Energy News Results

  • Exclusive: BP poised to sell 'stranded assets' even if oil prices rally

    BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said.

  • Oil slips below $45 on demand concerns, set for weekly rise

    Oil dipped below $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August provided support. The resurgence of infections remains a key issue for the market and demand outlook. Brent crude fell 31 cents, or 0.7%, to $44.78 by 0942 GMT.

  • Saudi Aramco Cuts Crude Oil Prices for Several Regions

    Saudi Arabian Oil Co. on Thursday slashed the price at which it will sell crude oil to several markets in September. The state-run Arabian oil company, otherwise known as Saudi Aramco, lowered the price for its Arab light crude oil-- which it will sell in Asia in September--by $0.30 cents a barrel, giving it a $0.90 cents-a-barrel premium to the Oman/ Dubai average. The decision ended a three-month streak of increases in its Asian light crude selling price.

  • Canadian Natural Resources posts smaller-than-expected loss on cost cuts

    Canadian Natural Resources Ltd (CNQ) posted a smaller-than-expected quarterly loss on Thursday as improved natural gas prices and cost cuts helped cushion the blow from the COVID-19 pandemic on its operations.

  • Oil settles below 5-month highs amid fuel demand worries

    Oil prices hovered below five-month highs on Thursday, falling after a session in which bearish sentiment about fuel demand counteracted optimism about Iraq's supply cuts, pushing the benchmarks in and out of positive territory. Concerns remain that demand is depressed by the economic slowdown due to the coronavirus pandemic, said Phil Flynn, senior analyst at Price Futures Group in Chicago.

  • Marathon Oil posts smaller-than-feared loss on cost cuts

    Marathon Oil Corp (MRO) posted a smaller-than-expected loss on Wednesday as it reined in costs to cushion the impact from the COVID-19 pandemic that has crushed crude prices and sapped demand for fuel. The oil and gas producer cut its costs and expenses by 17.2% to $975 million as the average realized price for its U.S. crude oil and condensate fell 63.4% to $21.65 per barrel.

  • TABLE-UAE's Fujairah oil inventory data for week ended Aug. 3

    Fujairah Oil Industry Zone on Wednesday published, via industry information service S&P Global Platts, the following weekly inventory data for oil products for the week ended Aug. 3.

  • Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

    Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2% higher, at $42.19 a barrel.

  • Continental to resume some U.S. shale output but sees sector lackluster unless oil prices rise

    U.S. shale oil producer Continental Resources on Tuesday said it plans to resume most curtailed production, adding prices need to rise further for a significant rebound in overall industry activity. Supply and demand are rebalancing, but current prices near $40 a barrel are not enough for long-term growth in U.S. output, founder and Chairman Harold Hamm said.

  • Continental Resources says oil prices must go higher for shale output to expand

    U.S. shale oil producer Continental Resources on Tuesday said it plans to resume most curtailed production, adding prices will need to rise further for a significant rebound in activity. Supply and demand are rebalancing, but current prices of $40 a barrel are not enough for long-term U.S. growth, founder and Chairman Harold Hamm said.

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