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.
By Myra P. Saefong and William Watts, MarketWatch. Oil futures rose Tuesday, finding support as hopes build for an agreement on a production cut when major oil producers hold a virtual meeting later this week. "Prices may not surge further until economic activity returns, but the positive feeling being experienced in the markets can help keep them going during this time," said Mihir Kapadia, chief executive of Sun Global Investments, in emailed comments.
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.
* FACTBOX-Oil company spending cuts: * GRAPHIC-Big Oil's 2020 capex cuts: https://reut.rs/39u1Dh3. * GRAPHIC-Big Oil's rising debt: https://tmsnrt.rs/2U73Jit. 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.
Exxon Mobil Corp. (XOM) said Tuesday it is reducing its 2020 capex budget by 30% and lowering cash operating expenses by 30% as it works to combat the effect of lower commodity prices due to oversupply and demand weakness caused by the coronavirus pandemic. The oil giant said capital investments will fall to about $23 billion from a previously announced $33 billion. "Our objective is to continue investing in industry-advantaged projects to create value, preserve cash for the...
Oil was little changed on Tuesday as hopes that the world's biggest producers would agree to cut output were tempered by a worsening crude oil glut and the threat of a deeper-than-expected global recession. Brent crude was up 1 cent at $33.06 a barrel by 12:33 p.m. EDT, while West Texas Intermediate crude was up 19 cents to $26.27 a barrel.
Oil futures settled with a loss on Monday, with U.S. prices down for the first time in three sessions. A key meeting of major oil producers that was originally expected Monday was pushed to Thursday, contributing to uncertainty in the market as traders await news potential crude production cuts. May West Texas Intermediate oil fell $2.26, or 8%, to settle at $26.08 a barrel on the New York Mercantile Exchange following two consecutive sessions of gains.
Oil prices fell Monday, paring some of their recent rebound after a virtual summit for producers to discuss supply cuts was postponed to later in the week. U.S. crude futures dropped 8% to $26.08 a barrel on the New York Mercantile Exchange, coming off their largest one- week percentage advance ever. After tumbling to an 18- year low, prices soared late last week after President Trump said that Russia and Saudi Arabia were close to reaching a deal to curb supply.
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate oil on Monday, as top producers Saudi Arabia and Russia delayed discussions aimed at reducing global oversupply and crude production in Alberta tested storage limits. * "The biggest driver is the concern over Alberta oil storage filling to operational limits," said Martin King at RBN Energy.
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