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Tag Archives: Oil prices

Brent Crude Oil Price Rises Above $70 Per Barrel

Brent crude futures rose above the $70 per barrel level on Monday for the first time since January 2020, following reports of attacks on oil facilities in eastern Saudi Arabia, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Oil prices were up for a fourth consecutive …

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Oil Trades $63 Amid Hopes for Improving Demand

Oil prices rose on Wednesday, amid hopes for improving global demand after President Joe Biden said that America will have enough COVID-19 vaccine doses by the end of May, two months earlier than the target. The leader also mentioned that drugmaker Merck will help produce rival Johnson & Johnson’s newly …

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Oil Prices Gain Amid Reopening of Economies

Oil prices rebounded on Monday, with WTI crude breaking above the $62 a barrel level buoyed by signs of a recovery in fuel consumption amid a gradual reopening of some economies as vaccination drives gather pace. Markets were already basking in the glow of a slow returning of US production …

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Brent Hits $66/barrel as Oil Prices Head for 20% Monthly Gain

Oil is heading for a 20% monthly gain in February, the fourth consecutive month of gains and the most since November. Both WTI and Brent recovered to pre-pandemic levels earlier this month, bolstered by tightening global supplies and prospects of an economic recovery driven by a COVID-19 vaccination campaign globally …

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Oil Prices Drop to US$61/barrel as Inventories Rise

Oil prices dropped on Wednesday, with WTI crude falling towards the $61 a barrel level after API data showed an unexpected build in US crude inventories last week. Markets were already facing some downward pressure on easing supply concerns as producers in the southern United States are slowly resuming production …

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Crude Oil Prices Rise to UD$62.7 Per Barrel

Oil prices rose for the second session on Tuesday, with WTI trading around $62.1 a barrel and Brent about $62.7 a barrel. The rising crude prices are supported by the expected slow return of US crude output after last week’s deep freeze weather in Texas. A bullish view dominates sentiment …

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Oil Prices Retreat from 13-Month High

Oil prices dropped sharply on Friday, as supply disruptions in the US due to deep freeze weather eased, with the US National Weather saying warmer temperatures are expected to return by February 20th. At around 07:00 AM GMT, WTI crude sank 1.1% to $59.85 a barrel, while Brent crude fell …

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Oil Hits 13-Month High on Middle East Tensions

Oil prices jumped on Monday to their highest in 13 months, as traders were nervous about tensions in the Middle East, after the Arab coalition announced on Sunday it had intercepted and destroyed around ten drones launched by Yemen Houthis towards Saudi Arabia. Risk appetite was also boosted by reports …

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Oil Prices Drop Amid Supply Tightness

Oil prices fell on Wednesday, amid concerns about how long the supply tightness would last. Saudi Arabia, the world’s biggest exporter, is unilaterally reducing supply in February and March, on top of cuts agreed by other members of the OPEC and its allies. Sentiment was also rattled by reports that …

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