Sunday, January 29, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market Europe

Oil prices end slightly lower, post first weekly loss in 7 weeks

June 12, 2020
in Europe
Oil prices end slightly lower, post first weekly loss in 7 weeks
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Shell posts $18billion loss in second quarter – News for the Oil and Gas

Path to net zero: European oil majors outpace US companies on climate goals

Oil futures settled at a modest loss on Friday, with U.S. and global benchmark prices suffering their first weekly decline in seven weeks on worries about oversupply and a resurgence of coronavirus cases in the U.S.

Oil is likely to “remain vulnerable and exposed to downside shocks thanks to coronavirus-related concerns,” said Lukman Otunuga, senior research analyst at FXTM.

“The possibility of renewed lockdowns and delayed global economic recovery is bad news for oil, which remains one of the biggest causalities of the coronavirus menace,” he told MarketWatch.

Although OPEC+ agreed to extend production cuts by another month, in the grand scheme of things this may offer little support to oil, which is in “a losing battle with COVID-19 and world growth fears,” he said.

West Texas Intermediate crude for July delivery
CL.1,
+0.60%

CLN20,
+0.60%
,
the U.S. benchmark, fell 8 cents, or 0.2%, to settle at $36.26 a barrel on the New York Mercantile Exchange—the lowest finish for a most-active contract since June 1, according to Dow Jones Market Data. The contract tumbled 8.2% on Thursday to mark the sharpest one-day fall since April 27.

Global benchmark Brent oil for August delivery
BRNQ20,
+0.80%
,
however, added 18 cents, or 0.5%, to end at $38.73 a barrel on ICE Futures Europe, following a 7.6% plunge Thursday, its steepest such slide since April 21, that took it to its lowest finish since June 1.

For the week, WTI marked weekly slide of 8.3%, while Brent saw a decline of 8.4%.
That represented the first weekly losses for the two crude benchmarks since the week ended April 24.

Read:Why natural-gas prices haven’t yet bottomed despite this year’s nearly 20% drop

Also see:Rice futures slice year-to-date gain in half over the course of a week

Concerns over further weakness in the global economy has raised expectations for weaker energy demand, pressuring prices for oil.

The International Monetary Fund’s Gita Gopinath said that the global economy is recovering more slowly than expected and faces “significant scarring,” Bloomberg News reported.

Worries of a resurgence of the pandemic has added to recent concerns about the ability of the Organization of the Petroleum Exporting Countries and its allies, in a group known as OPEC+, to curtail global production by 9.7 million barrels a day through July.

In the U.S., which isn’t part of the output reduction pact, the number of active rigs drilling for oil edged down by seven to 199 this week, according to Baker Hughes
BKR,
+1.98%

on Friday.The number has been falling on a weekly basis since mid-March, but the rig count has seen much larger declines in recent weeks.

Meanwhile, analysts at Barclay remain bullish on the outlook for the oil market, even if they expect the pace of recovery from the depths of oil’s rout in April to slow.

“As we mark to market our [second quarter] estimates and…



Read More: Oil prices end slightly lower, post first weekly loss in 7 weeks

Tags: article_normalBrent Crude Aug 2020ColumnscommodityCommodity marketsCommodity/Financial Market NewsCrude Oil Jul 2020Crude Oil WTI (NYM $/bbl) Front MonthelectricityElectricity/Gas UtilitiesEnergyEnergy Marketsepidemicsfinancial market newsfinancial newsFossil Fuelsgas utilitiesinfectious diseasesLossMedical ConditionsNovel CoronavirusesoiloutbreaksOutbreaks/EpidemicspostpricesRespiratory Tract Diseasesroutine marketRoutine Market/Financial NewsslightlyUK:BRNQ20US:CL.1US:CLN20weeklyweeks

Related Posts

Oil rises further from 3-week lows, but headwinds loom amid pandemic
Europe

Oil rises further from 3-week lows, but headwinds loom amid pandemic

by Oil Market
July 31, 2020
0

TOKYO (Reuters) - Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding...

Read more
Shell posts $18billion loss in second quarter – News for the Oil and Gas
Europe

Shell posts $18billion loss in second quarter – News for the Oil and Gas

by Oil Market
July 30, 2020
0

Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices...

Read more
Path to net zero: European oil majors outpace US companies on climate goals
Europe

Path to net zero: European oil majors outpace US companies on climate goals

by Oil Market
July 29, 2020
0

The strong and growing pressure on oil and gas companies to dramatically reconfigure their core businesses to accept a...

Read more
Oil price holds near four-month high amid bearish signals – News for the
Europe

Oil price holds near four-month high amid bearish signals – News for the

by Oil Market
July 28, 2020
0

Oil held near a four-month high after speculation the Federal Reserve will keep U.S. interest rates near zero for...

Read more
Traore uses BABY OIL to slip opponents and avoid another dislocated
Europe

Traore uses BABY OIL to slip opponents and avoid another dislocated

by Oil Market
July 26, 2020
0

ADAMA TRAORE is feared throughout Europe for his blistering pace. However, Chelsea defenders beware - the speedy Spaniard literally...

Read more
Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge,
Europe

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge,

by Oil Market
July 25, 2020
0

The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the...

Read more
Next Post
Temperature spike: Earth ties record high heat May reading – Casper, WY Oil

Temperature spike: Earth ties record high heat May reading - Casper, WY Oil

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Natural Gas Price Forecast – Natural Gas Markets Find Massive Support

Natural Gas Price Forecast – Natural Gas Markets Find Massive Support

3 years ago
Shell Oil (RDS.A) Stock Sinks As Market Gains: What You Should Know

Shell Oil (RDS.A) Stock Sinks As Market Gains: What You Should Know

3 years ago
Evansville PD steps up code enforcement, animal control, and community

Evansville PD steps up code enforcement, animal control, and community

3 years ago
Another Viewpoint: Keep oil rigs off Florida’s coasts

Another Viewpoint: Keep oil rigs off Florida’s coasts

3 years ago
Global Size, Supply-Demand, Product Type and End User Analysis To 2026|Sun

Global Size, Supply-Demand, Product Type and End User Analysis To 2026|Sun

3 years ago
Oil Pressure Control Solenoid Valve Market Study Report (2020-2026),

Hyssop Oil Market Analysis, Revenue, Price, Market Share, Growth Rate,

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com