Oil prices

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Oil prices set to end week with strong gains

Oil prices set to end week with strong gains

Oil prices rose in Asian trade Friday and were set to end the week with strong gains on signs demand is returning as some governments ease tough coronavirus lockdowns. US benchmark West Texas Intermediate gained 4.5 percent to change hands at $24.62 per barrel, and has risen around 25 percent this week. International benchmark Brent […]

Russia’s ex-President suspects cartel agreement behind oil plunge

Russia’s ex-President suspects cartel agreement behind oil plunge

Dmitry Medvedev, Russia’s former president and prime minister as well as current deputy chairman of the country’s security council, said Tuesday he suspected a supplier’s agreement was behind a plunge in oil prices. US oil prices crashed to unprecedented lows on Monday as futures in New York ended in negative territory for the first time […]

Oil price plunges below $1 as coronavirus hits global economy

Oil price plunges below $1 as coronavirus hits global economy

Oil prices have plunged further below $1 a barrel with the threat to erase decade of demand growth with thousands of jobs under threat as coronavirus continues to spread further. A Bloomberg report revealed that industrial and economic activity is grinding to a halt as governments around the globe extend shutdowns due to the swift […]

Saudi Aramco reports 20.6 per cent drop in 2019 profit

Saudi Aramco reports 20.6 per cent drop in 2019 profit

Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement. These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi […]