oil prices

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Oil price hikes and deficit expected

The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers, Bloomberg reported. Barely a fifth of the surplus …

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Oil lifted on OPEC projections

Oil markets rose overnight and this morning after the US dollar weakened and OPEC lifted its consumption projections higher for the rest of 2021, Market Pulse reports.  Brent crude rallied 1.30% to USD63.90 a barrel overnight, …

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Oil prices rise on stronger economic outlook

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But …

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When Russia runs out of oil

At the current level of technological development, Russian oil reserves will last for another 58 years, Evgeny Kiselev, Deputy Minister of Natural Resources and Ecology of the country, the head of Rosnedra informed. He drew attention to …

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Brent futures climb to $64.98/bbl

Brent oil futures with delivery in June 2021 soared 3.6% to $64.98 a barrel on the London-based ICE on Thursday, according to market data. Brent oil prices are growing after the decision of OPEC+ to boost oil production since May …

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Central Bank assesses oil prices

The Bank of Russia considers the current level of oil prices to be fair, the First Deputy Chairman of the Central Bank of the Russian Federation, Sergei Shvetsov, said addressing the audience at the All-Russian Week of Financial Literacy. …

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Suez Canal blockage stops global oil supplies

The trade of at least $400 million of crude oil as well as liquefied natural gas (LNG), refined fuels and containers full of goods have come to a standstill in one of the world’s key shipping routes, with millions of dollars more at risk …

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Oil steadies after sell-off as demand doubts persist

Oil prices steadied on Friday, but were down 8% for the week, after an overnight sell-off as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand. …

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EIA revises up oil price forecasts for 2021

In its March Short-Term Energy Outlook, the U.S. EIA forecast Brent crude oil prices will average $61/bbl in 2021 and $58.5/bbl in 2022, compared to previous forecasts of $53/bbl and $55/bbl, respectively, in last month's outlook. …

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