(Reuters) - Oil prices slipped below $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. Brent crude futures were down 18 cents, or 0.23%, to $79.82 a barrel by 0945 GMT,... Continue Reading →
Oil bulls return as the threat from Omicron recedes: Kemp
(Reuters) - Portfolio investors have started to rebuild bullish positions in the oil market, reassessing earlier fears about the likely impact of the Omicron variant of coronavirus on major economies and passenger aviation in 2022. Hedge funds and other money managers purchased the equivalent of 54 million barrels in the six most important petroleum futures... Continue Reading →
Oil starts 2022 heading towards $79 as Omicron concerns ease
(Reuters) - Oil rose towards $79 a barrel on Monday supported by tight supply and hopes of further demand recovery in 2022 spurred in part by a view that the Omicron coronavirus variant is unlikely to significantly dampen the outlook. Libyan oil output will be cut by 200,000 barrels per day for a week due... Continue Reading →
Oil heads for biggest annual gains since 2009
(Reuters) - Oil prices edged down on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world. Brent crude futures fell 3 cents to $79.50 a barrel at 0718... Continue Reading →
Oil Firms Predict Rising Output, But Warn of Higher Costs
(Reuters) U.S. oil and gas executives are predicting higher production and drilling activity next year as oil prices climb, but say they face sharply higher costs, according to a poll released on Wednesday by the Federal Reserve Bank of Dallas. Some 49% of executives surveyed said they aim to expand output next year, while 15%... Continue Reading →
Brent near $80
(Reuters) - Oil prices extended gains on Tuesday, with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude rose by $1.04, or 1.3%, to $79.64 a barrel by 1119 GMT. U.S. West Texas Intermediate... Continue Reading →
“I’m back” says Lula, vowing a broad alliance ahead of Brazil election
Brazil stuck between a rock and a hard place..... (Reuters) - Brazil's former President Luiz Inacio Lula da Silva, who is currently leading in the polls ahead of next year's election, said if reelected he would seek to build a broad range of alliances in a bid to unite a deeply polarized country. In an... Continue Reading →
Oil prices slide as rapid Omicron spread dims fuel demand outlook
(Reuters) - Oil prices slumped more than 3% on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand. Brent crude futures fell $2.42, or 3.2%, to $71.10 a barrel by 1005 GMT while U.S.... Continue Reading →
Goldman Says $100 Oil Possible
Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either... Continue Reading →
Creating blueprint for reusing old oil & gas assets in Gulf of Mexico
An old offshore platform in the U.S. Gulf of Mexico is set to be converted into a working fish farm, creating a blueprint for future aquaculture re-use projects and providing repurposing options for old oil and gas assets. Innovasea, a provider of aquatic solutions for aquaculture and fish tracking, has helped the Gulf Offshore Research... Continue Reading →
Brazil Energy Insight 