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Lagos, South Africa and New York
Monday, July 13, 2020

Oil could hit negative $100 per barrel next month, according to one analyst

US West Texas Intermediate crude oil could plunge to negative $100 per barrel next month, Paul Sankey of Mizuho Securities wrote in a Tuesday note. WTI closed at a record low of about negative $37 per barrel on Monday. It was the first time the...

Goldman: U.S. Oil Prices is still weeks away from Recovery

The recovery in U.S. oil prices is still weeks away, Goldman Sachs' head of commodities Jeffrey Currie told CNBC's Power Lunch. The reason for the note of caution is because cutting oil production is not a simple matter. It takes time and costs money, and,...

What’s Next For Oil As Prices Go Negative?

Oil prices crashed through zero, closing out the day at -$37 per barrel, an unprecedented meltdown. There are mitigating circumstances to these insane numbers. The prices for WTI reflect the contract for May, which expires this week. The collapse is a reflection of traders abandoning...

Free fall of Nigeria’s Bonny Light to $5.30 mounts pressure on Budget 2020 review

THE Federal Government has started close monitoring of the global oil market following the free fall in oil prices, including Nigeria’s Bonny Light, which price dropped from $12 to $5.30, Tuesday. The 2020 budget was first benchmarked at $57 per barrel and 2.3 million per...

Oil Prices Fall Towards $15 for WTI and $25 for Brent As Storage Nears Capacity

Fears of global crude storage hitting capacity are now dominating markets, sending oil prices falling even further as analysts search for a bottom. Oil prices are nearing $15 as fears of global crude storage filling up hit new highs this week, but there are still...

Oil under pressure on doubts over record US-backed Opec deal

Prices rallied before agreement but cuts will struggle to make up for collapse in demand Oil prices came under pressure in early trading on Monday on doubts that a record US-backed Opec deal to cut supply would be enough to rescue a market ravaged by...

Oil Price: A Dead Cat Bounce in the Making?

Amidst weakening global demand for crude and uncertainty over the commitment among OPEC+ producers to extend production cuts, the International Energy Agency (IEA) in its latest forecast expects Brent oil price to average US$33 this year. While this may come as good news to...

Russia + Saudi Arabia and OPEC Meeting Could Send Oil Prices Crashing Below $10

By Cyril Widdershoven The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle between leading producers for market share, the logistical impossibility of enforcing U.S....

Brent crude could plunge to ‘single-digit lows’ if OPEC+ can’t agree on output cuts, says Fitch

Brent crude futures could plunge to “single-digit lows” if major oil producers fail to reach a deal to cut output, Fitch Solutions said in a Friday report. OPEC and its allies, also known as OPEC+, are expected to meet on Thursday — a delay from...

Oil prices could plunge below $20 a barrel this quarter as demand craters: CNBC survey

Crude oil prices could plunge below $20 a barrel in the second quarter, according to nearly a third of respondents in a CNBC survey of 30 analysts, strategists and traders. Some analysts believe crude oil prices could fall to as low as $10 a barrel...
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