Oil

Oil drops 2nd day as surging coronavirus cases prompt demand worries

Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens. Brent crude dropped…

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Russian energy minister warns of COVID-19 risks for global oil

Russian Energy Minister Alexander Novak said on Monday that the global oil market has been stable for the past few months and the balance between supply and demand has been…

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Oil slips as surge in virus cases cloud demand recovery

Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls…

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Oil gains but heading for weekly fall over coronavirus demand

Oil prices rose on Friday but are on track for a weekly fall because of rising concerns about the global resurgence of coronavirus infections and its effects on fuel demand,…

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Norway oil drilling rig companies agree on wage deal with workers

Three Norwegian labour unions agreed on a wage deal with the owners of floating offshore oil rigs, preventing a strike that could eventually have halted the exploration for new oil…

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Oil falls on fuel demand growth concerns as coronavirus lingers

Oil futures fell on Thursday on concerns the economic recovery in the United States, the world's biggest oil consumer, is slowing as the coronavirus outbreak lingers and a resurgence in…

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Libya’s NOC says output to rise as it seeks to revive oil industry

Libya's National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled…

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Oil falls after surprise rise in U.S. crude inventories

Oil prices fell on Wednesday after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a…

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Oil prices steady as third storm in month takes aims at U.S.

Oil prices edged higher on Monday as a tropical storm took aim for the U.S. Gulf of Mexico region halting some production, though price gains were capped by the potential…

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Some Libyan oil facilities restart operations

Workers at Libya's major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation (NOC) announced a partial lifting of force majeure. They said flaring had…

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Libya’s NOC lifts force majeure on oil, except where fighters remain

Libya's National Oil Corporation (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would remain in place for facilities where…

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Libyan oil producer wants demilitarisation of facilities before resuming operations

The Libyan National Oil Corporation (NOC), which operates Libya's energy sector, said it would not resume exports until oil facilities were demilitarised. The NOC was reacting to a statement by…

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Oil falls as demand worries re-emerge, crews return to U.S. Gulf rigs

Oil prices fell on Thursday, after rising in the two previous sessions, as concerns about weak fuel demand re-emerged after production platforms in the southeastern United States took steps to…

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Oil gains as hurricane shuts U.S. output, stockpiles fall

Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in…

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Fossil fuel demand to take historic knock amid COVID-19 scars -BP

Fossil fuel consumption is set to shrink for the first time in modern history as climate policies boost renewable energy while the coronavirus epidemic leaves a lasting effect on global…

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Oil mixed as storm threatens U.S. gulf production

Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in…

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Iranian fuel tankers round Africa en route to the Atlantic

Two Iranian-flagged tankers transporting fuel are sailing round Africa’s Cape of Good Hope en route to the Atlantic Ocean, according to Refinitiv Eikon’s vessel tracking data. The medium-size vessels Forest…

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Oil prices add to losses as supplies swell amid weak demand

Oil prices fell for a second day on Friday, pressured by a surprise rise in U.S. stockpiles as the coronavirus pandemic continues to erode demand for fuels. Brent crude was…

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UPDATED: Tanker expected to load stored crude from Libya’s Es Sider port this week

An oil tanker is expected to start loading a 630,000 barrel crude cargo later this week from storage tanks at Libya's blockaded Es Sider port, according to a shipping source…

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Oil prices slip as growing stockpiles signal bumpy fuel demand recovery

Oil futures fell in early trade on Thursday, paring overnight gains, on worries about fuel demand after data showed U.S. crude stockpiles rose last week, rather than dropping as expected,…

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Oil falls further amid growing alarm over coronavirus second wave

Oil futures fell further on Wednesday after big declines the previous session with Brent sliding below $40 a barrel for the first time since June as COVID-19 cases rebounded in…

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Libya oil units halt operations due to spread of virus

Two affiliates of Libya's National Oil Corp (NOC) have suspended some work because of the spread of the coronavirus, they said in statements posted online on Monday. The country's biggest…

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IEA sees oil market stuck between no major slowdown but stalled recovery

The global economy is likely not headed for any major slowdown due to COVID-19 but piled-up storage and uncertainty over China's oil demand cloud oil markets' recovery, an official with…

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Oil drops more than $1 after Saudi price cuts, demand optimism fades

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five…

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Oil falls 1% on lacklustre demand, set for biggest weekly drop since June

Oil futures slipped 1% on Friday, with prices on both sides of the Atlantic heading for their biggest weekly drops since June, as lacklustre demand and ample fuel supplies offset…

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Oil holds steady near multi-week lows on demand worries

Oil prices edged up on Thursday, but held near multi-week lows hit overnight after U.S. data showed gasoline demand fell and recovery from the COVID-19 pandemic was lagging. U.S. West…

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Oil rises after U.S. inventories draw, optimism of economic recovery

Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fuelled optimism of a recovery from the…

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Exxon Mobil considering global job cuts

Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off programme in Australia. Exxon is the latest oil major…

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Oil drifts down as U.S. producers, refiners avoid worst of storm

Oil prices fell on Friday as a massive storm raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.…

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Oil prices in a holding pattern as WTI slips, Brent inches higher

Oil prices were in a holding pattern on Thursday as a massive storm in the Gulf of Mexico raced towards the heart of the U.S. oil industry, forcing oil rigs…

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Brent rises on U.S. output cuts ahead of biggest storm threat in 15 years

The price of Brent crude oil edged higher on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and…

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Tanker to load 30,000 tonnes of condensate from Libya’s Brega port

The Valle di Siviglia tanker arrived at Libya's Brega port on Monday to load 30,000 tonnes of condensate to allow for continued gas production for local power plants, the National…

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Oil prices steady as ‘double trouble’ storms bear down on Gulf of Mexico

Crude oil prices remained steady on Monday as storms closed in on the Gulf of Mexico, shutting more than half the region's oil production, although prices were capped by ongoing…

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Oil climbs for third straight week, buoyed by producers holding back output

Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers' efforts to hold back output amid concerns about…

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Oil eases on demand risks, U.S. stockpile data

Oil prices fell on Thursday as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than…

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Oil prices skid as concerns over U.S. demand recovery seep through market

Oil prices slid on Wednesday as concerns grew that U.S. fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in…

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East Libya to allow export of stored oil port products to ease power crisis

Authorities in eastern Libya will allow limited exports from blockaded oil ports to free up storage space and enable the production of fuel for power stations, an oil facilities guard…

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Oil prices advance as China lines up boost in U.S. crude imports

Oil prices climbed higher on Monday, lifted by China's plans to ship in large volumes of U.S. crude in August and September, outweighing concerns over a slowdown in demand recovery…

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U.S. says seized four Iranian fuel shipments en route to Venezuela

The United States announced it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied…

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Oil refiners shut plants as demand losses seen continuing

Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the…

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Oil edges lower after jump on U.S. stocks draw

Crude oil prices eased slightly on Thursday but held most of their gains from the previous session after U.S. government data showed a fall in inventories, supporting the view that…

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Most oil on damaged ship off Mauritius removed

Most of the fuel left on a Japanese bulk carrier that has leaked an estimated 1,000 tonnes of oil off the Mauritius coast has been pumped off, ship owner Nagashiki…

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Oil prices bolstered by bigger-than-expected drop in U.S. crude stocks

Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world's…

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Slight gains for oil price as Asian demand rebounds

Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. Brent crude added 22 cents, or 0.5%, to…

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Oil prices rise 1% on Saudi Aramco’s upbeat demand view, Iraq output cut

Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S.…

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Saudi Aramco’s profit plunges, sees signs of oil market recovery

Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020…

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Oil prices slip on uncertainty over U.S. recovery, stimulus

Oil prices slipped on Friday, adding to losses in the previous session, on worries that fuel demand growth will drop amid a resurgence of coronavirus cases and as talks have…

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U.S. sends first shipment of crude to Saudi Arabia in over a decade

The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such…

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Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks

Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel…

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Oil falls on supply glut fears as OPEC+ set to boost output

Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide COVID-19 cases points to a slower…

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Oil refining capacity may not fully recover from pandemic

Millions of barrels of oil refinery capacity might permanently close across the global energy complex after being lost when demand crashed during the coronavirus pandemic, U.S. refiners said. Executives at…

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Oil prices bounce back from 3-week lows, but economic headwinds loom

Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world's…

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Oil demand may never recover from COVID-19 crisis, says Shell CEO

Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic, Royal Dutch Shell CEO Ben van Beurden said on Thursday. "Demand will take a…

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Oil holds steady as virus concerns weigh on demand hopes

Oil prices were little changed on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise…

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Oil prices dip again amid rising coronavirus cases and US-China tensions

Oil prices edged lower on Monday despite a weaker U.S. dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand's recovery. Brent crude fell…

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Oil slips as rising coronavirus cases, U.S.-China tensions weigh on markets

Oil prices edged down on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. Brent crude dipped 10 cents, or 0.2%,…

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China imports more oil from Saudi than any other country in June

China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices…

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