The price of US crude oil futures rose above the $60 mark to the highest level since January 11, 2020, at $60.95 per barrel. Investors’ hopes for more stimulus measures in the United States, and relaxation of the new coronavirus epidemic lockdown measures, have helped support the rise in oil prices, which rose nearly 5% last week.
According to news from the financial community, due to the improvement in energy demand, crude oil futures recovered from the previous weakness and collectively closed up. New York crude oil rose for seven consecutive days, and Brent crude oil closed up for eight consecutive days, both hitting new highs in more than a year.
BP and Total have joined forces to build new offshore wind farms and help countries gain access to cleaner fuel sources. The two companies claim that by joining forces, they can help many countries develop cleaner fuel sources. This is all part of BP’s cooperation with the French oil company Total.
The oil prices continue to climb higher. The price of oil has now recovered after it dropped to a five-year low. In fact, the price of oil is now up over $60 a barrel, which makes many people wonder what will trigger the price of oil to go even higher.
According to the latest forecast issued by the Organization of Petroleum Exporting Countries (OPEC), the monthly average price of OPEC crude jumped to $55.97 a barrel this February, in a move paving the way to break the barrier of $56. This is a 2.9% increase compared to its average price recorded in January of the same year.
The giant oil group Royal Dutch Shell announced a large net loss of $21.7 billion in 2020 due to lower energy prices and the massive decline in demand for it due to the Coronavirus epidemic. The Dutch-British group said in a statement that it made a net profit of $15.8 billion in 2019, before the start of the health crisis.
Navalny is demanding that the West impose new sanctions against the 35 Russian nationals. The question ponders for many will the new sanctions affect the Russian economy? The Kremlin has been accustomed to the large list of sanctions against Russia, since the Crimea annexation in the 2014.
The head of the Russian Investment Fund, Kirill Dmitriev, praised his country’s cooperation with Saudi Arabia, under the umbrella of the OPEC+ alliance, which resulted in the stability of the oil market after the price collapse in April of last year, following the Coronavirus pandemic.
Oil inventories in the United States fell sharply over the past week, exceeding analysts’ expectations, with a strong drop in US crude imports. According to the weekly report issued by the US Energy Information Administration on Wednesday, US inventories of oil decreased by 9.9 million barrels in the week ending on January 22, to 476.7 million barrels.
The rebound of the US dollar lost its momentum to boost commodity prices priced in US dollars. At the same time, the rise in the stock market also boosted energy prices. Crude oil futures resumed their rise and ended up collectively higher. New York crude oil rose 1.8% to close at $53.21, for six consecutive trading gains, and hit its highest level since February 21.
Oil prices have begun to rise this week. Driven by the rise in the stock market, the price of Brent crude oil rose to $55.04 per barrel, the highest level since February last year. Saudi Arabia’s plan to unilaterally cut production has made investors optimistic, while the general rise in the market has further promoted optimism.
The crude oil market ended 2020 with a positive attitude, but it still suffered a heavy setback throughout the year, only partially recovering from the decline in demand caused by the new coronavirus epidemic. The market bulls had a good momentum towards the end of the year.
US President Donald Trump decided to change his policy over the weekend and signed a bill that includes the $ 900 billion in aid to consumers and small businesses. However, crude oil futures increased production due to the spread of the epidemic and OPEC+ expectations intensified. Crude oil gave up early gains and closed slightly lower.
Brent crude oil, for the first time in nine months, broke through $50 a barrel on Thursday. Traders bet that the US Food and Drug Administration’s approval of Pfizer’s new coronavirus vaccine will boost the US economy and energy demand. Crude oil futures are free from the sharp rise in inventory pressure and collectively rose.
Crude oil futures fell slightly on Monday from a nine-month high. Investors weighed the impact of international tensions on the crude oil market. At the same time, the continuous surge in new coronavirus epidemic cases caused demand concerns. In addition, the dollar fell 1.1%.
Norway announced the internet to increase the oil production and export starting January 2021. Hence, this will be a 3rd nation, which will not follow the OPEC+ agreement. The OPEC+ agreement called for a decrease in crude oil output by an initial 9.7 million barrels per day (b/d) that gradually tapers through April 2022, the end of the current agreement period.
Russian geographers from Moscow State University completed work on the beta version of the Electronic Atlas of abrasion and ice extraction hazards of the coastal shelf zone of the Russian Arctic. The unique atlas includes an overview of the regional maps, analytical and photographic materials, which illustrate the spread of the dangerous processes in the Arctic.
British Foreign Secretary Dominic Raab said on Sunday that the Brexit negotiators of the United Kingdom and the European Union showed “pragmatism” and “sincerity,” and “a deal is about to be reached.” In an interview with Sky News, Secretary Raab said that the biggest unresolved issue is fishing rights.
Argentine government officials expect more than a million people to say goodbye to legendary footballer Diego Maradona, who died Thursday of a heart attack at age 60. People came to say goodbye to their favorite footballer, more than expected. Such a grand ceremony was last held about 10 years ago, after the death of Argentine President Nestor Kirchner.
This week, the Venezuelan leader of the opposition, Juan Guaido, gave an interview regarding the continuation of the US’ bipartisan support of the Venezuelan opposition by the newly-elected US President, Joe Biden, and his administration. However, Venezuela can suffer the same fate as Syria, except the trajectory will differ.
Oil prices have risen due to the uncertainty of the outcome of the US presidential election. According to experts and world news sources, the financial markets were hoping for a definite result of the US presidential election. This ambiguity, and the possibility of Trump’s victory, would reduce Iran’s chances of returning to the oil market.
The US stock market rebounded slightly on Thursday, and technology stocks performed well. The third-quarter economic data of the US was better than expected to boost market sentiment. On the previous trading day, the three major stock indexes erased the gains since October.
On Thursday, the three major US stock indexes collectively closed higher. The Dow rose 0.52%, the Nasdaq rose 1.64%, and the S&P 500 rose 1.2%. Apple rose 3.7%, leading the Dow. Technology stocks rose sharply, of which Facebook rose nearly 5%, Twitter rose over 8%, Weilai Automobiles rose by more than 16%, another record high.
The Islamic Republic of Iran is smuggling its crude oil through the waters of Iraq to circumvent US sanctions. It is said that Iranian oil is transferred to other tankers in the port of Faw and exported in the name of Iraqi oil. The Wall Street Journal in a special report revealed the smuggling of Iranian crude oil through Iraqi waters.
The National Petroleum Corporation of Libya said on Friday that it expects to open up oil exports from Sider Port in the next few days, and Libya will increase its oil production to more than 1 million barrels per day within four weeks. Its production has been increasing over the last month.
Russian President Vladimir Putin said on Thursday that Russia does not rule out the possibility of delays in OPEC+ production plans. This latest sign indicates that OPEC may limit crude oil production for a longer period of time as the epidemic once again affects demand.
On Thursday, international oil prices bottomed out and rebounded, benefiting from OPEC+’s possible slowdown in production increase. However,the renewed surge in new coronavirus cases in Europe and the United States, the blockage of negotiations on the US stimulus plan, and the increase in US gasoline inventories all indicate a worsening outlook for fuel demand.
Crude oil inventory data fell for two consecutive weeks. Crude oil ended its three-day downward trend, and closed higher, the highest close in nearly seven weeks. Meanwhile, the pending US economic stimulus package is expected to boost energy demand. Everyone, including the energy industry, is awaiting word on a deal.
During the trading session on Monday, the euro retreated to the 1.17 mark against the US dollar. Previously, European Central Bank President Christine Lagarde said that the ECB currently has not exhausted all available policy tools and options, and can still come up with more if necessary in the future.
International oil prices fell on Monday due to China’s economic growth rate in the third quarter, which was lower than expected. China’s energy demand is still inevitably dragged down by the renewed surge in the number of new coronavirus infections in other countries around the world.
According to the World Health Organization (WHO), there are currently more than 7.2 million cases of new coronavirus across Europe, and the number of hospitalizations is increasing at an alarming rate. European stock markets fell across the board.There were more than 30,000 new confirmed cases in France in a single day on Thursday.
On Friday, US crude oil continued overnight decline, refresh more than a two-week low at $37.29. The cloth oil fell below the $40 mark, news sources confirmed, triggering fears of the market for the spread of the epidemic. The United States Crude oil is currently reported at $37.40, a decrease of 3.46%.
According to Reuters, due to concerns about the slow recovery of oil demand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have put pressure on oil-producing countries whose output exceeds their target, requiring them to further reduce production in August-September.
According to The Korea Times, the South Korean Foreign Ministry summoned the Iranian ambassador to the country today to express his country’s dissatisfaction with the statements of the officials of the Islamic Republic regarding the blocked Iranian oil revenues in the country.
Donald Trump’s administration has instructed prosecutors to file a lawsuit to seize four Iranian tankers carrying gasoline to Venezuela, according to Reuters. The lawsuit aims to seize Iranian tankers, prevent future deliveries of gasoline to Venezuela, and increase sanctions and economic pressure on both.
Iranian President Hassan Rouhani described the construction of the Goreh-Jask pipeline as one of the projects of the Ministry of Petroleum in the provinces of West Azerbaijan, Markazi, and Hormozgan. According to the news sources, Rouhani made remarks at a ceremony, which took place on Thursday.
Iran is allegedly rebranding oil exports destined for China and other major oil import nations. This is according to a new report published by Radio Farda. The embattled state, which is reeling from US sanctions, has been able to export over nine million barrels of oil by rebranding consignments in Malaysia to make it seem like the cargo originated from there.
Chinese oil companies have stopped chartering oil tankers that have, in the past year, delivered consignments to Venezuela. This is following a new directive by the United States government sanctioning vessels involved in boosting the Venezuela oil sector. According to the Department of the Treasury, companies aiding the corrupt regime of President Nicholas Maduro are in contravention of current statutes.
The Global Gas Sensors Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. The rise in the valuation of the gas sensor market can be from 1.1 Billion 2019 to $1.8 Billion in 2025. The availability of a wide range of Gas sensors to detect a range of gases, such as combustible gases, a toxic gases, and flammable can impel the expansion of the market.
Iranian President Hassan Rouhani has sternly warned the United States and threatened retaliatory action against Washington should it dare cause any hitches to the transportation of Iranian oil tankers to Venezuela. Rouhani says Iran would never start a conflict but has the legitimate right to defend its national interests, sovereignty, and territorial integrity.
The Iranian army is escorting tankers to Venezuela to deliver oil. Earlier, the United States said it could block the tanker from reaching Venezuela. The five tankers are expected to reach Venezuela soon. Venezuela’s Defense Minister noted that oil tankers will stop at the port in the special economic zone.