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Coronavirus cases continue to rise in the United States and Europe. Oil prices added to the losses of the previous session on Tuesday. WTI slipped by 0.4%, to $45.58 a barrel. Brent fell by 0.5%, to $48.55 a barrel. ANZ Research said, "For the moment, the market is happy to look past these issues as the vaccine rollout begins; however the economic headwinds are building in the short term".
Hurricane Delta and the Norwegian Crisis lead to a 1% fall in the oil price. The Brent crude fell 41 cents to $42.44 a barrel and WTI was down by 42 cents to $40.18. Libya’s’ increased production & US elections are expected to disrupt the market more. Amidst this, hope came from OPEC+, as they agreed to reduce oil output by 7.7 million BPD in order to rebalance the market.
Oil prices jumped in the international market on Tuesday, buoyed up by the steps taken by U.S. Federal Reserve to boost the economy. Brent crude climbed up 5.1%, to $28.41 a barrel. US WTI crude rose 6.6%, to $24.90 barrel. The expected stimulus bolstered the U.S. dollar lower against other currencies. Oil prices and other dollar-denominated commodities will find support from a weaker dollar.
Oil extends gains from the previous session following the attacks on two oil tankers in the Gulf of Oman. This incident has stirred up the concerns of reduced crude flows through one of the world’s key shipping routes. Brent crude increased by 0.8% and was traded at $61.81 a barrel. WTI rose by 0.4% and was traded at $52.49 a barrel.
Oil prices extended further decline on Wednesday due to unexpected gain in US inventories. The prices were also dragged down because of the questions thrown at OPEC on supply cut by Russian state oil producer Rosneft. Brent went down by 0.7% and was traded at $61.55 a barrel. WTI decreased by 0.9% and was traded at $53 a barrel.
Oil prices dropped on Wednesday over rising levels of US crude stockpiles, and low Chinese industrial output, however tensions in the Middle East prevented further drops. Brent crude futures dropped 0.3%, and were traded at $71.04 a barrel. U.S. West Texas Intermediate crude futures fell 0.7%, and were priced at $61.38 per barrel. An EIA report showed that crude inventories grew by 8.6 million barrels last week.
Oil prices settled on Friday on the grounds of producer cartel OPEC's supply cuts and the US sanctions on petroleum exporters Iran and Venezuela. WTI went up by 0.3%, to $63.78 per barrel. International Brent increased by 0.3% and was traded at $71.01 per barrel. According to a Canadian Bank, “Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer”.
Crude market is ready to post its biggest first-quarter gain since 2009. Oil prices surged on Friday supported by ongoing supply cuts led by OPEC and US sanctions on Iran and Venezuela. WTI went up 0.4%, to $59.56 per barrel. Brent increased by 0.4%, to $68.12 per barrel. The second quarter of 2009 was the last best performance of both the futures where they gained about 40%.
Buoyant output forecasts by Exxon Mobil and Chevron and rising US crude stockpiles sent oil prices for a 1% downfall today. While Brent crude dipped 0.8% to $65.31/barrel, US WTI crude futures fell 0.9% to $56.05/barrel. Chevron and Exxon’s projections for the Permian Basin yesterday indicated escalations in shale oil production. Oil prices also took a hit from API report showing a rise of 7.3 million barrels in the inventories.
EIA weekly report showing record US crude production last week sent oil prices on a downhill today. International Brent crude futures dropped 0.3%, to $66.87 per barrel. US West Texas Intermediate (WTI) crude oil futures fell 0.2% and were priced at $56.84 per barrel. EIA data released yesterday indicated crude oil production in US hitting 12 million bpd, making it the only country to reach 12 million bpd of production.
Oil prices recovered from last session losses and gained grounds on Wednesday. Benchmark Brent crude oil futures edged to $62.05 per barrel. US WTI crude futures rose to $53.74 per barrel. Traders are now waiting for President Trump to address the US State of the Union today, expecting a showdown on US-China deal.
Oil prices dropped in the international market on Monday after reports of a rising count of drilling rigs in the US amidst the economic slowdown in China. Benchmark Brent crude oil futures traded down 0.2%, at $61.50 a barrel. US WTI crude oil futures dropped 0.5%, to $53.43 per barrel. Baker Hughes report on Friday showed rig count rising to 862, indicating that US crude production may rise further.
Oil prices dropped down on Thursday amidst the hopes that US and China trade dispute might end soon. The US supply increased which led the market to stumble. WTI futures slipped by 1.2%, at $51.75 per barrel. Brent crude went down by 1% and was traded at $60.81 per barrel. The US Bank, Morgan Stanley has commented that “Balancing the market would require OPEC discipline to continue well into 2020,”
Oil prices on Monday climbed over 1% in the International market. Benchmark Brent crude futures climbed by 1.1%, to $54.42 a barrel. US West Texas Intermediate (WTI) crude futures saw an increment of 0.8%, to $45.96 per barrel. Signs of recent price drop may start hampering supply from the United States fuelled the rise, though global economic outlook continues to weigh on investors.
Oil prices on Thursday couldn’t continue with the gain from the last session and resumed the declines. Oversupply concerns and global economic outlook sent Brent crude futures down by 1.2%, to $56.58 a barrel. WTI crude futures dropped by 1.6%, to $47.39 a barrel. While OPEC has already decided on curbing output by 1.2 million bpd, production cuts won’t happen until next month.
Crude oil prices dropped in the international market today, amid expected rise in US stocks. Official data is due for release on Wednesday. President Trump’s comments added further to the slump. Brent crude futures were down by 1% from Monday, trading at $69.42 per barrel. NYMEX December light sweet crude contract lowered 1.37%, to $59.11/b.
Oil prices in the international market dropped today over signs of increasing supply and rising concerns of weak demand due to global economic slowdown. Benchmark Brent crude futures contract fell 0.61%, and were traded at $74.58 per barrel. US WTI crude futures dipped to $64.90 a barrel. Data releases by EIA yesterday showed a climb in crude oil inventories for a sixth straight week.
US downstream player, Phillips 66 yesterday reported 70.2% rise in its earnings to $936 million. The American multinational easily beat analysts’ expectations, owing to cheaper domestic crude prices which boosted its refining margins. US crude's discount to Brent extended to more than $10 a barrel, allowing refiners in the country to register a higher margin for third quarter.