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Stopping of oil production at the Syncrude Canada can lead to a fuel shortage in the North American market throughout July, analysts at Goldman Sachs said. The company produced about 360 thousand barrels of oil per day. Last week, work at the plant was discontinued due to a power outage due to a breakdown of the transformer. As the Canadian company reported, the resumption of work is expected not earlier than the end of July. Goldman Sachs experts believe that this situation will accelerate the decline in fuel stocks in the US, and its consequences can be felt outside of North America. The report of the bank's analysts says: “This problem makes OPEC's decision to increase production even more timely.”
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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