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SINGAPORE/BEIJING: China's commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports.
NEW YORK: Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.
SINGAPORE/SHANGHAI: Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them.
SINGAPORE/LONDON: The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.
NEW YORK: Oil prices dropped more than US$1 a barrel on Thursday as a growing number of virus-related restrictions on travel slashed global fuel demand, overshadowing expectations that a $2 trillion U.S. stimulus package will bolster economic activity.
NEW YORK: Crude oil prices settled below US$30 a barrel on Tuesday as the coronavirus pandemic slowed economic growth and oil demand while Saudi Arabia and Russia kept up their battle for market share.
BEIJING: Oil’s historic price crash is prompting the Chinese government to consider buying more crude for state reserves, according to people with knowledge of the matter
TOKYO: Asian shares rose on Thursday and U.S. stock futures edged higher after the U.S. Federal Reserve cut interest rates as expected to keep economic expansion on track
TOKYO: Oil prices fell for a fourth day on Wednesday, extending losses after a surge in U.S. inventories surprised investors, overshadowing an interest rate cut by the Federal Reserve.
NEW YORK: Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.