2020-05-25 12:50:00
OIL PRICE: NEAR $35 ANEW
REUTERS - MAY 25, 2020 - Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand.
Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2%, at $35.19 a barrel by 0636 GMT. U.S. oil had gained 27 cents, or 0.82%, at $33.52 a barrel.
Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year.
"Oil markets are focused on the potential for an easing of lockdown measures," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
Trading volumes were light, and gains are likely to be capped by rising tensions between the United States and China over moves by Beijing to impose security legislation on the one-time British colony.
Ties between Washington and Beijing have soured since the outbreak of the new coronavirus. President Donald Trump and President Xi Jinping have traded barbs over the outbreak, including accusations of cover-ups and lack of transparency.
Points of contention between the superpowers have included Hong Kong, human rights, trade and U.S. support for Chinese-claimed Taiwan.
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Earlier:
2020, May, 22, 13:25:00
OIL PRICE: ABOVE $34
Brent dropped $1.96, or 5.4%, to $34.10 a barrel, WTI declined by $2.41, or 7.1%, to $31.51.
2020, May, 22, 13:17:00
OIL MARKET BALANCE
"When it comes to oil, there are signs that the market has tightened in recent weeks. The OPEC+ agreement, voluntary cuts outside OPEC-++, and production shut-ins are working together to start to rebalance the market. This will take time. As economies begin to open up, demand will follow, but the path to the next normal is not a straight line," Dr. Sultan Al Jaber, CEO of ADNOC Group and UAE minister of state said.
2020, May, 22, 13:10:00
OIL & GAS: THE RETURN OF EQUITY 6%
The return on equity for energy companies and U.S. manufacturing decreased to 6% and 13%, respectively, in 2019
2020, May, 22, 12:55:00
OILFIELD SERVICES DOWN 49%
Oilfield services companies have lost approximately 49% of their market capitalization since the beginning of this year.
2020, May, 21, 12:55:00
OIL PRICE: NOT ABOVE $37
Brent rose 42 cents, or 1.2%, at $36.17 per barrel, WTI climbed 40 cents, or 1.2%, to $33.89.
2020, May, 20, 11:55:00
OIL PRICE: NEAR $35 YET
Brent were up 10 cents, or 0.3%, at $34.75 per barrel, WTI were down 2 cents at $31.94 a barrel
2020, May, 19, 11:55:00
OIL&GAS INDUSTRY: THE NEXT TRANSFORMATION
To change the current paradigm, the industry will need to dig deep and tap its proud history of bold structural moves, innovation, and safe and profitable operations in the toughest conditions. The winners will be those that use this crisis to boldly reposition their portfolios and transform their operating models. Companies that don’t will restructure or inevitably atrophy.
