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Oil prices rebound from coronavirus fears

- Brent and WTI decrease by around 1.2% on previous session

home > Downstream, Stock Market, Energy Security, Asia 25.02.2020 10:37 Övunç Kutlu

Oil prices rebound from coronavirus fears

Crude oil prices were up to trade higher after they posted losses in an earlier session with coronavirus fears that triggered the risk of low global oil demand.

Brent crude was trading at $56.07 per barrel at 0631 GMT on Tuesday for a 0.73% gain after closing Monday at $55.66 a barrel. The international benchmark fell 1.29% on the previous session.

American benchmark West Texas Intermediate (WTI) was at $51.76 a barrel at the same time for a 0.6% increase after ending the previous day at $51.45 per barrel with a 1.19% decline.

While Brent hit as low as $54.59 per barrel on Monday, WTI fell to as much as $50.45 a barrel amid coronavirus fears.

The death toll in China from the coronavirus outbreak has increased to 2,665, while the total number of confirmed cases rose to more than 77,650, according the country’s National Health Commission on Tuesday.

The coronavirus, officially known as COVID-19, has spread to more than 25 other countries, including the U.S., the U.K., Singapore, France, Russia, Spain and India.

The World Health Organization (WHO) has declared the outbreak an international health emergency.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr


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28.03.2020 Oil , Downstream , Refining/Petro Chemistry , International Organization , Energy Projects , Turkey

Oil up with G20's $5 trillion pledge, weak US dollar

- G20 undertaking 'immediate and vigorous measures' to support economies, sectors most affected by virus
27.03.2020 Downstream , Invesments , International Organization , Americas

Oil prices to remain low through 2020: Moody's

- High uncertainty about pace of recovery in demand may cause oil prices to remain weak in 2021
27.03.2020 Downstream , Stock Market , Energy Security , Americas

Global oil demand forecast to fall 4.9% in 2020: Rystad

- Month of April to take biggest hit as global oil demand estimated to fall by 16%
27.03.2020 Downstream , Energy Security , Asia

Oil down despite US Senate passes $2 trillion package

- Stimulus bill could increase US' crude consumption, and then global oil demand, which remained low due to Covid-19
27.03.2020 Downstream , Oil , International Organization , Americas

Lower oil price to weaken oil-exporters credit profiles

- Fiscal revenues, exports of some countries will decline by more than 10% of GDP, says global rating agency
26.03.2020 Upstream , Downstream , Oil

Shell to cut spending by $5 billion in 2020

- Company will also suspend its plan to buy back $25 billion worth of shares
25.03.2020 Upstream , Downstream , Oil

Covid-19 and oil shock to hurt ratings: Moody's

- Disruption of economic activity to last through June, but some recovery expected in second half of 2020, agency says
25.03.2020 Downstream , Invesments , Americas

Barclays lowers 2020 oil price forecast by $12 a barrel

- Brent crude estimated to average $31 per barrel this year
25.03.2020 Downstream , Stock Market , Europe

Oil prices gain with decline in US dollar index

- American dollar index down after US Senate fails to pass coronavirus support package
24.03.2020 Downstream , Projects , Americas

S. Aramco makes preventive plans to sustain supply: CEO

-"We developed emergency plans to meet needs of customers around world," says company president
24.03.2020 Upstream , Downstream , Transportation/Fuel Oil , Oil

‘Crude oil to outrun storage capacity in few months’

- Production outstrips demand by 6 million barrels per day, equal to 2 billion barrels storage needed in 2020: Rystad Energy
23.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Texas plans huge oil output cut for 1st time since 1972

- US shale companies have cut as much as 50% of planned spending due to falling demand since OPEC+ deal breakdown
21.03.2020 Upstream , Downstream , Oil

Saudis to raise oil export to record 10M barrels a day

-Move comes after Riyadh announces tapping of new Fadhili gas field to compensate for 250,000 barrels of oil consumption
18.03.2020 Downstream , Transportation/Fuel Oil , Oil

Developing states to lose up to 85% oil, gas pay in '20

- Heads of International Energy Agency, Organization of Petroleum Exporting Countries discuss global oil markets over phone
18.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Oil down despite second US Federal Reserve rate cut

- Central bank also launches $700 billion quantitative easing program to support economy
16.03.2020 Downstream , Stock Market , International Organization , Americas

Turkey: 4 fuel firms fined for violating competition law

- Companies include Shell&Turcas Petrol, BP, Petrol Ofisi, OPET, which supply fuel and gasoline to many gas stations all over Turkey
14.03.2020 Downstream , Oil , Turkey

Coronavirus, oil shock to strain MENA region: Fitch

- Rating agency estimates oil price drop of $10 a barrel will affect government revenues by 2% to 4%
11.03.2020 Downstream , Invesments , Middle East-Africa

Low oil prices increase financial risks: Moody’s

- International credit rating agency says it expects oil, gas companies to actively manage their liquidity in 2020
11.03.2020 Downstream , Invesments , Americas

Coronavirus pushes Brent oil to lowest in 31 months

- Benchmark loses 32.5% since Jan. 8, 2020
05.03.2020 Downstream , Stock Market , Energy Security , Asia , Middle East-Africa

Oil down with focus on deeper OPEC cut amid coronavirus

- Oil posts largest daily gains from previous trading session since September 2019
04.03.2020 Downstream , Stock Market , Energy Security , Asia

Brent oil heads for biggest weekly decline in 4 years

- Benchmark to post largest weekly loss since January 2016
29.02.2020 Downstream , Stock Market , Energy Security , Europe , Asia , Americas

Rystad revises down oil price forecast amid coronavirus

- Downside risk to oil prices unless minimum 1 million bpd of oil removed from market, research firm says
29.02.2020 Downstream , Stock Market , Energy Security , Europe , Asia

Oil posts losses as virus worries cause low demand

- Oil consumption in Asian and European countries expected to remain low due to weak economic activity in first half of 2020
29.02.2020 Downstream , Stock Market , Energy Security , Europe , Asia

Oil prices hit 14-month low with coronavirus fears

- Brent oil price hits lowest level since Dec. 28, 2018
28.02.2020 Downstream , Stock Market , International Organization , Europe , Asia

Oil prices remain low with coronavirus spread

- Coronavirus spreads to more than 30 other countries, keeping global oil demand low
27.02.2020 Downstream , Stock Market , Energy Security , Europe , Asia

Oil prices rebound from coronavirus fears

- Brent and WTI decrease by around 1.2% on previous session
26.02.2020 Downstream , Stock Market , Energy Security , Asia

Oil set for weekly gain with virus rebound, Libya risks

- This marks second consecutive weekly gain for oil prices as they reach their highest levels since Jan. 29
22.02.2020 Downstream , Stock Market , Energy Security , Asia , Middle East-Africa

Oil prices down with rising US crude stock, coronavirus

- Low global oil demand expectations remain strong due to COVID-19
21.02.2020 Downstream , Stock Market , Asia

Global fuel demand growth revised down amid coronavirus

- Global liquid fuels demand to average 101.7 million bpd in 2020, 378,000 bpd less than EIA's previous forecast in January
21.02.2020 Downstream , Energy Security , Asia

Oil prices gain with supply fears over Libya, Rosneft

- Missiles struck close to highly explosive LPG tanker in Tripoli
20.02.2020 Downstream , Stock Market , Energy Security , Middle East-Africa

Oil prices down with rising coronavirus cases

- Death toll in China from coronavirus outbreak increases to 1,869
19.02.2020 Downstream , Stock Market , Asia

Oil heads for 5% weekly gain as coronavirus fears ease

- Most reported cases are going back over days and weeks, WHO says
15.02.2020 Downstream , Stock Market , International Organization , Asia

More OPEC cuts will fail to curb glut due to coronavirus

-Economic shut-down in China from coronavirus will cause largest negative oil demand shock since 2008, says Rystad Energy
16.02.2020 Downstream , International Organization , Asia

Oil prices remain under pressure with coronavirus woes

- Death toll in China from coronavirus outbreak rises to 1,381
14.02.2020 Downstream , Stock Market , Asia

Coronavirus to delay global recovery, cause oil surplus

- World GDP may contract by 1% in 1Q20, which would be first quarter-to-quarter contraction since 1Q09
14.02.2020 Downstream , Invesments , Energy Security , Asia

US projected to become net oil exporter by 2050

- World's largest oil importer to export more crude if it produces more and oil prices increase
13.02.2020 Downstream , Americas

Oil loses gains as coronavirus deaths reach daily high

- Number of deaths climbed by daily record of 242 in China's Hubei province
14.02.2020 Downstream , Stock Market , Asia

Oil up as coronavirus cases slow to support demand

- Number of new cases marks slowest growth rate since Jan. 31
12.02.2020 Downstream , Stock Market , Energy Security , Asia

Oil up with possibility of OPEC extending output cut

- Coronavirus 'has had a negative impact on oil demand and oil markets,' OPEC president says
12.02.2020 Downstream , Stock Market , International Organization , Asia , Middle East-Africa
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