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Brent is set for its eighth week of gains in a row after prices touched a 13-month high on Monday

Oil steady near $70 on hopes of recovering demand

Oil prices hovered near $70 a barrel today, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

Business • 12 Mar 21

Both Brent and WTI contracts are at their highest levels since January 2020

Oil prices hit highest level in just over a year

Oil prices rose today to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures that can boost demand.

Business • 08 Feb 21

The IEA said it expects demand in the first quarter of this year to be 0.6 million barrels a day less than previously forecast

IEA trims 2021 global oil demand forecast

The International Energy Agency trimmed its 2021 global oil demand forecast today as fresh coronavirus lockdowns cloud the outlook but said mass vaccination programmes should help bolster a second half rebound.

Business • 19 Jan 21

US crude stocks dropped and fuel inventories rose, the Energy Information Administration said yesterday

Oil hits new 11-month highs after US inventory fall

Oil prices were steady today after hitting fresh 11-month highs on a fall in US stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.

Business • 07 Jan 21

Saudi Arabia has agreed to reduce output more than expected in a meeting with allied producers

Oil extends gains after surprise Saudi output cut

Oil prices extended gains today, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed US inventories fell last week.

Business • 06 Jan 21

OPEC+ decided to increase production by 0.5 million bpd from January

Lockdowns depress demand for oil

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said, before meeting allies led by Russia to discuss output levels for February.

Business • 04 Jan 21

Oil set for 20% drop in 2020 due to lockdowns impact

Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus.

Business • 31 Dec 20

Oil prices could gain more strength as vaccination programmes around the world begin next year

Oil up on hopes of demand recovery, lower US stocks

Oil prices traded flat this evening, supported by a draw in US crude inventories and Britain's approval of a second coronavirus vaccine but pressured by swelling year-over-year supply and the view that a federal aid package would be slimmer than hoped.

Business • 30 Dec 20

OPEC's latest report reflects the lasting impact of the coronavirus crisis on the economy and consumer habits

OPEC says oil demand to plateau in late 2030s

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said today.

Business • 08 Oct 20

Gazprom Neft said it still planned to pay an interim dividend later this year as profits improve

Gazprom Neft's second quarter profit slumps 80%

Russia's Gazprom Neft, the oil business of state gas company Gazprom, said weak oil prices had driven a near 80% slump in second-quarter net profit to 22 billion roubles ($297m).

Business • 21 Aug 20

The price of Brent oil has more than doubled since falling to a 21-year low below $16 in April

Oil falls as US inventory rise revives glut worries

Oil fell more than 2% towards $40 a barrel today after a report showed a rise in crude inventories in the US, reviving concerns about oversupply and weak demand due to the coronavirus crisis.

Business • 10 Jun 20

Oil prices have ticked up in the last two weeks as some countries relaxed Covid-19 restrictions and lockdowns to allow factories and shops to reopen

Oil prices rise on dip in US crude stockpiles, IEA data

Oil prices rose today after a drop in US crude stocks and an IEA forecast for lower global stockpiles in the second half, but the Brent benchmark still hovered around $30 a barrel as a weak demand picture curbed gains.

Business • 14 May 20

The price of Brent crude is headed for a 23% loss this week

Oil heads for steep weekly slide after Covid-19 turmoil

Oil prices were broadly steady today but were headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.

Business • 24 Apr 20

Worldwide oil supply looks set to overwhelm demand for months to come and current production cuts fall far short of offsetting that glut

Oil hits lowest this century as virus hits demand

Oil slumped to less than $16 a barrel today, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand for fuels.

Business • 22 Apr 20

Oil prices are being pressured by persistent oversupply and collapsing demand due to global coronavirus-related lockdowns

Oil falls 4% towards $28 on oversupply concerns

Oil fell by over 4% towards $28 a barrel, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.

Business • 15 Apr 20

Global fuel demand has plunged by around 30 million barrels per day

Plans to cut oil output gather momentum

Top oil nations pushed to finalise a deal on sweeping oil cuts at G20 talks to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion's share and the United States showing unusual willingness to help out.

Business • 10 Apr 20

Oil is higher today on expectations the world's largest oil producers would agree to cut production

Oil rises on hopes OPEC+ meeting will result in cuts

Oil prices rose today on expectations the world's largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.

Business • 09 Apr 20

Oil up on hopes that the world's biggest producers will agree to cut output

Oil rises as hopes build for global production cut

Oil prices clawed their way into positive territory today as hopes that the world's biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.

Business • 07 Apr 20

The production cut is aimed at coping with the disastrous effect of the coronavirus on fuel demand

OPEC+ set to agree to cut production if US joins effort

Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the US joins the effort, three OPEC+ sources told Reuters.

Business • 07 Apr 20

US benchmark WTI plunged 54% during March and 66% for the first quarter, while Brent slumped by 66% in the first quarter and 55% in March

Oil ends March with biggest monthly & quarterly losses

Crude oil benchmarks ended a volatile quarter with their biggest losses in history, as both US and Brent futures were hammered during March on the global economic freeze due to the coronavirus pandemic and the eruption of a price war between Russia and Saudi Arabia.

Business • 01 Apr 20

Both Brent and WTI prices are down about 60% this year

Oil falls as sinking demand outweighs stimulus hopes

Oil prices fell today, after three sessions of gains, as plunging demand due to restrictions on movement worldwide to contain the coronavirus overshadowed expectations that a $2 trillion US stimulus package will bolster economic activity.

Business • 26 Mar 20

Oil prices bounced nearly 7% today after three days of heavy losses

Oil jumps after three-day slump but virus still weighs

Oil prices bounced nearly 7% today after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.

Business • 19 Mar 20

Travel and social lockdowns sparked by the coronavirus epidemic have knocked the outlook for oil demand

US crude hits 18-year low as lockdowns spread

Oil prices fell for a third session today with US crude futures tumbling to a 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

Business • 18 Mar 20

Brent's premium to WTI has narrowed to less than $1, making US crude oil uncompetitive in international markets

Brent falls 10%, WTI below $30 as coronavirus spreads

Brent fell by 10% today and US crude to below $30, as emergency rate cuts by the US Federal Reserve and its global counterparts failed to tame markets.

Business • 16 Mar 20

Brent is set to fall around 24% this week, the biggest weekly decline since December 2008

Oil rises 2% but set for biggest weekly drop since 2008

Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 4% bounce today, as the coronavirus outbreak threatened demand and crude producers promised more supply.

Business • 13 Mar 20

Opec