Tag: Oil

NEWS

UN Chief: Foreign Interference In Libya At ‘Unprecedented Levels’

Secretary-General Antonio Guterres has warned the United Nations Security Council (UNSC) that the conflict in Libya has entered a new phase “with foreign interference reaching unprecedented levels”. Libya was plunged into chaos by the 2011 NATO-backed uprising that toppled and killed its longtime leader, Muammar Gaddafi. Since 2014, the oil-rich country has been split, with an internationally recognized government controlling […]

BUSINESS

Oil Prices On The Rise

U.S. oil prices reclaimed the $40 a-barrel level Friday and were trading near a three-month high as demand roars back following COVID-19 lockdowns. West Texas Intermediate crude oil, the U.S. benchmark climbed as much as 3.68 percent to $40.27 a barrel before trimming its gains. Brent crude, the international standard, rose 2.07 percent at $42.35. Readers Bureau, Contributor Edited by […]

BUSINESS

OPEC In Oil Cut Deal

The Organization of the Petroleum Exporting Countries (OPEC) and allied nations have agreed to extend production cut of nearly 10 million barrels of oil a day through the end of July. The intergovernmental Organization is seeking to boost energy prices hard-hit by the pandemic. Ministers of the body and outside nations like Russia met via video conference to adopt the […]

BUSINESS

Oil Prices Up

Oil prices rally on Friday to post its best month ever as crude prices delivered gains of nearly 100% for May after rebounding from their lowest levels in history. West Texas Intermediate crude climbed up $1.78 at $35.49 per barrel, erasing early weakness in the session that pushed U.S. crude to as low as $32.26 at one point. Brent oil […]

POLITICS

Guyana’s Economy Set To Grow By 5.1%

With a per capita gross domestic product of $8,300 in 2016 and average GDP growth of 4.2% over the last decade, Guyana is one of the fastest developing countries in the Western Hemisphere. The country is expected to see an overall economic growth of 5.1 percent for this year, with further growth over the next two years. The World Bank, […]

BUSINESS

Stocks And Oil Prices Tumble

Global equity markets and government debt yields took a downward path last week amidst growing concerns about the impact of the coronavirus. This move comes against strong job growth in the U.S. economy. Stocks on Wall Street tumbled from record highs and the safe-haven Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains […]

BUSINESS

Coronavirus Outbreak Pushes Oil Prices Down

Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries, killing more than 300 people. Prices briefly found support after Russian Energy Minister Alexander Novak said Russia was ready to bring forward a meeting of OPEC and […]

POLITICS

Guyana Spews More Oil

The Cooperative Republic of Guyana seems to be floating in oil as US-based giant, ExxonMobil, has made its 16th oil discovery offshore the territory. The exploration success in the emerging province is showing little sign of slowing. Dr. Mark Bynoe, Director in the Department of Energy, said the new discovery was made northeast of the producing Liza field at the […]

BUSINESS

China’s Coronavirus Hits Markets

The Coronavirus affecting China has raised concerns about its impact on the Chinese economy and by extension the global markets. Already oil has fallen to its lowest price in seven weeks, reflecting demand concerns if the Wuhan virus undermines China’s economic growth. March futures contracts of Brent crude fell to trade at $61.35, a 2.9% drop, while US West Texas […]

BUSINESS

Oil Prices Down

The fall of oil prices on Friday halted an otherwise winning month for crude. West Texas Intermediate futures were down five percent, trading around $55.15 a barrel although trading volume was light. European Brent futures slipped more than 2.2 percent to $62.45 a barrel. Barbara Green, Readers Bureau, Fellow Edited by Jesus Chan Do you want to add feedback to […]