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(Rigzone) Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply. Since hitting their high for the year last month, the most-active oil futures have fallen almost 5%. By comparison, those for late 2022 and 2023 have barely moved, sticking above $70 a... Continue Reading →
(Reuters) - Brazilian central bank chief Roberto Campos Neto said on Wednesday he was surprised by stubborn price pressures that had resulted in worse-than-expected inflation, while reaffirming the bank's aim to bring inflation down to its target range. The comments came amid growing market expectations that inflation next year could exceed the target of 3.5%,... Continue Reading →
(Reuters) - Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond. Brent crude futures were down 27 cents, or 0.3%, to $82.04 a barrel at 1000 GMT, after rising 3.3% on Tuesday. U.S. West Texas... Continue Reading →
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude. U.S. President Joe Biden, facing low approval ratings amid rising inflation ahead of next... Continue Reading →
(Reuters) - OPEC+ has produced less oil than its agreed output targets, drawing scrutiny from the United States and other major consumers which want more crude from the group. read more The International Energy Agency (IEA) said OPEC+ production was below its target in both September and October by more than 700,000 barrels per day (bpd)... Continue Reading →
(Reuters) - Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices... Continue Reading →
(Reuters) - Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand. The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed... Continue Reading →
(Reuters) - Royal Dutch Shell (RDSa.L) has launched talks with investors to secure support for its plan to relocate its headquarters from the Netherlands to Britain, sources said, as a leading advisory recommended backing the move at a December vote. Shell said this month it would scrap its dual Anglo-Dutch share structure and move its head office to London... Continue Reading →
(Reuters) - Oil prices fell on Monday as rising COVID-19 cases in Europe and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand. Brent crude was down 56 cents, or 0.7%, at $78.33 a barrel at 1157 GMT and U.S. West Texas Intermediate (WTI) crude fell 54 cents, or... Continue Reading →
(Reuters) - Diplomats expressed shock and disappointment on Friday at new data revealing higher-than-expected deforestation in Brazil's Amazon this year, saying it increases pressure on President Jair Bolsonaro's government to do more to stop the destruction. Evidence that Brazil sat on the data for three weeks before announcing it also drew outrage from non-governmental organizations. The... Continue Reading →
Brazil Energy Insight 