Tuesday, 26 May 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Prices Could Soon Turn Negative As The World Runs Out Of Places To Store Crude
Wednesday, 1 April 2020 19:18 WIB | COMMODITY |BrentWTIMinyak

Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world™s most powerful crude producers start to ramp up their output.

The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. It has created an unprecedented demand shock in energy markets, with storage space “ both onshore and offshore “ quickly running out.

At the same time, a three-year pact between OPEC and non-OPEC partners to curb oil output ended on Wednesday, paving the way for oil producers to ramp up production.

OPEC kingpin Saudi Arabia has pledged to hike output to a record high.

International benchmark Brent crude traded at $25.33 Wednesday afternoon, down more than 3.8%, while U.S. West Texas Intermediate (WTI) stood at $20.54, around 0.3% higher.

Source : CNBC

RELATED NEWS
Oil Prices Rise On Supply Cut Hopes, Easing Of Coronavirus Lockdowns...
Tuesday, 26 May 2020 12:28 WIB

Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as corona...

Oil Climbs As Suppliers Stick To Output Cuts, Coronavirus Lockdowns Ease...
Tuesday, 26 May 2020 08:40 WIB

Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world. U.S. Wes...

Oil At Highest Since March On Lower U.S. Inventories, Recovering Demand...
Thursday, 21 May 2020 19:05 WIB

Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people™s movements imposed ...

Minyak Berjangka Menetap Lebih Tinggi Untuk Sesi Ini, Dengan Harga AS Naik 19% Untuk Minggu Ini...
Saturday, 16 May 2020 02:14 WIB

Minyak berjangka menetap lebih tinggi pada hari Jumat, dengan harga AS naik 19% untuk minggu ini, mendapatkan dukungan dari pengumuman penurunan produksi baru-baru ini oleh produsen utama, penurunan p...

Minyak Berjangka Naik Tajam, Dengan Harga AS Mendekati 6 Minggu Tertinggi...
Friday, 15 May 2020 02:48 WIB

Harga minyak naik tajam pada hari Kamis, mengangkat harga AS ke level tertinggi dalam hampir enam minggu, didukung oleh janji baru-baru ini oleh produsen minyak utama untuk memangkas produksi, karena ...

LATEST NEWS
European Markets Bounce On Global Vaccine Hopes

European stocks opened higher on Tuesday, tracking positive global market sentiment as optimism grows that a coronavirus vaccine can be found. The pan-European Stoxx 600 jumped 1.1% at the start of trading, travel and leisure stocks adding 2.5% to...

Gold Ticks Up On China-U.S. Tensions Over Hong Kong

Gold ticked higher on Tuesday as brewing Sino-U.S. tensions over Hong Kong lifted demand for the safe-haven metal, though easing coronavirus-induced lockdown restrictions supported equities and capped bullion™s gains. Spot gold rose 0.2% to...

Tokyo Stocks Close Sharply Higher

Tokyo stocks closed sharply higher Tuesday as investors took heart from the lifting of Japan's coronavirus state of emergency and hopes for the gradual reopening of the world's third-largest economy. The benchmark Nikkei 225 index ended up 2.55...

POPULAR NEWS
Gold Falls as Potential Japan Stimulus Boosts Risk Appetite
Monday, 25 May 2020 15:13 WIB

Gold declined on Monday as Japanese equities rose on news of a potential stimulus program that boosted investors™ risk appetite, though fresh...

Gold Down Over Escalating U.S.-China Tensions
Monday, 25 May 2020 13:36 WIB

Gold was down in Asia on Monday morning, with escalating U.S.-China tensions continuing to impact demand for even the safe-haven asset. Gold...

US Marks Memorial Day as Coronavirus Toll Nears 100,000
Monday, 25 May 2020 18:51 WIB

Monday is Memorial Day in the United States “ a day set aside to honor the hundreds of thousands of U.S. servicemen and women who sacrificed their...

Oil Dips as U.S.-China Tensions Add to Nerves on Global Economy
Monday, 25 May 2020 08:31 WIB

Oil edged lower as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in...