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| Version 1 | Version 2 |
|---|---|
| New coronavirus lockdowns lead to oil price slump | New coronavirus lockdowns lead to oil price slump |
| (about 5 hours later) | |
| Oil prices hit a five-month low on Monday following fresh virus-induced lockdowns. | Oil prices hit a five-month low on Monday following fresh virus-induced lockdowns. |
| More economies have tightened social restrictions including the UK, France and Germany as they battle rising infection rates. | More economies have tightened social restrictions including the UK, France and Germany as they battle rising infection rates. |
| The fear is that the new lockdown measures will further dent economic growth and demand for oil will slump. | The fear is that the new lockdown measures will further dent economic growth and demand for oil will slump. |
| Commodities and share markets are also on edge with the US election looming this week. | Commodities and share markets are also on edge with the US election looming this week. |
| In Asia trading hours, the price of Brent crude fell to a low of $35.74 per barrel, a level not seen since late May. | In Asia trading hours, the price of Brent crude fell to a low of $35.74 per barrel, a level not seen since late May. |
| It later recovered somewhat in London trading, hitting $37.86 by mid-morning. | |
| The price of Brent, the main benchmark for oil prices, is down 45% from the start of the year. | The price of Brent, the main benchmark for oil prices, is down 45% from the start of the year. |
| BP returns to profit but pandemic weighs on demand | BP returns to profit but pandemic weighs on demand |
| Shell to cut up to 9,000 jobs as oil demand slumps | Shell to cut up to 9,000 jobs as oil demand slumps |
| Tamboran to use 'conventional' drill over fracking | Tamboran to use 'conventional' drill over fracking |
| The virus-induced slump has weighed heavily on energy companies, with BP and Shell announcing thousands of job cuts this year. | |
| BP plans to cut 10,000 jobs after a slump in demand while Royal Dutch Shell has said it expects to cut 7,000 to 9,000 jobs. | BP plans to cut 10,000 jobs after a slump in demand while Royal Dutch Shell has said it expects to cut 7,000 to 9,000 jobs. |
| Election fears | Election fears |
| The price of US crude oil has also been hit hard, falling 7% on Monday to a low of $33.64 a barrel before recovering slightly. | |
| Fears of a tightly contested presidential election this week and the absence of continued US fiscal stimulus have led to a gloomy economic outlook. | Fears of a tightly contested presidential election this week and the absence of continued US fiscal stimulus have led to a gloomy economic outlook. |
| "Whichever way you look at it, this coming week will be huge for US and global markets," said Simon Ballard, chief economist at First Abu Dhabi Bank. | "Whichever way you look at it, this coming week will be huge for US and global markets," said Simon Ballard, chief economist at First Abu Dhabi Bank. |
| "We see the potential for a sharp rise in volatility around these events and all in the context of a still deteriorating Covid-19 situation across much of the US, Europe and elsewhere." | "We see the potential for a sharp rise in volatility around these events and all in the context of a still deteriorating Covid-19 situation across much of the US, Europe and elsewhere." |
| China hopes | China hopes |
| China remains the most upbeat market for economic growth this year. | China remains the most upbeat market for economic growth this year. |
| The world's top crude oil importer said on Monday it would raise its quota for 2021 by 20% for non-state owned companies. | |
| This came after activity in China's factory sector accelerated at the fastest pace in nearly a decade in October as domestic demand surged. | This came after activity in China's factory sector accelerated at the fastest pace in nearly a decade in October as domestic demand surged. |
| This was according to the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) - a private survey which focuses on smaller to medium-sized companies. | This was according to the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) - a private survey which focuses on smaller to medium-sized companies. |
| Last month, China continued its recovery from the pandemic with strong economic growth during the third quarter, according to its official figures. | Last month, China continued its recovery from the pandemic with strong economic growth during the third quarter, according to its official figures. |
| The world's second-biggest economy reported growth of 4.9% between July and September, compared to the same quarter last year. | The world's second-biggest economy reported growth of 4.9% between July and September, compared to the same quarter last year. |