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Oil dives on fears of glut, global economic slowdown

5 hours ago DieselGasoil Comments Off on Oil dives on fears of glut, global economic slowdown
NEW YORK (Reuters) – Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts of record U.S. and Russian output hitting a market that may see weaker demand if global growth deteriorates as many expect. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, Read More

Oil will skyrocket to $300 if OPEC-Russia alliance disbanded, Saudi institute claims

6 hours ago DieselGasoil Comments Off on Oil will skyrocket to $300 if OPEC-Russia alliance disbanded, Saudi institute claims
Without the Organization of the Petroleum Exporting Countries (OPEC) the world will lose its safety net that stabilizes the oil market from supply disruptions and other shocks, according to Saudi independent energy think tank. “Our analysis shows that back in 2011-2012, when Libya experienced supply disruptions, prices for crude could go far above $200 per Read More

Oil drops on oversupply, equities sell-off

7 hours ago DieselGasoil Comments Off on Oil drops on oversupply, equities sell-off
LONDON (Reuters) – Oil prices fell on Tuesday after reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in stock markets as the outlook for global growth deteriorated. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. Read More

China inks deals with Shell, majors as Xi signals open trade

8 hours ago DieselGasoil Comments Off on China inks deals with Shell, majors as Xi signals open trade
By Bloomberg News on 12/18/2018 HONG KONG and BEIJING (Bloomberg) — China signaled its openness for business with a raft of deals that’ll give oil majors including Royal Dutch Shell new opportunities to develop fields in partnership with the nation’s biggest offshore explorer.  China National Offshore Oil said in Beijing on Tuesday that it had Read More

Crude oil slides to year lows on oversupply fears despite agreed cuts

10 hours ago DieselGasoil Comments Off on Crude oil slides to year lows on oversupply fears despite agreed cuts
Oil prices dropped more than 3 percent on Tuesday with main crude benchmarks, Brent and WTI, trading at the lowest levels in more than a year. Forecasts of record US shale oil output triggered worries about global oversupply. West Texas Intermediate (WTI) crude fell nearly 3.5 percent to $48.22 a barrel, its weakest since September Read More

Oil drops 4 percent on oversupply, equities sell-off

12 hours ago DieselGasoil Comments Off on Oil drops 4 percent on oversupply, equities sell-off
LONDON (Reuters) – Oil prices fell 4 percent on Tuesday, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in global stock markets. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August Read More

Oil prices drop for third session as oversupply worries drag

14 hours ago DieselGasoil Comments Off on Oil prices drop for third session as oversupply worries drag
SINGAPORE (Reuters) – Oil prices fell more than $1 on Tuesday, dropping for a third session as reports of growing inventory and forecasts of record shale output in the United States stoked worries about oversupply. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Read More

Oil prices fall for third straight session amid supply glut worries

17 hours ago DieselGasoil Comments Off on Oil prices fall for third straight session amid supply glut worries
SINGAPORE (Reuters) – Oil prices dropped over 1 percent on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the United States, currently the world’s biggest producer, stoked worries about oversupply. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Read More

Oil prices fall 1 percent amid supply glut worries

18 hours ago DieselGasoil Comments Off on Oil prices fall 1 percent amid supply glut worries
SINGAPORE (Reuters) – Oil prices dropped 1 percent on Tuesday, extending losses from the previous session as reports of a big climb in U.S. inventories and forecasts of record shale output stoked worries about oversupply. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Read More

U.S. oil prices drop 1 percent on oversupply fears

20 hours ago DieselGasoil Comments Off on U.S. oil prices drop 1 percent on oversupply fears
SINGAPORE (Reuters) – U.S. oil prices fell 1 percent on Tuesday after slipping below $50 a barrel in the previous session, with reports of a big climb in U.S. inventories and forecasts of record shale output stoking worries about oversupply. Pump jacks operate in an oil field in Midland, Texas U.S. August 22, 2018. Picture Read More