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Oil Prices Soar and Hit Highest Level Since March

Written by Flavia Marinho

Published on 18/05/2020 at 16:39

Updated on 18/05/2020 at 16:47

Preços do petróleo saltaram e atingem o maior nível desde março

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Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Oil prices are rising sharply this Monday as drilling activity in the U.S. drops and production cuts take place in other countries. Petrobras Starts Testing In The Forno Area, In The Pre-Salt Campos Basin

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Supported by a strengthening demand for fuel as countries around the world ease restrictions imposed to curb the spread of the coronavirus, oil prices jumped 7 percent on Friday (15) and reached the highest level since March.

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U.S. oil (WTI) gained 19.7 percent last week, while Brent crude rose 5.2 percent during the same period, buoyed by bullish news.

As of 8:32 AM today (18), Brent crude was up $2.1, or 6.46 percent, at $34.6 a barrel. U.S. oil was up $2.8, or 9.51 percent, at $32.23 a barrel.

Both contracts recorded their third consecutive week of gains.

Production cuts are contributing to the market rebalancing. IEA estimates that in May, with the OPEC+ agreement and the effects in markets outside the group, oil supply will drop to 88 million barrels per day, down 12 million barrels per day compared to 2019, and the lowest production in nine years.

Anelise Lara, Petrobras’ Director of Gas and Refining, said last Friday (15) that fuel consumption improved in May.

According to her, diesel demand fell by as much as 50 percent in April, and is currently down 30 percent compared to the pre-crisis period; gasoline consumption dropped by up to 65 percent but is recovering to 40%-45%.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Also Read

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Government unlocks R$ 554 million for a highway that has been requested for decades and accelerates the duplication of BR.

Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

Explorers find Roman treasure trapped between rocks on the seabed for nearly 1,600 years and reveal a desperate attempt to hide 53 gold coins during the invasions of the Empire.

While Russia dominates the global wheat market, Brazil emerges as an unexpected competitor in the Cerrado, offering grain available in July and August when stocks in the Northern Hemisphere are at their lowest point of the year.

Archaeologists discover Roman vase buried for over 2,000 years with more than 175 intact gold and silver coins, revealing a desperate strategy to protect wealth during the collapse of the Empire.

The government puts R$ 8.6 billion on the table to change the highway (BR) with 50 overpasses, 28 bridges, 4 tunnels, and 40 km of bike lanes in 180 km of historic duplication.

With 241 meters, 48 thousand tons, and a structure designed to accompany aircraft carriers at sea, the Chinese ship that refuels fleets in motion was born to push Beijing away from the coast and has become the hidden gear of its naval projection.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Also Read

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Government unlocks R$ 554 million for a highway that has been requested for decades and accelerates the duplication of BR.

Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.

Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.

Petrobras announces new oil discovery in the pre-salt of the Campos Basin and reinforces Brazil’s prominence with high-quality reserves that can increase production and energy revenues.

Alert in the fuel market: Analysts and a former director of ANP warn that oil prices may worsen in the coming months due to global instability.

Ocyan brings executives and digital solutions to Macaé Energy 2026 and highlights offshore expansion with Nexio and a new base in Macaé.

Explorers find Roman treasure trapped between rocks on the seabed for nearly 1,600 years and reveal a desperate attempt to hide 53 gold coins during the invasions of the Empire.

While Russia dominates the global wheat market, Brazil emerges as an unexpected competitor in the Cerrado, offering grain available in July and August when stocks in the Northern Hemisphere are at their lowest point of the year.

Archaeologists discover Roman vase buried for over 2,000 years with more than 175 intact gold and silver coins, revealing a desperate strategy to protect wealth during the collapse of the Empire.

The government puts R$ 8.6 billion on the table to change the highway (BR) with 50 overpasses, 28 bridges, 4 tunnels, and 40 km of bike lanes in 180 km of historic duplication.

With 241 meters, 48 thousand tons, and a structure designed to accompany aircraft carriers at sea, the Chinese ship that refuels fleets in motion was born to push Beijing away from the coast and has become the hidden gear of its naval projection.