|Day's range||62.91 - 63.97|
Oil is back down again on Tuesday, despite Saudi Arabia's recent production cut announcement. The problem is demand, say strategists.
(Bloomberg) -- Oil traded little changed after erasing most of the gains that followed Saudi Arabia’s surprise pledge to cut more production as persistent economic uncertainty weighs on the outlook for demand.Most Read from BloombergUkraine Dam Blast Blamed on Russia Tips War Into New PhasePGA Tour Bows to Saudi Rival in Shock Combination With LIV GolfUS Crypto Crackdown Reaches Fever Pitch as SEC Sues CoinbaseApple Headset Looks Sleek in Person But Battery Pack Stands OutApple’s $3,499 Vision P
(Bloomberg) -- Teck Resources Ltd. received several proposals for deals involving its coal operations, as the Canadian miner works to draw up a new plan for splitting off the business while rejecting a bid from Glencore Plc.Most Read from BloombergUkraine Dam Blast Blamed on Russia Tips War Into New PhasePGA Tour Bows to Saudi Rival in Shock Combination With LIV GolfUS Crypto Crackdown Reaches Fever Pitch as SEC Sues CoinbaseApple Headset Looks Sleek in Person But Battery Pack Stands OutApple’s
Saudi efforts to shock-and-awe the oil market with a big surprise supply cut over the weekend look more like shock-and-yawn a couple of days later. Crude prices held largely steady despite another Saudi pledge to slash output, with Brent settling on Monday at $76.71 a barrel, up less than 1 per cent. It is the third cut from the Saudis since October as they try to propel a crude price rally in the second half of this year.
Oil prices fell Tuesday as concerns over the global economic outlook overshadowed the impact of Saudi Arabia’s surprise announcement of additional production cuts. Both benchmarks soared as much as 3% on Monday after Saudi Arabia, the world's top exporter, said at the weekend its output would drop by one million barrels per day in July in an attempt to boost crude prices. Saudi Arabia followed up Tuesday by increasing its export prices for all regions for July, selling its Arab Light crude for buyers in the crucial Asian region at a $3 a barrel premium, an increase of around 45 cents a barrel compared with June.
A major dam at a hydro-electric power plant on the Dnipro river in the southern Kherson region of Ukraine has been blown up. Ukraine's military has accused Russian forces for the attack on the Nova Kakhovka.
Investing.com -- Oil prices crept lower in Asian trade on Tuesday as initial optimism over more supply cuts by Saudi Arabia and the OPEC was largely offset by persistent concerns over slowing economic growth and weakening demand.
Libya is revamping its oil and gas sector through a new strategic plan to boost production, attract foreign investment, and meet international standards.
Analysts at Goldman Sachs itself said the output deal was "moderately bullish" for oil markets and could boost December 2023 Brent prices by between $1 and $6 a barrel depending on how long Saudi Arabia maintains output at 9M barrels daily.
Saudi Arabia announced that it is cutting oil output by 1 million barrels per day starting in July. Vanda Insights Founder Vandana Hari discusses how this cut will impact oil prices moving forward.
Petrobras (PBR) commences production on the FPSO Almirante Barroso platform in Brazil's Buzios field, which has the capacity to produce up to 150,000 barrels of oil and 6 million cubic meters of gas per day.
Oil prices are on the rise after a pledge from Saudi Arabia to cut production into 2024. Ben Laidler, eToro Global Markets Strategist and Tom Essaye, Sevens Report Research Founder and President discuss the impact of this decision upon the global energy market.
Today's top stories: Saudi Arabia is pledging to cut production, sending oil prices higher. Meanwhile, the S&P 500 is nearing a bull market, but Morgan Stanley analysts say in a new note that they expect to see S&P 500 earnings to fall by 16 percent. Finally, Apple is expected to reveal a new product, a mixed reality headset, at its annual WWDC.
In a surprise move, Saudi Arabia pledges to reduce its oil output further by a million barrels a day, causing a noticeable uptick in global oil prices.
(Bloomberg) -- Canada is staking billions of dollars of public money on an oil industry plan to transform one of the world’s dirtiest crudes into one of the cleanest. But it’s relying on a technology with a checkered track record to prolong the life of a business critics say belongs in the history books.The tar that infuses the sands in Canada’s remote northwest is so sticky the region’s indigenous people traditionally used it to waterproof their canoes. It wasn’t much use for anything else unti
Saudi Arabia said it will reduce production by 1 million barrels per day from July, prompting oil prices to jump.
Investing.com -- U.S. oil stocks pared back early gains in choppy trading on Monday as these companies were boosted by a jump in oil prices following an announcement from Saudi Arabia that it plans to cut production from next month.
Oil prices soared Monday after Saudi Arabia, the world’s largest exporter, pledged over the weekend to cut production by a further million barrels per day from July in an attempt to support a market hit by macroeconomic headwinds. Saudi Arabia, the de facto leader of the group of top producers known as OPEC+, announced on Sunday that the kingdom's output would drop to 9 million barrels a day in July from around 10 million barrels a day in May, the country’s biggest cut in years. This voluntary cut comes on top of the ongoing deal by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit supply into 2024.
Oil prices were higher after Saudi Arabia said it will reduce how much crude it sends to the global economy in a bid to prop up prices.
(Bloomberg) -- Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.Most Read from BloombergMorgan Stanley Expects a Shock 16% US Profit Drop to Kill RallyOil Trims Gains As Traders Wait for OPEC+ Cuts to MaterializeUS F-16 Triggers Sonic Boom Pursuing Cessna That CrashedOPEC+ Latest: Saudis Unveil Extra 1 Million Barrel CutBiden Debt-Bill Signing Set to Unleash Tsunami of US Debt
Investing.com -- Oil prices rose sharply in early Asian trade on Monday after Saudi Arabia pledged deep production cuts in July, while the Organization of Petroleum Exporting Countries and Allies agreed to extend supply cuts into 2024.
Saudi Arabia has announced plans to cut its oil production by 1 million barrels per day (bpd) as the Kingdom pledged to do “whatever is necessary” to prop up sagging prices.
Devon Energy (NYSE: DVN) and Pioneer Natural Resources (NYSE: PXD) are different breeds of dividend stocks. The oil companies pay fixed base quarterly dividends like most other dividend stocks. On top of that, they both pay variable dividends based on the oil-fueled free cash flow.