Oil prices crept up on Thursday, supported by a surprise decline of U.S. crude inventories, but gains were capped by worries that a potential second wave of the coronavirus pandemic might trigger fresh lockdowns and slam fuel demand once again.
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo
But U.S. crude inventories fell by 745,000 barrels to 531.5 million barrels in the week to May 8, the Energy Information Administration said on Wednesday, comforting the market after analysts in a Reuters poll had forecast a 4.1 million barrel increase. [EIA/S] The mood in the market has also been boosted major oil producers’ commitments to curb output to help restore supply-demand balance.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi crown prince's economic master plan could be derailed by oil price crashSaudi Arabia is taking drastic steps to shore up its finances after the oil price crash and the coronavirus pandemic upended the economy and threatened Crown Prince Mohammed bin Salman's grand plan to reduce its dependence on crude exports.
Read more »
Saudi Aramco 1Q earnings: Oil price crash tanks profits by $6 billion - Business InsiderSaudi Aramco reported a net income of $16.7 billion in the first quarter of 2020, down 25% from $22.2 billion in the same period last year.
Read more »
Saudi Aramco first-quarter net profit slides 25% as oil prices fallSaudi Arabian state oil giant Aramco on Tuesday reported a 25% fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand.
Read more »
Saudi Aramco's first-quarter profit slides 25% as the collapse in oil prices bites'The Covid-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment,' Aramco President and CEO Amin Nasser said.
Read more »
Colombia's Ecopetrol first-quarter net profit plunges 95% on low oil pricesColombia's majority state-owned oil company, Ecopetrol , reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos ($34.3 million), following a sharp drop in global oil prices.
Read more »