Page 10 - Oil Market

Oil up 1% on stimulus hopes, tightening market ahead of Biden inauguration

Brent crude was up 53 cents, or 1%, at $56.43 a barrel

Oil prices drops 1% as rising coronavirus cases end supply-led rally

US oil was down by 43 cents, also nearly 1%, at $51.93 a barrel, having declined 2.3% in the previous trading session

Weak retail data, Covid-19 lockdowns weigh on stocks and oil; dollar rises

U.S. bond yields and stocks had risen recently partly on expectations about the rollout of coronavirus vaccines and on a massive stimulus plan

IEA says oil market outlook clouded by vaccine roll-out variables

LONDON (Reuters) - Oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) said on Wednesday.

Iraq devalues dinar to lower budget inflation as oil prices squeeze revenue

The devaluation decision came as a preemptive move to prevent "draining Iraq's foreign reserves" and help government to secure public servants' salaries, the bank said

Oil marketing companies continue to hold petrol, diesel price rise

OMCs have gone on a pause mode at a time when the news of successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $ 50 a barrel mark

Oil pulls back amid New York coronavirus curbs, gains for a 6th week

Brent futures settled down US28 cents, or 0.6% at $49.97 a barrel. The contract rose above $51 a barrel on Thursday to an early-March high

Back from the Covid abyss: Oil stages remarkable turnaround; back above $50

It's possible the market is getting ahead of itself though, with key technical indicators signaling benchmarks are overbought and U.S. inventories recently piling higher

Big Oil was already in decline; Covid-19 has been like an asteroid strike

The pandemic won't bring about the imminent demise of companies, but it will almost certainly hasten their metamorphosis.

Oil drops second day as surging coronavirus cases prompt demand worries

CEOs of the world's biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices

Rosneft, Saudi Aramco unlikely to bid in BPCL privatisation: Report

A source said that Aramco has halted most of its investment plans into India due to the oil price crash and is unlikely to bid for BPCL

Oil market: Muddle of contradictions as traders size up prospects for 2020

As prices stick to a narrow range near $40 a barrel, some of the biggest commodity houses, including Vitol Group, Trafigura Group, and Mercuria Energy Group, have diverging views about what's next

Covid-19: Opec sees weaker outlook as demand falters, shale recovers

Oil prices slipped further below $40 a barrel in London on Monday, close to their lowest in more than two months

Saudi Arabia reduces oil prices in sign demand recovery struggling

Aramco cut Arab Light to Asia to a discount against the benchmark oil price used by the Saudis for the first time since June

One of the world's richest petrostates, Kuwait is running out of cash

Slow to adjust big-spending habits as oil revenues fall, the Gulf states are hurtling toward a moment of economic reckoning, prompting renewed debate over the future of nations

Govt eliminates cooking gas subsidy as Covid-19 turns oil market favourable

The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices has brought the price of the common man's fuel closer to market rates.

Oil steady as US producers, refiners avoid worst of Hurricane Laura

Brent crude futures for October, set to expire on Friday, rose 2 cents to $45.11 a barrel, heading for a 1.7% weekly gain

Oil rises on China's plan to boost US crude imports, OPEC+ compliance

Firmer stock markets and a weaker dollar were also lending support, said Commerzbank analyst Eugen Weinberg

Oil prices climb over China's plans to ship in large volumes of US crude

Brent crude rose 21 cents, or 0.5 per cent, to $45.01 a barrel by 0023 GMT while US West Texas Intermediate crude was up 27 cents, or 0.6 per cent, to $42.28 a barrel

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

Major oil companies typically hold assets for the long term, even when crude prices plunge, with a view to start bringing more marginal production online when market conditions improve