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Tag Archives: brent crude

U.S. Oil Jumps Over 20% on Possible End to Saudi Arabia-Russia Price War

U.S. oil prices jumped 10% to clinch above $22 per barrel on Thursday after President Donald Trump said the oil price tag war between Russia and Saudi Arabia may come to its end soon.After closing the first quarter of 2020 on the worst fall, U.S. oil prices have shown signs of recovering amid the coronavirus crisis. This is after the United States President Donald Trump said that he expects Russia and Saudi Arabia to come to a common agreement on their differences.Saudi Arabia, an OPEC...

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Oil Prices Rose after Their Worst Week since 1991 but Started Falling Again

Oil prices seem to get better after a horrible week. OPEC may resume pumping the markets with fresh oil.Oil prices have recovered from the previous lows. Last week was one of the worst weeks in history since the global oil industry decided to start tracking prices. Sources say that prices rebounded slightly showing signs that the price drop may reverse. This also shows that things may not as bad as everyone thought. facing falling demand, the global oil industry went into a tailspin. This is...

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BP Records 21% Decline in Net Profits, Performs Below Expectations

UK-based oil and gas company BP has released its full-year underlying replacement cost profit, which is used as a substitute for net profit. The company recorded a net profit of $10 billion in 2019, 21% below the $12.7 billion it made in 2018, reports revealed on February 4, 2020.According to data from Refinitiv, the expectation of analysts was that BP’s net profit would come in at $9.7 billion. Although it failed to match the figures it released in the preceding year, the company still...

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Coronavirus Outbreak Crashes Oil Stocks but Leaves Tesla Stock Untouched

The coronavirus is still raging with its usual effects on not just human lives but also oil stocks. Many businesses all over the world, especially those with activity in China, have been affected. Now, the deadly virus is racing past the human factor and taking oil down with it.Coronavirus Shoots Down Oil StocksOil stocks began the year with a more promising outlook. Most of Wall Street had interesting things to say about oil stocks because of the trade problems between the U.S. and Iran. As...

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Gold and Oil Jump amid Ongoing Geopolitical Tensions in Iran: Will Others Follow?

The geopolitical tensions are high as Iran said that it will no longer abide by uranium enrichment limits and Donald Trump has claimed to attack them like “they’ve never been before”.While this is happening, WTI oil prices increased by as much as 2% overnight (and it is quite impressive, right?) as Brent Crude topped $70 per barrel. Since September this is the first time that such a situation has happened. Also, it’s worth mentioning that gold managed to almost reach $1,600/ounce which is the...

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