United States

Oil retreats after longest run of weekly gains in three years

World Oil | Apr 15, 2019 at 12:00 AM
  • Global finance ministers and central bankers issued a statement over the weekend that they’re willing to “act promptly” to shore up global growth.
  • Crude has rallied around 40% this year as OPEC and its allies curtail production, while unplanned supply losses from Iran, Venezuela and Libya further tighten the market.
  • Yet the demand outlook remains shaky, with the IMF cutting its global growth forecast and the International Energy Agency warning it could reduce its projections for consumption.

Greece

Oil pauses; focus on future supply direction

Hellenic Shipping News | Apr 15, 2019 at 12:00 AM
  • Oil prices halted their rally on Monday with Brent futures falling below $71 per barrel on signals that Russia may exit production cuts.
  • Brent crude futures were at $70.95 a barrel at 1050 GMT, down 60 cents, or 0.85 percent, having hit their highest since Nov. 12 on Friday at $71.87.
  • U.S. West Texas Intermediate crude futures were at $63.30 per barrel, down 59 cents or 0.93 percent.

United States

Oil retreats after longest run of weekly gains in three years

World Oil | Apr 15, 2019 at 12:00 AM
  • Global finance ministers and central bankers issued a statement over the weekend that they’re willing to “act promptly” to shore up global growth.
  • Crude has rallied around 40% this year as OPEC and its allies curtail production, while unplanned supply losses from Iran, Venezuela and Libya further tighten the market.
  • Yet the demand outlook remains shaky, with the IMF cutting its global growth forecast and the International Energy Agency warning it could reduce its projections for consumption.

India

Why China Should Switch Sides in Venezuela

Bloomberg Quint | Apr 14, 2019 at 9:30 PM
  • China is the world’s largest oil importer and Venezuela has the largest proven oil reserves in the world.
  • The country is suffering a devastating humanitarian crisis: At least 87 percent of Venezuelans live in poverty, subject to 90 percent shortages in food and medical supplies.
  • As one of the two great economic powers in the world, China can contribute constructively to that cause.