India 13:55 GMT 06.04.2020Get short URL New Delhi (Sputnik): A survey conducted by the CNBC news channel revealed that low demand triggered by the COVID-19 outbreak will bring down the global price of crude oil even further. Oil prices are expected to plunge to $20 per barrel until June, per a majority of the respondents in the survey. India’s main opposition party Congress has urged the […]
Prices
9 posts
Authored by Cyril Widdershoven via OilPrice.com, The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle between leading producers for market share, the logistical impossibility of enforcing U.S. production cuts, and the continued demand destruction caused by COVID-19 are not issues that can be solved by […]
Americans hear it every day now during Gov. Andrew Cuomo’s press briefings. In the middle of a crushing pandemic, New York and other states are being grossly gouged as they shop around for medical supplies. With most of their regular relationships exhausted, states are competing against each other, a nonsensical and costly “bidding war” that Cuomo has blamed on President Trump. N95 masks, which are now […]
A fall in oil prices intensified by Saudi Arabia’s actions has dealt a deadly blow to US shale oil companies, but “counterproductive” measures that harm all oil producers may force Riyadh, Washington and Moscow to finally talk. The so-called ‘Shale Revolution’ in the US in recent years has deprived the Saudis of a huge chunk of the American oil market, but Riyadh is now using the […]
President Vladimir Putin said on Friday Russia was ready for deep oil production cuts with the United States and OPEC, but firmly put the blame for the collapse in oil prices on OPEC’s de facto leader Saudi Arabia. Putin, speaking in a televised video conference with Russian government officials and domestic oil producers, proposed to cut combined oil production by around 10 million barrels per day, […]
Crude prices continued to soar on Friday following the biggest one-day increase ever during the previous session, as OPEC and its allies are set to hold their first meeting next week to try to balance the market. International benchmark Brent surged 15 percent to $34.44 per barrel while US West Texas Intermediate (WTI) rose 12 percent to $28.50 per barrel. WTI is up 30 percent for […]
Donald Trump claimed earlier today that the oil crisis affecting the global markets will be resolved in “a few days”, having spoken with the leaders of both Saudi Arabia and Russia recently. “Worldwide, the oil industry has been ravaged,” the US President told journalists. “It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going […]
View Historical data suggests bitcoin could put in a positive performance in the second quarter. Bitcoin is currently trapped in a pennant pattern on the daily chart. A breakout will likely yield a rally toward $8,000. A pennant breakdown would put the bears in a commanding position and open the doors to $5,000. Bitcoin (BTC) kicked off the historically strong second quarter on a positive note, […]
While bitcoin (BTC) has climbed sharply from recent lows below $4,000, it’s still on track to end March with a double-digit price loss. The top cryptocurrency by market value is currently trading near $6,440, representing nearly a 68 percent rise from the low of $3,867 registered on March 13. Even so, prices are still down 24 percent on a month-to-date basis. If that loss is held […]