Oil Leads Market Plunge as Virus Rattles Faith in Recovery
Jill R Shah, 19 July 2021
Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.
Futures in New York fell 7.5% on Monday, the largest decline since September. OPEC and its allies agreed to monthly supply hikes of 400,000 barrels a day. At the same time, the spread of the delta variant is stoking a risk-off mood in broader markets and threatening oil demand with fresh mobility restrictions around the world. The dollar also rose, reducing the appeal of commodities priced in the currency. Continue reading “Article: Oil Leads Market Plunge as Virus Rattles Faith in Recovery”
Big Oil’s Secret World of Trading
Javier Blas and Jack Farchy, 30 March 2021
It was a bleak moment for the oil industry. U.S. shale companies were failing by the dozen. Petrostates were on the brink of bankruptcy. Texas roughnecks and Kuwaiti princes alike had watched helplessly for months as the commodity that was their lifeblood tumbled to prices that had until recently seemed unthinkable. Below $50 a barrel, then below $40, then below $30.
But inside the central London headquarters of one of the world’s largest oil companies, there was an air of calm. It was January 2016. Bob Dudley had been at the helm of BP Plc for six years. He ought to have had as much reason to panic as anyone in the rest of his industry. The unflashy American had been predicting lower prices for months. He was being proved right, though that was hardly a reason to celebrate. Continue reading “Article: Big Oil’s Secret World of Trading”