Browsing: crude oil

Last week we saw negative oil prices hurt energy markets enormously, and we have the global pandemic—coronavirus (COVID-19) to blame for that, as nearly the entire globe is on lockdown, that sucks the life out of energy-consuming spheres.

Reports indicate mixed feelings as Bloomberg noted that, oil prices could go down again, as storage shortage becomes another nagging factor to the problem, and yet—we have seen people paying to get rid of their stock.

“The last trade of the May WTI futures was on April 21, and on April 20, as financial traders with long positions scrambled to get out of the contract, the price fell to negative $37.63 per barrel. Then on April 21, it was fine again, and the contract finished at $10.01. Even on April 20th, most trades in the May futures happened at positive prices. But toward the end of the day, panic—or something—set in, …

The world recorded another day in history —April 20, as the day oil prices globally took a negative dive, dropping below zero for the first time. International players in the hydrocarbon game have not shaken, as traders and nations pursued storage space and determining ways to drive demand scarcity.

According to reports from Bloomberg News, the oil price rise was manifested by both, pandemic fears and the price war between Saudi Arabia, Russia and the US, which affected the energy markets and traders.

As the pandemic escalates, the umbrellas of lockdowns have annihilated significant demand for oil, and other economic gains associated. Hence—the price war broke and intensified, as Bloomberg report said “  Saudi Arabia and Russia, the world’s biggest oil producers, escalated the price war. A pact that had restrained production collapsed and both countries opened their taps to the fullest, releasing record volumes of crude into the …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …

The International Monetary Fund (IMF) has taken a key interest in Uganda’s economy, whereas the East African economy is likely to grow by 6 per cent in the financial year 2019/2020 (July-June), which is slump from the previous projection of 6.3 per cent.

According to Reuters, the IMF noted the delays to be attributed by the delays in the public investment necessary for kicking off oil production.

On May 9, 2019, IMF statement noted that Uganda’s economy continued on its robust recovery with projected growth of 6.3 per cent in the fiscal 2018/2019, unequivocally highlighting the timely implementation of public infrastructure and oil-related projects would support growth in the medium term.

The Washington DC-based fund said in a statement published on Wednesday that, “Downside risks have increased linked to uncertainty related to oil production,”.

Also, the statement noted that “the electoral period and the complex external context” also weighed on …