Oil prices declined on Tuesday before deadlocked talks between major producers about potential changes in February output are set to continue later in the day. The majority of OPEC+ members were reportedly in favor of maintaining the January production quotas into February, but were unable to budge Russia from its …
Read More »Brent Crude Oil Hits $53 Per Barrel
Brent crude soared 2.3% to $53.00 a barrel on Monday at around 07:00 AM GMT, amid hopes that OPEC+ may cap output at current levels in February at a meeting later in the day as the COVID-19 pandemic continues to cast a shadow over oil demand. OPEC+ was forced to …
Read More »Brent Crude Price Hits $51pb as U.S Inventory Declines
Brent crude held above $51 a barrel on Wednesday at around 06:45 AM GMT after API data showed stocks of crude oil in the US declined by 4.8 million barrels in the week ended December 25th, marking the first fall in inventories since the week ended November 6th. Meantime, US …
Read More »Oil Prices Gain on Demand Concern
Oil prices advanced on Tuesday, rising for the third time in four sessions, as traders were upbeat about rising fuel demand after the US House voted 275-134 on Monday to meet Trump’s demand for $2,000 relief checks from $600, sending the measure to the Senate for a vote. Adding the …
Read More »Trends in Global Oil Market
WTI futures reversed early losses to trade around $48.3 a barrel on Monday as investors try to shrug off concerns over a new coronavirus strain and focus on prospects of a brighter economic outlook for 2021 as coronavirus vaccination started in the European Union and as President Trump finally signed …
Read More »Oil Prices Increase as Brent Crude Hits $51.37pb
Oil prices rose for the second day on Thursday, after EIA data showed US crude inventories fell in the week to December 18th to 499.53 million barrels, while gasoline stocks dropped to 237.75 million barrels, and distillate stocks were down to 148.93 million. News that Britain and the EU were …
Read More »Oil Prices Extend Loss as Inventories Rise
Oil prices fell more than 1% on Wednesday, extending the prior session’s losses, after industry data showed an unexpected 2.7 million barrel build in US crude inventories for the week to December, 18th. Investors were also nervous following reports that US President Donald Trump rejected the $900 billion stimulus bill. …
Read More »Oil Prices Fall as Mutant Strain of COVID-19 Emerges in UK
Oil prices declined more than 2% on Tuesday, extending the prior session’s sharp losses. At around 06:45 AM GMT, WTI crude plunged 2.4% to $46.84 a barrel, while Brent crude dipped 2.1% to $49.85 a barrel. Traders were nervous that a mutant strain of the COVID-19 in the UK could …
Read More »Brent Crude Price Down to $50/barrel
Oil prices sank more than 3% on Monday, as a new infectious strain of the COVID-19 raised fears of tightening lockdown and travel restrictions. At around 07:00 AM GMT, WTI crude fell 3.1% to $47.6 a barrel, while Brent crude dropped 3.2% to $50.59 a barrel. British Health Secretary Matt …
Read More »Oil Prices Fall as Inventories Rise
Oil prices declined on Wednesday after API data showed Tuesday that crude inventories unexpectedly rose by 1.97 million barrels in the week ended December 11th, compared to market consensus of a draw of 1.9 million barrels. At around 07:00 GMT, WTI crude fell 0.3% to $47.50 a barrel, Brent crude …
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