Tag Archives: OPEC+

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 …

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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 …

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Brent Crude Price Increases to $49.02/barrel

Oil prices increased on Thursday, with WTI rising by 0.5% to $45.73 a barrel at around 06:30 AM GMT while Brent crude gaining 0.3% to $49.02 a barrel, as traders were upbeat that a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the US could …

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Oil Prices Fall $45/barrel as OPEC Ministers Meet Tuesday

Oil prices came under pressure on Monday, with WTI crude falling towards $45 a barrel on doubts whether OPEC and other oil-exporting countries could agree in postpone its planned production increase in January. The cartel is due to meet this week to discuss such move in the light of a …

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Oil Prices Drop as Inventories Rise Above Market Expectations

Crude oil futures dropped more than 1% to trade around $44.9 a barrel on Thursday, as investors remain concerned about near term fuel demand as the number of coronavirus infections continue to rise worldwide. Latest data from the EIA showed gasoline inventories rose by 2.2 million barrels, more than markets …

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Oil Prices Rise to Near 3-Month High

Crude oil futures rose as much as 2% to trade around $43.2 a barrel on Monday, its highest level in nearly three months boosted by prospects that a coronavirus vaccine may be distributed soon and hopes that OPEC+ will continue to restrain oil output. Oxford and AstraZeneca announced that trials …

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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 …

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Oil Prices Rise as OPEC+ Vows to Enforce Output Cuts

Oil prices were higher on Friday, amid hopes over a recovery in fuel demand after reports that Saudi Arabia’s crude oil exports rebounded in July to 5.73 million barrels per day from a record low of 4.98 bpd in June. Sentiment was also lifted by reports that finance ministers and …

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Oil Prices Falls Ahead of OPEC+ Meeting

Oil prices plunged on Wednesday ahead of OPEC+ meeting as the ongoing pandemic continues to suppress the outlook for oil demand. Japan, the world’s fourth-biggest crude buyer, reported another fall in crude oil imports in July. Pressuring prices further was a large build in gasoline inventories which offset a modest …

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