Oil prices dropped to a near two-month low on receding tensions in the Middle East, a complex interplay of escalating supply levels, demand worries, and challenging economic indicators. The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar … Read more
The Paris-based agency said failing to curb methane leaks from oil and gas projects was a “massive missed opportunity” to prevent losses and reduce emissions of the potent greenhouse gas. | Photo Credit: AP “Planet-heating methane released by the fossil fuel industry rose to near record highs in 2023 despite technology available to curb this … Read more
Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain. The … Read more
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible “global supply shock” in March. The IEA, after warning on March 16 that 3 million barrels per day (bpd) could be shut in … Read more
The United States and its allies are discussing a possible further coordinated release of oil from storage to help calm oil markets in the wake of Russia‘s invasion of Ukraine, U.S. energy secretary Jennifer Granholm said on Thursday. “With respect to the emergency stockpiles, these are ongoing discussions and all those tools are certainly on … Read more
Carbon emissions are set to hit an all-time high by 2023 as just two percent of pandemic recovery finance is being spent on clean energy, the International Energy Agency said on Tuesday. Countries have allocated more than $16 trillion (14 trillion euros) in fiscal support throughout the Covid-19 pandemic, mostly in the form of emergency … Read more
People want to hold on to their gold positions as they see how the inflation story plays out, says the Emerging Markets Commentator. There are two very different cues. On the positive side, jobless claims have fallen below a million in the US and on the negative side, IEA has cut global oil demand for … Read more
NEW YORK: Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Prices also found support after data showed US energy firms cut the number of oil … Read more