Oil prices rose on Monday to their highest in just over a year, with Brent nearing $60 a barrel while WTI crude standing at $57 a barrel at around 06:30 AM GMT, amid hopes that new US stimulus plans will boost global crude demand. Also, the gradual rollout of vaccines …
Read More »Oil Prices Rise to 1-Year High as Producers Comply to Output Cut
Oil prices gained traction in the first week of February and rose to the highest level in a year after major producers showed strong compliance to output cut commitments by OPEC+ in January. Further supporting prices, Saudi Arabia engaged in voluntary production cuts of 1 million barrels per day in …
Read More »Crude Oil Prices Hits 2-Week High
Oil prices extended gains in afternoon trading on Monday, with WTI crude climbing more than 2% to hit a 2-week high of $53.43 a barrel amid rising heating-oil demand and falling US crude inventories. The US Northeast has been hit by a powerful winter snowstorm, providing a massive boost to …
Read More »Oil Prices Hit $56/barrel as US Inventory Falls
Oil prices rose more than 0.5% on Wednesday, with WTI trading near $53 a barrel and Brent crude above $56 a barrel, after the American Petroleum Institute data showed crude oil inventories in the United States unexpectedly fell by 5.3 million barrels in the week to January 22nd. Also, traders …
Read More »Crude Oil Prices Rise to Above $52/barrel
Oil prices rose on Monday as traders were confident that the proposed US large stimulus package from president Joe Biden would boost fuel demand. Top aides to President Joe Biden have begun talks with a group of moderate Senate Republicans and Democrats, Associated Press reported. Meanwhile, the COVID-19 cases continue …
Read More »Oil Holds at Highest Since February
Oil prices held at their highest since February on Wednesday, with WTI trading above $53 a barrel and Brent over $56.5 a barrel, after API data showed US crude stocks fell for the third week by a faster-than-expected 5.821 million bpd. EIA data will be released later in the day. …
Read More »Crude Oil Extends Gains to 11-Month Highs
WTI crude futures traded higher at $53 per barrel on Tuesday, their highest level since February 2020, as US crude inventories are seen falling for a fifth straight week and as investors expect President-elect Joe Biden to deliver “trillions” in extra pandemic-relief spending when he takes office next week. Prices …
Read More »Brent Crude Price Drops to $55/Barrel
Oil prices fell on Monday, amid concerns over weak global fuel demand as a surge of COVID-19 infections hit China and Europe. China, the second-largest oil user globally, saw its largest daily rise in virus cases in over five months today, with authorities imposing lockdown measures barring people and vehicles …
Read More »WTI Crude Books Big Weekly Gain after Saudi Arabia Cut
WTI crude futures jumped more than 3.5% to 52.7 a barrel on Friday, the highest on a closing basis since February of 2020, booking a 10.5% jump on the week after Saudi Arabia pledged to cut output by 1 million barrels per day in February and March. The move also …
Read More »Oil Prices Swing as Saudi Agrees to Cut Production
WTI crude futures swung between small gains and losses on Wednesday but hovered around $50 a barrel which is the highest level in 11 months after Saudi Arabia unexpectedly agreed to voluntarily cut production by 1 million bpd in February and March during an OPEC+ meeting. The move also persuaded …
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