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Oil prices rally as Trump-Putin call raises truce hopes
Source: The Guardian
Oil prices rally as Trump-Putin call raises truce hopes
Producers including Shell affected by price war between Saudi Arabia and Russia
Kalyeena Makortoff
@kalyeena
Tue 31 Mar 2020 10.56 BST
First published on Tue 31 Mar 2020 09.54 BST
Oil prices have rallied after a call between Donald Trump and Vladimir Putin raised hopes that tensions between Moscow and Saudi Arabia may start to ease.
Brent crude prices rose as much as 3.5% to $23.55 overnight, after hitting an 18-year low of less than $23 per barrel on Monday. The global benchmark for oil prices lost some of its gains later on Tuesday, but was still trading just above the $23 level at $23.01, a rise of 1.1%.
The Oil giant Shell said on Tuesday it would take a $400m-$800m (£325m-£650m) charge in the first quarter as a result of plunging crude prices. The company is already planning to slash $9bn (£7.2bn) from its spending plans to weather the collapse in prices amid the coronavirus pandemic.
The plunge in oil prices has been sparked by a bitter price war between Saudi Arabia and Russia. Both producers are preparing to pump record amounts of oil to gain a greater share of the global market, despite a plunge in demand for energy during the coronavirus crisis. It has triggered the sharpest drop in oil prices since 1991.
While Saudi Arabia denied it was in talks with Russia over a potential truce on Monday, news of the US president’s call to his Russian counterpart sparked a degree of hope among investors that global leaders may be ready to compromise in order to support the oil market.
-snip-
Producers including Shell affected by price war between Saudi Arabia and Russia
Kalyeena Makortoff
@kalyeena
Tue 31 Mar 2020 10.56 BST
First published on Tue 31 Mar 2020 09.54 BST
Oil prices have rallied after a call between Donald Trump and Vladimir Putin raised hopes that tensions between Moscow and Saudi Arabia may start to ease.
Brent crude prices rose as much as 3.5% to $23.55 overnight, after hitting an 18-year low of less than $23 per barrel on Monday. The global benchmark for oil prices lost some of its gains later on Tuesday, but was still trading just above the $23 level at $23.01, a rise of 1.1%.
The Oil giant Shell said on Tuesday it would take a $400m-$800m (£325m-£650m) charge in the first quarter as a result of plunging crude prices. The company is already planning to slash $9bn (£7.2bn) from its spending plans to weather the collapse in prices amid the coronavirus pandemic.
The plunge in oil prices has been sparked by a bitter price war between Saudi Arabia and Russia. Both producers are preparing to pump record amounts of oil to gain a greater share of the global market, despite a plunge in demand for energy during the coronavirus crisis. It has triggered the sharpest drop in oil prices since 1991.
While Saudi Arabia denied it was in talks with Russia over a potential truce on Monday, news of the US president’s call to his Russian counterpart sparked a degree of hope among investors that global leaders may be ready to compromise in order to support the oil market.
-snip-
Read more: https://www.theguardian.com/business/2020/mar/31/oil-prices-trump-putin-saudi-arabia-saudi-arabia-shell
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
Will have the orangatan back on opening the country. 