Bloomberg oil news
Here are the latest oil news and updates from Bloomberg:
Oil Prices
- West Texas Intermediate (WTI) crude oil price: $63.43 per barrel (up 0.6% from previous close)
- Brent crude oil price: $66.43 per barrel (up 0.5% from previous close)
Market News
- Oil prices rose on Monday as a surprise decline in U.S. crude inventories and a weaker dollar boosted sentiment.
- The American Petroleum Institute (API) reported a 2.1 million-barrel decline in U.S. crude oil inventories last week, according to Bloomberg.
- The International Energy Agency (IEA) said in its monthly report that the global oil market is expected to remain in surplus this year, but the surplus is expected to shrink as demand picks up.
- OPEC and its allies are considering a possible increase in oil production to meet growing demand, according to sources familiar with the matter.
Company News
- Exxon Mobil Corp. (XOM) reported a 16% decline in quarterly profit due to lower oil prices and refining margins.
- Chevron Corp. (CVX) reported a 15% decline in quarterly profit due to lower oil prices and refining margins.
- Royal Dutch Shell Plc (RDS.A) reported a 15% decline in quarterly profit due to lower oil prices and refining margins.
Economic News
- The U.S. economy grew at a 2.1% annualized rate in the first quarter, according to the Bureau of Economic Analysis.
- The U.S. dollar weakened against major currencies, making oil more expensive for holders of other currencies.
- The European Central Bank left interest rates unchanged and maintained its stimulus program, citing concerns about the economic outlook.
Other News
- The U.S. government is considering a plan to release oil from the Strategic Petroleum Reserve (SPR) to help stabilize the market, according to sources familiar with the matter.
- The International Maritime Organization (IMO) is considering a proposal to reduce sulfur emissions from ships by 80% by 2050, according to sources familiar with the matter.
Please note that the information provided is subject to change and may not be up to the minute. For the latest and most accurate information, please visit Bloomberg's website or other reputable sources.