Oil price news

Oil prices rose this morning as governments lift lockdown measures and demand increases around the world.

Oil prices rose this morning, stabilising above US$30 Brent, as traders welcomed a hinted demand recovery and saw a slight decrease in US stock builds.

Oil prices rose this morning as US onshore stock builds fell for the first time since January.

Oil prices fell this morning as traders curbed their enthusiasm about new cuts from the Middle East, due to an emerging possibility of increased lockdown periods fearing a possible second Covid-19 wave.

Oil prices rose this morning as Saudi Arabia’s move, accompanied by Kuwait and the UAE, to expand production cuts boosted the market’s confidence.

From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.

Oil prices started the week with mild losses, as news about renewed outbreak pockets around the world alarmed traders to be cautious on how quickly demand can rebound.

On Thursday morning oil prices continued to see their earlier gains trimmed further for a second day, as the global oversupply persists despite the cuts that are already in place.

Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.

The OGA has said that the North Sea oil and gas industry should go considerably faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.