Future energy demand may look very different after the Covid-19 pandemic.
Oil prices soared on Friday, with US futures closing out May with record monthly gains, on hopes that the US-China trade deal would remain intact and on falling crude production.
US stocks rallied Friday, reversing earlier losses, after President Donald Trump’s press conference on China offered fewer fireworks than expected.
U.S. crude oil production fell 28,000 bpd, or 0.2%, in March to 12.716 million barrels per day, the lowest level since October, the U.S. Energy Information Administration said in a monthly report on Friday.
Spanish shares slipped on Friday, with the benchmark Ibex-35 index down by 127.60 points, or 1.77 percent, to close at 7,096.50 points.
The FTSE 100 tumbled in afternoon trading to close 2.5 per cent lower lower as a spike in tensions between the US and China shook investors.
Shares of Exxon Mobil (XOM) have experienced an unprecedented plunge as coronavirus outbreak and tensions in the oil market suppressed prices to record low levels.
Oil futures fell Friday, with traders citing uncertainty about demand for fuel and rising U.S.-China tensions over Hong Kong, but the U.S. crude benchmark remained on track for its biggest monthly rise in more than a decade.
Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday.
- Oil analysts see prices edging up but still capped below $40/bbl (Reuters: 2020-05-29 11:00:00+00:00)
In a rare move, a 35,000 mt gasoline cargo is likely to be loaded by refining and trading multinational, Phillips 66 from South Korea with an option to discharge on the US West Coast, four shipping industry executives said separately Friday.