Tag Archives: Crude oil

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of …

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) …

Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut. Brent crude fell $2.07 to $31.78 a barrel by …

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the …

Crude oil futures topped $70 per barrel in early trading Monday amid rising tensions in Iraq and Iran following the killing of a top Iranian military commander in Baghdad. Benchmark Brent crude futures reached $70.72 early in Monday’s session, up 1.28 percent, before falling back below the $70 mark to …

China’s largest oil and gas producer CNPC has announced the discovery of an oilfield that could hold over a billion tons of reserves in the northwest of the country. According to CNPC, the proven reserves at Qingcheng oilfield in the Ordos basin stand at 358 million tons, while its estimated …