West Texas Intermediate futures added 1.1 percent following a retreat of 2.5 percent last week. Three oil fields in the North Sea are winding down output before industrial action starts later Monday, a labor union said. Tensions in the Middle East remain high as the U.S. reimposes sanctions on Iran, while Saudi Arabia halted shipments via a key Red Sea shipping lane last week after two tankers were attacked by Yemen’s Houthi militia.
Oil has declined more than 6 percent this month on concern that a trade war between the U.S. and China will hurt global economic growth that underpins energy demand. Yet the losses have been capped as President Trump seeks to curtail oil exports from Iran after quitting an agreement that oversees the Islamic Republic’s nuclear program. Barclays Plc warned of "significant upside risk" for prices in the fourth quarter as Trump’s policy takes effect.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card required.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.Start a free company trial today
Your trial for EnergyWatch has now started
With your free trial you get:
Full access to all locked articles on EnergyWatch.
Daily newsletter and ongoing top-newsletters. You can unsubscribe and subscribe to our newsletters anytime.
When your trial period expires
You will not be transferred to a paid subscription.
You will continue to receive our newsletters after the trial period expires. You can unsubscribe at the bottom of each newsletter.
More from EnergyWatch
The cybercriminal group that has held Vestas' internal data hostage over the last two weeks is known by the Danish Defence Intelligence Service. Several reports provide insight on recruitment and targets of "Lockbit 2.0" – also establishing possible connection to last year's major hacker attack on the US' Colonial Pipeline.
BP Plc is beefing up its bid to develop wind projects off Scotland’s coast with the promise of creating hundreds of local jobs if it wins.