Oil prices dropped on Wednesday after industry data showed a larger-than-expected rise in US crude inventories, extending its prior losses. The API said Tuesday that US oil stockpiles rose by 4.2 million barrels last week, far above market expectations for a build of 1.7 million barrels. Meanwhile, disappointing US retail …
Read More »Oil Extends Gains on Progress in COVID-19 Vaccine Development
Oil prices increased on Tuesday, extending the prior session’s gains, as more progress in developing a COVID-19 vaccine would have a positive impact on the outlook for global fuel consumption. Moderna said Monday its virus vaccine candidate was 94.5% effective during a late-stage trial. Adding to the positive sentiment, the …
Read More »Oil Prices Gain Amid Hope for Continued Output Cut by OPEC+
Oil prices rose more than 1% on Monday, amid hopes that OPEC+ will continue to slash output. The cartel has been cutting production by about 7.7 million barrels per day, with a compliance rate seen at 101% in October, and had planned to increase output by 2 million bpd from …
Read More »Crude Oil Rises 2% to Over 2-Month High
Crude oil futures rose more than 2% to trade around $42.3 a barrel on Wednesday, its highest level in over two months, after the API reported a larger-than-expected draw in US crude oil inventories last week. Prices were already rising as hopes of a coronavirus vaccine offset worries about near …
Read More »Oil Prices Fall on Global Demand Concern
Oil prices dropped on Tuesday, amid persistent concerns over weakening global demand following a resurgent of COVID-19 cases in some countries that triggered new restrictions. In the US, total new cases have passed 10 million, according to data from Johns Hopkins University; while in Europe, France, the United Kingdom, Spain …
Read More »Biden Win Boost Oil Prices More Than 2.5%
Oil prices rose more than 2.5% on Monday as the result of the US election became clear. Joe Biden, the president-elect, signaled Sunday he plans to move quickly to build out his government, focusing first on the COVID-19 pandemic. The US became the first nation since the pandemic began to …
Read More »Oil Prices Dip on Demand Concern
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 …
Read More »Oil Prices Fall Amid U.S. Election Outcome Concerns
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 …
Read More »Oil Prices Reverse Gains as U.S. Election Results Remain Unclear
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 …
Read More »Oil Prices Increase as Russia Mulls Extension of Production Restrictions
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 …
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