crude oil
Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain Rally
(Bloomberg News)
OPEC+ and its allies will decide as soon as this week whether to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month.
June 1, 2020Saudi Oil Flood to China Persists Despite Historic Cuts
An oil tanker is silhouetted against a hazy sky. (Marcelo del Pozo/Bloomberg News)
An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.
May 29, 2020Oil Declines From 11-Week High
Oil pumping jacks operate in a Russian oilfield on March 11. (Andrey Rudakov/Bloomberg News)
Russia’s lack of support for continuing global production curbs in July punctured oil’s rally to a nearly three-month high and raised questions about OPEC+’s ability to drain a massive supply glut.
May 27, 2020Oil Rallies With Producers Showing Confidence by Hiking Prices
Oil tankers sit anchored off the coast of Long Beach, Calif., on April 22. (Tim Rue/Bloomberg News)
Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing.
May 26, 2020Unlike China, India Oil Demand Stays Weak as Economy Falters
People stand next to a gas station during a partial lockdown in New Delhi, India, on May 14. (Prashanth Vishwanathan/Bloomberg News)
It’s going to take months for oil demand in the world’s third-biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown.
May 21, 2020Chinese Revival Draws Rare Shipments of Alaskan, Canadian Oil
A Canadian Pacific Rail locomotive pulls oil tankers past a refinery in Burnaby, British Columbia, in September 2018. (Darryl Dyck/Bloomberg News)
Canadian and Alaskan crude that normally travels to the U.S. West Coast is finding a market in China, where demand is almost back to pre-pandemic levels.
May 20, 2020Oil Falls Despite Signs of Tightening Market, Demand Recovery
Crude oil tankers are seen off the coast of the U.K. on May 15. (Chris Ratcliffe/Bloomberg News)
Oil prices fell even as supply curbs tightened the market and demand rebounded with the reopening of major economies.
May 19, 2020Diesel Prices Continue to Slide Even as Oil Inches Up
Spencer Platt/Getty Images
Chinese Oil Demand Is Almost Back to Pre-Virus Crisis Levels
Oil storage tanks are seen from above on the outskirts of Ningbo, Zhejiang Province, China, on April 22. (Qilai Shen/Bloomberg News)
Chinese oil demand is all but back to levels last seen before Beijing imposed a national lockdown to fight the coronavirus outbreak, according to people with inside knowledge of the country’s energy industry.
May 18, 2020Oil Trades Near Six-Week High on Supply Cuts, Demand Recovery
Oil tankers are seen anchored in the Pacific Ocean above Long Beach, Calif., on May 1. (Patrick T. Fallon/Bloomberg News)
Oil was near the highest in six weeks as major producers slash supply, and there are increasing signs that demand is recovering.
May 15, 2020