crude oil

The recent rally in crude oil, caught many analysts by surprise as to the scale and speed of the price appreciation.

A Chinese mega-refiner is snapping up barrels of Middle Eastern crude in a rare bright spot for the oil market.

China has bought only 5% of the targeted US$25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments.

Asian share markets turned mixed on Monday as US lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases

Oil prices fell on concerns about oversupply as OPEC+ is expected to pull back from production cuts in August, while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.

Asian stocks rebounded from their biggest decline since March and U.S. futures climbed after news about US monetary and fiscal stimulus plans bucked up investor sentiment in face of worries over a second wave of the coronavirus.

Oil extended its drop to trade near US$32 (S$45.39) a barrel after a U.S. industry report signalled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.

The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel.

Crude oil prices are unlikely to trade significantly higher in the short-term despite US President Donald Trump’s optimism that a price war between Saudi Arabia and Russia can be resolved, according to DBS Group Research.

SEOUL/NEW YORK (Sept 16): Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply.