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Oil prices up as US oil inventories fall

- Weakening dollar index raises oil prices making oil cheaper for foreign exchange holders

home > Oil, World, Americas, Middle East-Africa 06.08.2020 10:45 Sibel Morrow

Oil prices up as US oil inventories fall

Crude oil prices were up on Thursday following a big fall in US oil inventories and a weakening of the dollar as rising coronavirus cases worldwide keep feeding investors' worries about global demand outlook.

International benchmark Brent crude was trading at $45.47 per barrel at 0942 GMT for a 0.06% increase after closing Wednesday at $45.44 a barrel.

American benchmark West Texas Intermediate (WTI) was at $41.73 a barrel at the same time for a 1.13% decline after ending the previous session at $42.21 per barrel.

Commercial crude oil inventories in the US fell by 7.4 million barrels, or 1.4%, to 518.6 million barrels for the week ending July 31, the data showed. The market expectation was a decrease of 3 million barrels.

A weakening dollar, which makes oil relatively cheaper for foreign currency holders, has also boosted rates.

Growing numbers of COVID-19 cases all over the world also appear to suggest that global oil consumption is likely to remain low by 2020.

The number of COVID-19 cases worldwide has now surpassed 18 million, according to the latest data from Johns Hopkins University.

As the US leads the number of cases with almost 4.8 million as of Wednesday morning, Brazil has over 2.8 million, and India follows with more than 1.9 million cases.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr



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- Global oil market facing uncertainties beyond capacity of any individual country to manage on its own: conference president
06.03.2020 Upstream , Oil , International Organization , Asia , Middle East-Africa

US' Gulf of Mexico lease sales scheduled for March 18

- This will be sixth offshore oil and gas lease sale under 2017-2022 Outer Continental Shelf Leasing Program
13.02.2020 Upstream , Upstream , Oil , Energy Projects , Americas

Turkey's energy import bill falls 7.4% in December 2019

- Country's crude oil imports increase by almost 22% in December 2019 compared to same month in 2018
01.02.2020 Coal , Oil , International Organization

French authorities, NGOs sue Total for climate change

- Lawsuit marks first climate change litigation against a company in France
31.01.2020 Oil , Energy Security , Europe

ExxonMobil makes 15th oil discovery in offshore Guyana

- Discovery adds to current resource estimate of more than six billion barrels of oil equivalent
25.12.2019 Oil , Oil , Energy Diplomacy , Energy Security , General

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

Aramco int'l listing unlikely, Tokyo closest: Analyst

- 'Product [oil] is volatile, geopolitics is volatile, and Aramco admits energy mix is transitioning,' Gaurav Sharma says
12.12.2019 Oil , Oil , Energy Security , Europe , Asia , Middle East-Africa

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

Saudi Aramco prepares for $2T IPO in Tadawul on Dec. 11

- World's most profitable company targets $2 trillion valuation that is set to surpass Microsoft, Apple, Alphabet
05.11.2019 Upstream , Projects , Oil , Middle East-Africa

ExxonMobil's climate change trial begins in New York

- Energy giant is accused of deceiving investors
24.10.2019 Oil , Energy Security , Americas

Hydraulic fracturing sees Turkey enter new energy era

- Fracking taps vast oil and gas reserves in shale and tight-rock formations, American Petroleum Institute says
09.10.2019 Upstream , Oil , Energy Projects , Turkey , Americas

Turkey's crude oil imports up 15.53% in June

- Production of oil refinery products increase by 17.62% to 2.56 million tonnes in June
01.09.2019 Downstream , Refining/Petro Chemistry , Oil , Turkey , General

Brent to average $69.50 in 2H19: Wood Mackenzie

- WoodMac estimates that output curbs will remain in place through 2019 and for the first quarter of 2020
04.07.2019 Oil , Oil , Americas , Middle East-Africa , General

US crude export levels and destinations rise in 2018

- Reaching 42 countries, US crude exports increased by 67 percent year-over-year
17.04.2019 Upstream , Oil , Americas

S&P revises Mexico's Pemex outlook to negative

- Pemex decision comes three days after Standard & Poor's revises down Mexico's outlook
06.03.2019 Projects , Oil , Americas

Seven oil, gas majors establish blockchain consortium

- Offshore Operators Committee Oil & Gas Blockchain Consortium is first in oil and gas industry for blockchain technology
28.02.2019 Oil , International Organization , Americas

Chevron is 1st US energy major to tie pay to emissions

- Company targets reduction of methane emissions intensity by 20 to 25 percent from 2016 to 2023
08.02.2019 Projects , Oil , Americas

US Sunoco P/line LP to pay $5.4M to settle 3 oil spills

- Three oil spills took place in US states of Texas, Louisiana, and Oklahoma during 2013, 2014, and 2015
01.02.2019 Oil , Energy Security , Americas

Oil prices up as US sanctions Venezuelan oil firm

- Sanctions to significantly diminish Venezuela's oil exports
29.01.2019 Upstream , Oil , International Relations , Americas

US Supreme Court rejects ExxonMobil bid to block probe

- ExxonMobil is being investigated on whether it has knowledge on link between fossil fuels and climate change
09.01.2019 Oil , Energy Security , Americas

Chevron gets approval for project in UK's North Sea

- Approval will allow Chevron to boost production via polymer injection tech. to help economic recovery from Captain field
12.12.2018 Oil , Energy Projects , Europe , Americas

'Yellow vest' protests spread to Netherlands

- Protests which started in France spill over to Netherlands, Belgium
03.12.2018 Regulation , Oil , Europe , General

Tiny Pacific nation plans to sue oil majors for climate

- Vanuatu official says energy revenues should be used to avoid impact of climate change in developing countries
30.11.2018 Oil , Asia

Turkey’s energy watchdog imposes $1.2 million fine

- EMRA publically notifies 41 fuel stations failed to submit their required official product source details in 2017
12.01.2018 Oil , Turkey

Turkey's EMRA ups max-limit of gas distribution regions

- Mergers and acquisitions in Turkey's natural gas distribution sector are likely: Head of Turkey's energy watchdog
23.06.2017 Regulation , Oil , Natural Gas

Border tax would make US less competitive: Chevron CEO

- 'I want to see the U.S. competitive, not burdening imports,' Watson says
11.03.2017 Regulation , Oil , Energy Diplomacy , International Relations

Volkswagen pleads guilty in emissions scandal

- Firm crowned largest automaker of 2016 despite paying billions of dollars in fines
10.03.2017 Regulation , Oil

US border tax would hurt both economies: Canadian PM

- 'Anything that creates impediments on the border is something that we are concerned with,' Trudeau says
10.03.2017 Finance , Regulation , Projects , Oil , Energy Diplomacy , International Relations

US indicts 6 Volkswagen employees in emission scandal

- Company agrees to $4.3B in penalties
11.01.2017 Regulation , Oil

Turkish gasoline and diesel prices rise in June

- Turkey's gasoline and diesel prices see monthly rise in June 2016, according to Energy Watchdog
26.07.2016 Regulation , Oil

Turkey's energy watchdog fines oil fuel firms TL10m

- Smuggled oil, hacked automation machines, mixing of fuels, and absence of supervision discovered during EMRA's inspections
23.06.2016 Regulation , Oil

Moody's confirms Socar's rating with negative outlook

- The rating agency warns Socar's rating may be lowered in future if Azerbaijan's sovereign rating is downgraded
05.05.2016 Oil , Finance , Regulation , Invesments , Oil

Daimler launches internal probe on emissions on US cars

- Investigation follows request by Justice Dept.
22.04.2016 Regulation , Oil

Volkswagen, US reach settlement in emissions scandal

- US diesel vehicle owners to receive buyback, fix options
21.04.2016 Regulation , Oil , Energy Diplomacy , International Relations

Obama demands Congress end corporate tax inversions

- Businesses reaping rewards of being American companies without paying taxes, Obama says
05.04.2016 Regulation , Oil

US court gives 1 month for Volkswagen emissions case

- Volkswagen and U.S. regulators must come up with a plan to remedy the 580,000 VW diesel vehicles on American roads
25.03.2016 Regulation , Oil

Yilmaz appointed for second term as head of Turkish EMRA

- Mustafa Yilmaz, head of Turkish Energy Watchdog, has been appointed as head for second time, says Turkish Official Gazette
01.03.2016 Regulation , Oil , Natural Gas

Turkey's energy watchdog fines energy firms TL371 mln.

- Turkish energy watchdog fines energy companies a total of 370.8 million Turkish liras in 2015, official data shows
02.02.2016 Regulation , Oil

UN calls for Baghdad, Erbil to solve oil, budget issues

- It's imperative that differences over December 2014 oil and revenue-sharing agreement be quickly resolved: UN official
12.11.2015 Regulation , Oil , Energy Diplomacy , Energy Security

Amnesty says Shell failed to clean oil spills in Nigeria

- Amnesty International's report claims Shell's oil spill investigations lack transparency and contain deficiencies
03.11.2015 Oil , Regulation , Oil , Energy Diplomacy , Energy Security

Iraq earns $3.7 bln from crude oil exports in September

- Iraq exported 92 million barrels of crude oil last month
24.10.2015 Oil , Regulation , Oil
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