Energy News Results

  • Oil Prices Seen Remaining Subdued Into 2021 -- Update

    Oil prices are expected to remain subdued into the new year, with murky prospects for the global economy and supply of crude weighing on the outlook. Futures for West Texas Intermediate, the U.S. benchmark for oil, will likely be about $43.25 a barrel in the first quarter, according to a survey of 10 investment banks, suggesting the market will remain within a narrow band. WTI futures slid 0.3% to $45.58 a barrel Friday.

  • Oil Prices Seen Remaining Subdued Into 2021

    Oil prices are expected to remain subdued into the new year, with murky prospects for the global economy and supply of crude weighing on the outlook. Futures for West Texas Intermediate, the U.S. benchmark for oil, will likely be about $43.25 a barrel in the first quarter, according to a survey of 10 investment banks, suggesting the market will remain within a narrow band. WTI futures slid 0.9% to $45.34 Friday.

  • Accelerating Rally in Oil Prices Signals Optimism About Global Growth

    A recent rise in oil prices continued on Tuesday, sending crude to its highest level since early March with investors wagering on a brighter economic outlook and higher demand for fuel. U.S. crude-oil futures for January delivery advanced 4.3% to $44.91 a barrel, rallying for the sixth time in seven sessions and eclipsing their peak closing level from late August. Oil started the year above $60, briefly tumbled below $0 for the first time ever in April as coronavirus shutdowns...

  • Accelerating Rally in Oil Prices Signals Optimism About Global Growth

    A recent rise in oil prices continued Tuesday, putting crude on track for its highest close since early March with investors wagering on a brighter economic outlook and higher demand for fuel. U.S. crude-oil futures for January delivery advanced 2.9% to $44.32 a barrel, rallying for the sixth time in seven sessions and eclipsing their peak closing level from late August. Oil started the year above $60, briefly tumbled below $0 for the first time ever in April as coronavirus...

  • Saudi Aramco Cuts Crude Prices To China, U.S. After Dismal October

    Saudi Arabian Oil Co. trimmed the price at which it will sell oil to Asia and the U.S. in December, after an accelerating second wave of coronavirus cases and government-imposed lockdowns pressured crude prices to five-month-lows late last month. The state-run company, also known as Saudi Aramco, on Thursday cut the price for its Arab light crude oil-- which it will sell next month to Asia-- by $0.10 cents a barrel, giving it a $0.50 cents-a-barrel discount to the Oman/Dubai average.

  • BP, Stricken by Low Oil Prices and High Debt, to Sell London Headquarters

    LONDON-- BP PLC (BP) is in talks to sell its London headquarters to help cover debt, punctuating the crisis facing the British oil giant and its peers as they navigate a pandemic that has decimated demand for oil. BP bought the office block in the tony Mayfair section of London almost two decades ago, a time when it and its rivals enjoyed the prospect of growing oil demand and unrivaled stock-market valuations. Then-CEO John Browne had just pulled off the largest oil deal in history at the...

  • Oil Prices Hammered by Lockdown-Driven Demand Fears

    Fresh coronavirus lockdown measures in Europe and investor jitters ahead of next week's presidential election in the U.S. piled pressure on oil prices Thursday. U.S. crude futures dropped by as much as 6.6% to $34.92 a barrel. While they later recouped some of those losses, they were last on course for their lowest close in about five months.

  • New Coronavirus Concerns Drive Selloff in Raw Materials

    The threat of new coronavirus lockdown measures around the world dragged down raw materials prices Wednesday, heightening concerns among traders that investments tied to the global economy are set for another painful selloff. Commodities including oil and silver plummeted early in the year as lockdowns spread from China to Europe and the U.S., then staged a monthslong rebound this summer with the world economy reopening for business. That rally is starting to show cracks,...

  • New Coronavirus Concerns Drive Selloff in Raw Materials

    The threat of new coronavirus lockdown measures around the world dragged down raw materials prices Wednesday, heightening concerns among traders that investments tied to the global economy are set for another painful selloff. Commodities including oil and silver plummeted early in the year as lockdowns spread from China to Europe and the U.S., then staged a monthslong rebound this summer with the world economy reopening for business. That rally is starting to show cracks,...

  • Oil Recovery Expected to Falter Though Supply Glut Shrinks

    The world is burning through the oil supply glut that threatened to cripple the energy industry a few months ago, but spiraling coronavirus infection numbers are putting the recovery in jeopardy, the International Energy Agency said Wednesday. In its monthly oil market report, the IEA said global oil supply in September was 9% below the pre-pandemic average of 2019. The amount of oil in expensive offshore floating storage fell sharply below its level in May, at the nadir of the...

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