Brent oil advances

Must Read

Venezuela’s oil exports stagnant in July at below 400,000 bpd – data

(Reuters) - Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the...

Results from Redtail-1 drill campaign expected this month – Neil Chapman

Results from the Redtail-1 prospect located some 103 nautical miles off the coast of Guyana at the Stabroek block...

Guyana’s economic take-off tied to development of multi-billion-barrel oil resources

Guyana’s positive economic outlook even in face of the coronavirus pandemic is based on the development of several billion...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(Bloomberg) — Brent crude rose in Asia as some economic data pointed to signs of recovery, though rising virus infections across the globe clouded the outlook for demand.

Futures in London climbed 0.6%, after gaining 4.3% last week after buoyant U.S. labor data showed payrolls rose by 4.8 million in June while those for the previous month were revised higher. Meanwhile, a bigger-than-expected drop in U.S. crude stockpiles last week and plunging output from OPEC producers point to tightening supplies. A surge in cases in the U.S. has pushed global coronavirus infection numbers to above 11.3 million.

Oil has been stuck in a range around $40 as surging virus infections across the globe, including top consumers including the U.S. and India, increased fears of a prolonged hit to demand even as supplies tightened following the scaleback of production by OPEC+ nations. The producers are yet to decide on whether to extend their full production cutbacks after July, or ease to the initially planned level of 7.7 million barrels, Russian Energy Minister Alexander Novak said last week.

Sinking refinery profits even as oil prices recovered from a historic drop also point to the demand pain that’s kept product prices lower.

- Advertisement -

Latest News

Venezuela’s oil exports stagnant in July at below 400,000 bpd – data

(Reuters) - Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the...

Oil edges lower on oversupply concerns as OPEC+ set to raise output

(Reuters) - Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull...

Results from Redtail-1 drill campaign expected this month – Neil Chapman

Results from the Redtail-1 prospect located some 103 nautical miles off the coast of Guyana at the Stabroek block is expected this month, according...

Guyana’s economic take-off tied to development of multi-billion-barrel oil resources

Guyana’s positive economic outlook even in face of the coronavirus pandemic is based on the development of several billion barrels of discovered oil resources...

UPDATED: Irfaan Ali sworn in as Guyana’s 9th Executive President

Guyana's General and Regional Elections held on March 2, 2020 finally concluded on Sunday with the Guyana Elections Commission (GECOM) declaring the opposition People’s...

More Articles Like This