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(Reuters) - Oil prices tumbled on Tuesday in a volatile session after OPEC producers canceled a meeting when major players were unable to come to an agreement to increase supply. Brent crude settled down $2.63 a barrel, or 3.4%, to $74.53, after hitting a session peak of $77.84, its highest since October 2018. U.S. West... Continue Reading →
Oil prices were heading towards three-year highs on Tuesday, towing petrocurrencies and bond yields with them, after the world's main oil producers failed to agree on production plans. Europe's stocks spluttered at the prospect of faster inflation. China had spooked its tech sector too with another high-profile clamp down, but the main action was all... Continue Reading →
(Reuters) - Brazil's government is weighing an immediate cut in taxes on company profits by 5 percentage points, and may double that to a 10-percentage-point reduction, Economy Minister Paulo Guedes said on Thursday. That would signal a far more aggressive stance from the government's tax reform bill delivered to Congress only last week, which envisages... Continue Reading →
(Reuters) - Brazil is growing its marine fuel oil exports to Asia's lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most Latin American oil producers. The tougher... Continue Reading →
(Reuters) - Crude oil values in many parts of the world are rising on stronger demand and tighter supply, suggesting physical markets are catching up with a futures rally and providing more fundamental support for prices, traders and analysts say. Brent futures have rallied over 40% in 2021, boosted by output curbs led by the... Continue Reading →
(Reuters) - BofA Global Research raised its Brent crude price forecasts for this year and next, saying that tighter oil supply and demand balances in 2022 could push oil briefly to $100 per barrel. "We believe that the robust global oil demand recovery will outpace supply growth over the next 18 months, further draining inventories... Continue Reading →
(Reuters) - Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories. The American Petroleum Institute reported U.S. crude inventories fell 8.5 million barrels, two market sources said, more than... Continue Reading →
(Reuters) - The world's biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022. Oil prices crashed in April last year when the COVID-19 movement restrictions hit their peak with the U.S. crude benchmark turning negative... Continue Reading →
(Reuters) - Oil prices reached their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021. Brent crude rose 78 cents, or 1.1%, at $73.64 a barrel by 1311 GMT, the highest since late April 2019. U.S. oil gained 88 cents, or 1.2%, to... Continue Reading →
U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations... Continue Reading →
Brazil Energy Insight 