Since the beginning of the year, Brent crude oil has increased in price by about 26%, WTI - by 22%. The rise in oil prices is beneficial to oil companies. However, Bloomberg writes, there are a number of sectors, the reporting of companies of which in the third quarter will be negatively affected by rising prices. The transport and chemical sectors, as well as consumer stocks are among such sectors. The impact of high oil prices on quarterly results is expected by European airlines, which have increased their capacity during the period of low prices. Now it’s very difficult for them to keep ticket prices low to load these capacities. This situation will also affect companies that need to transport goods and people. Firms that use petroleum products as raw materials will also face higher prime cost.
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 ...
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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. ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...