Up to 30,000 North Sea oil and gas jobs could be cut unless Government steps up support By Francesca Washtell For The Daily Mail Published: 22:15 BST, 27 April 2020 | Updated: 22:27 BST, 27 April 2020 Up to 30,000 North Sea oil and gas jobs could be cut unless the Government steps up support, … Read more
Dozens of oil tankers float off the coast of Southern California as global lockdown sees demand for crude plummet Demand for oil has dropped due to stay-at-home orders around the world Pumps are still extracting from the ground and the oil has to go into storage Video released by U.S. Coast Guard shows a flotilla … Read more
On Monday evening, the value of a barrel of West Texas Intermediate (WTI) oil, or Texas Light Sweet, declined to an unprecedented MINUS $40.32. It was the blackest of days for black gold. Since the wildcat Colonel Edwin Drake successfully managed to drill oil out of the ground in Titusville, Pennsylvania in 1859, thereby creating … Read more
Worse to come for ‘broken’ crude oil market as coronavirus crisis causes extreme oversupply By Francesca Washtell For The Daily Mail Published: 21:51 BST, 22 April 2020 | Updated: 21:51 BST, 22 April 2020 Oil prices sank to fresh 21-year lows before recovering as markets continued to grapple with extreme oversupply caused by the coronavirus … Read more
The great oil price crash: Brent crude benchmark hits 21-year low in wake of drastic US slump By Hugo Duncan for the Daily Mail Published: 23:11 BST, 21 April 2020 | Updated: 23:15 BST, 21 April 2020 The oil price in London crashed to a 21-year low just hours after US crude tumbled into negative … Read more
One could barely believe the reports when the May price for West Texas crude oil dipped into historic negative territory late on Monday. The immediate thought was: does this mean free petrol for my gas-guzzling car? And will all those friends who stealthily escaped to the country for lockdown, enjoy the munificence of free heating? … Read more
Why the oil price has gone negative: Crude market facing a perfect storm as plunging demand leaves over-supplying producers paying to get rid of the black stuff By Alex Sebastian For This Is Money Published: 14:03 BST, 21 April 2020 | Updated: 14:03 BST, 21 April 2020 Unprecedented is a word in wide – but … Read more
The cost of petrol and diesel in Britain are at ‘rip-off levels’ – even before the crash in the price of oil that has taken place this week, a campaigner claims. Howard Cox, founder of FairFuelUK, said average prices of a litre of unleaded and diesel should be 98p and 106p respectively, but are around … Read more
The price of U.S. oil crashed into negative for the first time in history Monday as demand dries up and producers effectively pay buyers to take barrels off their hands. In the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic the cost to have a barrel of U.S. crude … Read more
The oil industry was plunged even deeper into crisis last night after the benchmark price for US oil fell below $0 a barrel. The staggering free fall in the value of West Texas Intermediate oil, which is the reference point for buyers and sellers in North America, came as traders fretted that the world is … Read more