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Oil market faces storage crisis in a world awash with crude

Jillian Ambrose Sat 25 Apr 2020 16.00 BST Plummeting demand during the coronavirus pandemic has left traders scrambling for ships and other alternative facilities. upergiant oil tankers are floating outside the world’s largest shipping ports with enough oil to meet the world’s daily demand twice over. Only months ago these vessels criss-crossed the globe laden with

Low Oil Prices Aren’t the Oil Industry’s Biggest Problem Right Now

Matthew DiLallo (TMFmd19) Mar 31, 2020 at 8:29AM Author Bio Crude oil prices have cratered over the past few weeks. West Texas Intermediate, the U.S. oil price benchmark, has tumbled from the low $60s earlier this year to around $20 a barrel in recent days. That’s due to a combination of the COVID-19 outbreak’s impact

Oil Watchers See $70 a Barrel in 2019

(Bloomberg) — The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New

Oil Edges Higher to End Turbulent Trading Week

(Bloomberg) — Even a minuscule decline in U.S. stockpiles was enough to give oil prices a boost after a turbulent week of trading. Futures in New York rose after the Energy Information Administration reported that U.S. crude inventories fell by 46,000 barrels last week, the smallest decrease since 2011. The decline was viewed positively following

What is Driving the Oil Price Down?

What is driving the oil price down is the fact that the market believes the market is oversupplied. That’s what Will Rhind, founder and CEO of GraniteShares, outlined in a video interview with CNBC on Friday. “What is really driving this price movement down is the fact that the market believes that the market’s oversupplied

Oil Dives Lower

(Bloomberg) — Oil dived lower near $49 a barrel as investors sought more assurance that OPEC’s output cuts will work in the face of surging U.S. supply, and as a sell-off in wider financial markets hit sentiment. Futures in New York slipped as much as 2.7 percent, after closing below $50 on Monday for the

Oil Prices Fall Below Key Thresholds

West Texas Intermediate (WTI) and Brent crude oil futures on Monday settled below the psychologically significant $50 and $60 marks, respectively. WTI crude oil for January delivery fell by $1.32 to settle at $49.88 a barrel. The U.S. benchmark peaked at $51.87 and bottomed out at $49.09. The February Brent crude oil futures prices moved

Oil Steadies Below $53

(Bloomberg) — Oil traded below $53 a barrel in New York, little changed a week after OPEC and its allies announced substantial output cuts, as traders weighed an uncertain outlook for 2019. Saudi Arabia’s plan to slash exports to the U.S. next month is shoring up expectations that the Organization of Petroleum Exporting Countries and its