Brent crude

Oil Price Rebounds On Suez Canal Blockage

Oil climbed as investors assessed the impact on global crude flows after a ship ran aground and blocked the Suez Canal, following a sell-off on Tuesday, reports Yahoo Finance.

Markets reprieve 

Crude was also bolstered by positive economic data as Europe posted a record increase in factory output. 

Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February. 

For more information read our article Mega...

https://mfame.guru/oil-price-rebounds-on-suez-canal-blockage/

Oil Prices Fall Over New COVID Strain Lockdown & Stronger Dollar

According to a Reuters report, oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger U.S. dollar also weighed on prices.

Brent fell 33 cents to settle at $55.66 a barrel, after bouncing off the session low of $54.99. U.S. West Texas Intermediate (WTI) rose a cent to settle at $52.25 a barrel.

New Strain Lockdown Woes

“The renewed concerns about demand due to very high numbers of new...

https://mfame.guru/oil-prices-fall-over-new-covid-strain-lockdown-stronger-dollar/

Shippers Embrace ‘Tough Times’ Amid Spiraling Bunker Surcharges

With the oil prices heading north again, ocean carriers are preparing to ramp up low-sulphur fuel surcharges to add to the misery of shippers struggling with sky-high freight rates, surcharges and premium fees, reports the Loadstar.

Brent crude & HSFO prices take a hike

The price of Brent crude has increased by 41% since early September, to $55 a barrel, with an 8% spike alone last week driven by Saudi Arabia’s pledge to cut output.

During the same period, heavy fuel oil (HFO), consumed by ships...

https://mfame.guru/shippers-embrace-tough-times-amid-spiraling-bunker-surcharges/

Global Stimulus Measures Support Oil Prices Amid COVID-19

  • Global stimulus measures underpin prices even as demand struggles post-COVID-19.
  • Brent crude futures for November were unchanged at $45.81 per barrel.
  • U.S. West Texas Intermediate crude was at $43.05 a barrel, up 8 cents.
  • WTI reached $43.78 a barrel on August 26.

According to an article published in CNBC, oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID...

https://mfame.guru/global-stimulus-measures-support-oil-prices-amid-covid-19/

Prolonged Unsustainable Oil Prices To Cause Supply Gap

  • Current low oil and gas prices are unsustainable and if they last longer, it could lead to energy shocks.
  • If low oil prices persist for a long period, some of the current high-cost producers will drop out leaving a supply gap, pushing prices higher.

UAE says low oil prices are unsustainable and warns of shocks, reports the Economic Times.

Signs of rising demand

UAE Energy Minister Suheil al-Mazrouei, on June 15, said current low oil and gas prices are unsustainable and warned that if they last...

https://mfame.guru/prolonged-unsustainable-oil-prices-to-cause-supply-gap/

Fighting Oil Prices Amidst Slow Economic Recovery

  • Oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts that have supported recent gains.
  • Brent crude futures fell 1per cent, or 41 cents, to US$39.38 a barrel as of 0157 GMT.
  • U.S. West Texas Intermediate (WTI) crude futures fell 1.6per cent, or 61 cents, to US$36.68 a barrel.

A recently published article in CNA based on the reports by Sonali Paul, it elaborates on the oil...

https://mfame.guru/fighting-oil-prices-amidst-slow-economic-recovery/

Crudes Slide as Oversupply and Demand Fears Recur!

  • Crude futures slip as oversupply and demand concerns resurface.
  • Market concerns have prevailed over the inadequacy of the recent OPEC+ deal to balance out the sharp decline in oil demand.
  • Platts sees 2020 global oil demand contracting in its March outlook.

Crude oil futures were lower in mid-morning trade in Asia Monday as oversupply concerns and doubts of demand recovery take center stage again, writes Jeslyn Lerh for Platts.

At 10:15 am Singapore time (0215 GMT), ICE Brent June crude futures...

https://mfame.guru/crudes-slide-as-oversupply-and-demand-fears-recur/

Fuel Prices Swell Through Escalating Tension In the Middle East

Petrol and Diesel prices continue to surge amid tension in Middle East, reports the Economic Times.

Surge in crude prices

The petrol and diesel prices continued to surge on Saturday as the price of petrol rose by 10-11 paise and that of diesel by 15-16 paise across all major cities.

According to the Indian Oil website,

  • Petrol costs Rs 75.45 a litre in Delhi, Rs 81.04 per litre in Mumbai, Rs 78.04 a litre in Kolkata and Rs 78.39 a litre in Chennai after the revised rates were implemented on...

http://mfame.guru/fuel-prices-swell-through-escalating-tension-in-the-middle-east/

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