Tag: Oil

BUSINESS

Oil Prices Continue To Rise

Oil prices gained for a fifth straight day on Monday, with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand in parts of the world. Brent crude was up 2.1% at $79.72 a barrel, having posted three straight weeks of gains. U.S. oil jumped 2.1%, to $75.54, near […]

BUSINESS

Oil Prices Drop

Oil prices fall two percent yesterday as investors grew more risk-averse, which hurt stock markets and boosted the U.S. dollar, but oil drew support from signs that some U.S. Gulf output will stay offline for months due to storm damage. Brent crude fell $1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. […]

BUSINESS

Oil Prices Up

Oil prices climbed at the start of the week to a one-week high in a second straight session of gains, as concerns over U.S. supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude for delivery in November rose 48 cents, to US$73.40  a barrel to kick off this week’s trade. U.S. West […]

NEWS

Guyana Gushes More Oil

Following the U.S.-based oil firm, ExxonMobil, recent announced discovery of high-quality oil-bearing sandstone reservoirs. The Government of Guyana has welcomed the new find of oil reserves within the Stabroek Block offshore. It noted that this will add to the previously announced gross discovered recoverable resource estimate of more than nine billion oil-equivalent barrels. Vickram Bharrat, Natural Resources Minister with responsibility […]

BUSINESS

Guyana Keeps Gushing Oil

Oil company giant ExxonMobil recently reported its twentieth oil discovery on the offshore of Guyana. The latest find was made at the Longtail-3 site in the Stabroek Block. Vickram Bharrat, Guyana’s Minister of Natural Resources with responsibility for the Petroleum Sector, said the discovery will add to the previously announced gross discovered recoverable resource estimate for the block, which is […]

NEWS

Guyana Gushes More Oil

Guyana’s Government has announced the country’s latest oil discovery within the Stabroek Block offshore Guyana. Natural Resources Minister Vickram Bharrat said the 19th offshore oil discovery will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be more than nine billion oil-equivalent barrels. Mr. Bharrat said the new development in Guyana […]

BUSINESS

Oil Prices Show Further Decline

Oil prices edged lower at the end of the week on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand. Brent crude futures for June fell 37 cents to $62.83 a barrel, while U.S. West Texas Intermediate (WTI) crude for May was at $59.24, down 36 cents. Both contracts are […]

BUSINESS

Oil Prices Slide Ease

Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia. Brent crude was up four cents at $55.92, while U.S. crude fell 19 cents to $52.58. Readers Bureau, Contributor Edited by Jesus Chan Do you want to add feedback to this story? Please add a comment […]

NEWS

Venezuela Sells Millions Of Barrels Of Crude Oil To China

Millions of barrels of Venezuelan heavy crude embargoed by the United States have been adulterated for shipment to China, according to a Bloomberg investigation.  These illegal maneuvers were carried out by a group of companies, which Washington had already sanctioned. This U.S. news portal claims to have reviewed invoices and e-mails that show that several traders have hidden the origin of […]

BUSINESS

Oil Prices Rise

Oil prices increased on the back of expectation that the U.S. will expand pandemic aid payments, which could spur fuel demand, and which also encouraged investors to take on more risk in hopes of stronger economic growth. Brent crude was up 44 cents at $51.30 a barrel, while U.S. West Texas Intermediate crude futures added 51 cents, to $48.13 a […]