Energy

Oil prices tumbled on Friday, extending its previous losses, amid mounting fears that COVID-19 lockdowns in the US and across Europe will weaken global fuel demand. On Thursday, several US states saw record numbers of virus cases in the wake of the presidential election, while in Italy, a daily record …

Oil prices plunged on Thursday, amid persistent concerns about weak global demand after a fresh wave of COVID-19 hit the US and Europe. At the same time, the count for the US presidential election was progressing, with Democratic challenger Joe Biden pushing closer to the 270 Electoral College votes needed …

Oil prices reversed gains on Wednesday, with WTI futures trading near $37.6 a barrel and the Brent crude trading around $39.7 a barrel, as traders prepare for a long period without an outcome of the US presidential election as every single ballot needs to be counted amid tight races in …

Oil prices gained ground this week, with the US benchmark rising above $36 a barrel amid signals that Russia, a key OPEC ally, is considering a possible extension of oil production restrictions into the first quarter of 2021 in the light of rising coronavirus cases worldwide. Fresh lockdowns announced across …

Oil prices fell around 2% on Friday, as investors were skeptical toward a recovery in global fuel demand following a resurgent of COVID-19 cases in the US and across Europe. Sentiment was also dragged down by news that British energy giant BP will shut its 65-year old refinery in Perth …

Oil prices rose on Thursday, recovering from a slump in the prior session, as Hurricane Zeta in the Gulf of Mexico approached. The hurricane, however, is forecast to weaken into a non-tropical gale-force low by Thursday morning in the US, according to the National Hurricane Center. Meantime, Reuters reported that …

Oil prices plunged on Wednesday, giving up most of the previous day’s gains, amid a jump in US crude inventories. Industry data showed US crude oil and gasoline stocks rose last week, with crude inventories rising by 4.6 million barrels to about 495.2 million barrels, beating expectations for a build …

Oil prices fell more than 1% on Monday, amid mounting fears over weakening global demand as the number of COVID-19 cases US surged in North America and across Europe. The US saw its highest number of virus cases in two days through Saturday, while new infections in France hit a …

Crude oil futures fell nearly 0.4% to trade around $40.5 a barrel on Friday, heading for a weekly loss of less than 1% amid mounting concerns over fuel demand recovery as the number of global coronavirus infections continue to rise with several countries including the UK, Spain, Italy and the …

Crude oil futures rose over 0.6% to trade around $40.2 a barrel on Thursday, as data from the EIA showed crude oil inventories in the US dropped for the second consecutive week. The latest report from the EIA showed US crude oil stockpiles fell by 1,001 million barrels in the …