WTI – The Commerce Africa https://thecommerceafrica.com African Reneissance Tue, 01 Sep 2020 06:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 Oil Prices Increase Near 5-Month High https://thecommerceafrica.com/oil-prices-increase-near-5-month-high/ https://thecommerceafrica.com/oil-prices-increase-near-5-month-high/#respond Tue, 01 Sep 2020 06:48:41 +0000 http://thecommerceafrica.com/?p=1774 Oil prices increased on Tuesday at around 04:15 AM GMT, with WTI crude hovering near five month-high of around $43 a barrel, while Brent crude gaining 1.1% to $45.76 a barrel, supported by efforts from major oil producers to control output as well as hopes for the latest development of COVID-19 vaccines.

Bloomberg News reported that AstraZeneca had begun a large-scale human trial of its virus vaccine in the US, with planning to enroll 30,000 participants in a late-stage study.

Sentiment was also boosted by a private survey reporting manufacturing in China expanded the most since the start of 2011 in August, amid strong momentum of economic recovery.

However, concerns over a rise in global coronavirus infections persisted as it could slow a recovery in oil demand.

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Oil Prices Gain Ground on Tuesday https://thecommerceafrica.com/oil-prices-gain-ground-on-tuesday/ https://thecommerceafrica.com/oil-prices-gain-ground-on-tuesday/#respond Tue, 11 Aug 2020 07:05:35 +0000 http://thecommerceafrica.com/?p=1459 WTI crude futures traded 0.3% higher above $42.0 per barrel on Tuesday helped by expectations of US stimulus as lawmakers continued negotiations on the coronavirus relief economic package after talks between Democrats and the White House collapsed last week without a deal.

Prices were also supported by news on Sunday that Saudi Aramco sees a rebound in Asian fuel demand as economies gradually open up.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity. 

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Oil Prices Soar on Output Cuts https://thecommerceafrica.com/oil-prices-soar-on-output-cuts/ https://thecommerceafrica.com/oil-prices-soar-on-output-cuts/#respond Mon, 10 Aug 2020 05:58:09 +0000 http://thecommerceafrica.com/?p=1448 Oil prices surged on Monday after Saudi Aramco said that it sees a rebound in oil demand in Asia as more economies gradually open up after the easing of COVID-19 lockdowns and despite a resurgence of virus cases in some places.

Also, Iraq said Friday that it would reduce its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months.

Sentiment was also supported by signs of a gradual economic recovery in China after data showed annual inflation rose to 2.7% in July, the highest in three months, while factory gate prices fell at a slower rate.

Investors also cheered news that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were open to restarting talks on a further stimulus in the US after weeks of failed negotiations.

At around 03:45 AM GMT, WTI crude jumped 1.3% to $41.77 a barrel, while Brent Crude climbed almost 1% to $44.84 a barrel.

Credit: Trading Economics

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Oil Prices Fall on Demand, Oversupply Concerns https://thecommerceafrica.com/oil-prices-fall-on-demand-oversupply-concerns/ https://thecommerceafrica.com/oil-prices-fall-on-demand-oversupply-concerns/#respond Fri, 17 Jul 2020 08:21:46 +0000 http://thecommerceafrica.com/?p=1108 WTI crude futures fell nearly 1% to trade around $40.4 per barrel on Friday, as investors fear that fuel demand could take more time to recover amid a surge in coronavirus cases, while oversupply concerns also persisted.

On Thursday, the US reported at least 75,000 new COVID-19 cases, a new daily record, while cases continued to soar in India and Brazil. Also, Spain and Australia reported their steepest daily jumps in more than two months.

At the same time, OPEC+ agreed to trim record supply cuts of 9.7 million barrels per day (bpd) imposed earlier this year by 2 million bpd starting in August.

Brent crude futures traded at $43 a barrel, also down nearly 1% from the previous session.
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