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SINGAPORE (AFP) — Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. US benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23. The falls came after the death toll from the pandemic surged past 30,000 at the […]
WASHINGTON, United States (AFP) — The United States said Wednesday it has urged Saudi Arabia to “reassure” oil and financial markets as the world grapples with a coronavirus pandemic that has paralyzed major economies. The appeal was made by Secretary of State Mike Pompeo in a telephone conversation Tuesday with Crown Prince Mohammed bin Salman, the State Department said. Oil prices have plunged as economies grind to a halt due to the pandemic. But the […]
SINGAPORE, Singapore (AFP) — Oil rebounded Tuesday as investors bought at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus. Analysts said, however, that any recovery in oil prices is likely to be shortlived as travel restrictions and other tough measures rolled out to fight the virus sap demand amid a production glut and price war. US benchmark West Texas Intermediate (WTI) […]
Singapore, Singapore (AFP) — Oil prices extended the gloom on Monday after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade. US benchmark West Texas Intermediate (WTI) briefly fell below $30 a barrel, or 5.5 percent, in morning Asian trade before regaining its footing. It was trading at $31.14 a barrel at around 0200 GMT, down nearly two percent from Friday’s […]
by Anuj Chopra with Omar Hasan in Dubai RIYADH, Saudi Arabia (AFP) — Saudi Aramco reported Sunday a 20.6 percent drop in 2019 net profit due to lower crude prices and production levels, in its first earnings announcement as a listed company amid an escalating price war. The world’s most valuable firm also announced it was slashing its capital expenditure for this year, as the price war with Russia and the spreading coronavirus pandemic rattle […]
SINGAPORE, Singapore (AFP) — Oil prices plunged about six percent Thursday after US President Donald Trump announced a 30-day ban on all travel from Europe to the United States over the coronavirus pandemic. West Texas Intermediate slipped 6.2 percent to $31 a barrel while Brent crude was off 5.8 percent at under $34 a barrel. Both contracts extended heavy losses from a day earlier, which came after Saudi Arabia and Gulf partner the UAE stepped […]
ABU DHABI, United Arab Emirates (AFP) — The UAE national oil company said on Wednesday it was ready to boost its oil supplies by around one million barrels per day as a price war with Russia simmers. “In line with our production capacity growth strategy … we are in a position to supply the market with over four million barrels per day in April,” Abu Dhabi National Oil Co. said in a statement. “In addition, […]
RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million BPD as a price war with Russia intensifies. “Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million BPD to 13 million BPD,” the company said in a statement to the Saudi Stock Exchange. The […]
SINGAPORE (AFP) — Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh […]
SINGAPORE, Singapore (AFP) — Oil plunged about 20 percent Monday after top exporter Saudi Arabia made deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets. The two main contracts were both down about 20 percent in morning Asian trade, with West Texas Intermediate sliding to around $32 a barrel and Brent crude to some $36 a barrel. Bloomberg News reported on Sunday that Saudi Arabia […]
LONDON, United Kingdom (AFP) — World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 percent Friday on reports Russia wants to delay deeper output cuts recommended by its OPEC allies. In London morning deals, Brent North Sea crude dived to $47.02 per barrel, the lowest levels since July 2017. WTI tumbled to $43.28 — the lowest since late 2018. Prices recovered some of the losses, although Brent was still down […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group — foremost among them Russia — discuss how to halt the sharp fall in oil prices […]
