More than 4 million barrels a day of US oil output is now offline
Futures in London rose 0.9 per cent after capping a third weekly gain
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
The mutation comes as vaccines are being rolled out in several countries and as the US closes in on a stimulus plan
Prices will remain unchanged for the eighth consecutive month
Profit rose mainly due to the reversal of SAR690m of impairments associated with Clariant AG
SABIC suspended new capital spending earlier this year as it reported losses in the first and second quarters
The oil market has been hit hard in 2020, with prices plummeting to record lows
ICE had announced plans in November last year to launch the platform in partnership with ADNOC
Brooge is adding eight tanks at the site in the UAE port of Fujairah
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
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