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Tag Archives: oil prices

Rising oil prices cast shadow over global economic recovery

  Valletta, Malta | Xinhua | Global oil demand is rising following an accelerated vaccination campaign and an economic recovery, pushing oil prices to two-and-a-half-year highs amid an output deficit. Although an agreement for more output reached among the Organization of the Petroleum Exporting Countries (OPEC) and its allies on July …

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Global oil demand to record historic growth in 2021: OPEC

Kampala, Uganda | XINHUA | The Organization of the Petroleum Exporting Countries (OPEC) predicts that global oil demand will register a historic high growth of seven million barrels per day (b/d) in 2021, although it will remain far below the pre-COVID-19 level. While the oil market is still ravaged by …

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Equities rise further as recovery hopes offset second wave fears

London, United Kingdom | AFP | Stock markets extended gains Wednesday, although wins were far more modest than the strong rally seen in the previous session, as traders weighed coronavirus treatment and economic recovery hopes against fears of a second wave of COVID-19. In afternoon trading, London and Frankfurt were both up around half a percentage point, …

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Stock markets surge on swift recovery hopes

London, United Kingdom | AFP | Growing optimism about a swift global economic recovery pushed equity markets sharply higher Wednesday, as investors took heart from further easing of lockdowns while looking past China-US tensions and civil unrest across America. The upbeat mood — and hopes for an extension to a massive …

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Equities rally on hopes for economic rebound

London, United Kingdom | AFP | Stock markets picked up Wednesday on hopes for a strong US economic rebound even though retailers reported mixed results and US-China tensions continued to mount. Equities have enjoyed a broad advance for several weeks as virus infection and death rates slow, allowing governments to lift …

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Oil down in Asia after big gains last week

Singapore, Singapore | AFP | Oil prices were down in Asian trade Monday after big gains last week on signs of a demand revival as some governments ease coronavirus lockdown measures. US benchmark West Texas Intermediate (WTI) was down 2.95 percent to $24.01 a barrel in morning trade. International benchmark Brent was changing hands at …

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Cushing, Oklahoma: the town global oil markets depend on

Cushing, United States | AFP |  Using his fleet of drones, Dale Parrish tracks one of the most sensitive data points in the oil world: the amount of crude stored in giant steel tanks in Cushing, Oklahoma. The black liquid can’t be seen from outside the structures, so Parrish and his …

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Falling global oil prices

Implications on Uganda’s economy due to low economic activity and COVID-19 related worldwide challenges COMMENT | SAMUEL OKULONY | The outbreak of COVID 19 in China in December last year and its spread across the world has resulted in unprecedented events and stressed both highly developed and low developing countries. …

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Oil collapse wipes out profits at Total

Paris, France | AFP | Total said Tuesday its quarterly profit fell by 99 percent because of dropping oil prices and announced it would slash investments in response to ongoing turmoil in crude markets. The French oil major reported a net profit of $34 million for the first quarter, against $3.1 billion a year earlier. …

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