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RIYADH: Oil costs eased on Monday as merchants awaited extra price hike cues from US and European central banks, with tightening provide and hopes for Chinese language stimulus underpinning Brent at $80 a barrel.
Brent crude futures dipped 33 cents, or 0.41 p.c, to $80.74 a barrel at 09:47 a.m. Saudi time. US West Texas Intermediate crude was at $76.75 a barrel, down 32 cents, or 0.42 p.c.
Brent crude and WTI benchmarks rose 1.5 p.c and a pair of.2 p.c respectively final week, their fourth straight week of positive factors, as provide is predicted to tighten following the output cuts by the Group of the Petroleum Exporting Nations and its allies, often known as OPEC+.
Buyers have priced in quarter-point hikes from the Federal Reserve and European Central Financial institution this week so the main target might be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future price hikes.
Vitol pays out $2.5bn to shareholders
International vitality dealer Vitol paid out $2.5 billion to its worker shareholders in 2023 after posting a document revenue of $15 billion final yr, firm outcomes confirmed, Reuters reported.
Swiss agency Vitol pays out money to its over 400 worker shareholders via an annual share buyback scheme. The 2023 buyback comes on high of a $2.5 billion tranche paid out throughout 2022.
The buying and selling home cashed in on value spikes in international commodity and vitality markets final yr after Western powers imposed sweeping sanctions on Russia over its invasion of Ukraine. Its 2021 revenue was $4.2 billion.
Vitol is the world’s largest unbiased oil dealer and a significant participant within the liquefied pure fuel and energy markets.
Revenues final yr totaled $506 billion, up from $279 billion in 2021.
Chevron’s $6bn Q2 revenue tops analysts’ outlook
Chevron Corp.’s second-quarter earnings topped Wall Road estimates, the corporate mentioned on Sunday, and CEO Michael Wirth additionally signaled the No. 2 US oil firm stays open to extra acquisitions and to rising shareholder distributions this yr.
In a uncommon preview of its outcomes that coincided with the introduced retirement of its finance chief, Chevron disclosed a $6 billion web revenue within the quarter ended June 30. Full outcomes might be disclosed on July 28.
Whereas that revenue is nearly half of the document revenue in the identical interval final yr, the $3.08-a-share adjusted revenue beat Wall Road’s $2.97-a-share consensus estimate.
“The macro value setting has softened just a little bit versus the primary quarter,” Wirth mentioned in an interview outlining adjustments to the corporate’s monetary and working government crew. “It’s nonetheless a powerful quarter.”
He added: “We had excessive ranges of working efficiency (and) very, little or no unplanned downtime throughout our portfolio.”
(With enter from Reuters)
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