reserve as a way to help energy companies hit by the plunge in crude prices.
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate oil on Tuesday, as Alberta producers braced for deeper output cuts and doubts grew that OPEC and its allies would agree on a global pact to reduce a supply glut.
U.S. crude prices edged up Tuesday, paring some of the previous day's losses as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures rose 0.8% to $26.30 a barrel midday Tuesday, while Brent, the global gauge of prices, was roughly flat at $33.02 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia...
More oilfield service companies dismissed workers this week after oil prices collapsed to near two-decade lows amid a price war among top producers and falling demand from the spread of the novel coronavirus. Houston, Texas-based NCS Multistage Holdings (NCSM) is cutting about 80 employees, or 20% of its workforce, according to a filing.
The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
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