Thursday, February 9, 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 Production

Oil prices mixed as coronavirus spike casts shadow over U.S. demand

July 6, 2020
in Production
Oil prices mixed as coronavirus spike casts shadow over U.S. demand
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

New U.S. permit to boost Keystone pipeline oil exports by next year: TC

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

County in oil-production zone fights stay-at-home order | Fort Worth

Oil pumps at sunset, industrial oil pumps equipment.

Pramote Polyamate

Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.

Brent crude rose 18 cents, or 0.4%, to $42.98 a barrel by 0252 GMT after a 4.3% gain last week, while U.S. West Texas Intermediate crude was at $40.42, down 23 cents, or 0.6%, from its previous settlement on Thursday. U.S. markets were closed on Friday to mark July 4 holiday celebrations.

Amid rising numbers of coronavirus cases in 39 U.S. states, a Reuters tally showed that in the first four days of July alone, 15 states reported record increases in new COVID-19 infections with parties over the holiday weekend possibly leading to another spike.

“There will be some kind of decline in demand if cases were to increase as people will stay at home,” said Howie Lee, an economist at Singapore’s OCBC Bank. “The pace of U.S. demand recovery will not be as steep as expected.”

For now, analysts at ING bank said data for several cities in affected states show no significant reduction in road traffic week-on-week.

“We will get a better idea of what impact tighter restrictions in several states have had on gasoline demand with the EIA (Energy Information Administration) report this week,” ING said in a note.

The implied volatility for Brent crude has dropped to the lowest since prices started collapsing in March as some in the market remain focused on tightening supplies as production by the Organization of the Petroleum Exporting Countries (OPEC) fell to its lowest in decades with Russian output dropped to near targeted cuts.

OPEC and allies including Russia, collectively known as OPEC+, have pledged to slash production by a record 9.7 million barrels per day (bpd) for a third month in July. After July, the cuts are due to taper to 7.7 million bpd until December.

U.S. production, the world’s largest, is also falling. The number of operating U.S. oil and natural gas rigs fell to an all-time low for a ninth week, although the reductions have slowed as higher oil prices prompt some producers to start drilling again.



Read More: Oil prices mixed as coronavirus spike casts shadow over U.S. demand

Tags: business newscastsCommodity marketsCoronavirusDEMANDEnergyEnergy Select Sector SPDR FundICE Brent Crude (Jul'20)LPmixedoilOil and GaspricesshadowspikeUnited States Brent Oil FundUnited States Oil FundWTI Crude (Jun'20)

Related Posts

New U.S. permit to boost Keystone pipeline oil exports by next year: TC
Production

New U.S. permit to boost Keystone pipeline oil exports by next year: TC

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corporation says the company will begin moving more oil from Western Canada into the...

Read more
Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET
Production

Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix – ET

by Oil Market
July 29, 2020
0

LAGOS/LONDON: Nigeria's state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed...

Read more
County in oil-production zone fights stay-at-home order | Fort Worth
Production

County in oil-production zone fights stay-at-home order | Fort Worth

by Oil Market
July 29, 2020
0

SANTA FE, N.M. (AP) — A county in New Mexico’s southeastern oil production region is backing a legal challenge...

Read more
Shetland oil pioneer enjoys production boost following challenging period
Production

Shetland oil pioneer enjoys production boost following challenging period

by Oil Market
July 28, 2020
0

HURRICANE Energy has received a boost following a difficult period after increasing production from a big field off Shetland....

Read more
Australia’s Karoon soars after striking new oil field deal terms
Production

Australia’s Karoon soars after striking new oil field deal terms

by Oil Market
July 27, 2020
0

Karoon's share price surged more than 15 per cent following the news to 77¢ in early trading on Monday.Loading"Despite...

Read more
Analysis | The Next Move in Oil Prices May Be Down, Not Up
Production

Analysis | The Next Move in Oil Prices May Be Down, Not Up

by Oil Market
July 26, 2020
0

The group of 23 oil producing countries, led by Saudi Arabia and Russia, confirmed they would reduce the size...

Read more
Next Post
Families living near oil wells need to know one critical stat for their

Families living near oil wells need to know one critical stat for their

Leave a Reply Cancel reply

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

Today Oil Markets

Russia Considers Emulating The World’s Largest Oil Hedge | OilPrice.com

Russia Considers Emulating The World’s Largest Oil Hedge | OilPrice.com

3 years ago
Canadian Banks Hit Hard By Low Oil Prices | OilPrice.com

Canadian Banks Hit Hard By Low Oil Prices | OilPrice.com

3 years ago
Northern Wisconsin oil pipeline reroute panned in public hearing; opponents

Northern Wisconsin oil pipeline reroute panned in public hearing; opponents

3 years ago
The inside story of how oil price war ended

The inside story of how oil price war ended

3 years ago
Upstream Oil and Gas Industry Needs Consolidation

Upstream Oil and Gas Industry Needs Consolidation

3 years ago
RPT-Spring oil flood causes summer queues in Chinese ports

RPT-Spring oil flood causes summer queues in Chinese ports

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