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Oil prices dropped in the international market on Wednesday, stressed by rising U.S. inventories and the rift within OPEC intensified oversupply concerns. Brent futures slipped 3.6%, at $25.41 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped to $20.37 a barrel. Data released by the American Petroleum Institute showed a rise of 10.5 million barrels in U.S. crude inventories.
Oil prices held steady in the international market on Tuesday, supported by the news of President Donald Trump and Russian counterpart Vladimir Putin agreeing to talks about stabilising the energy markets. Brent futures climbed 3.8%, and were priced at $23.63 a barrel. U.S. West Texas Intermediate (WTI) crude futures jumped 7.2%, and were traded at $21.54 a barrel. The top energy officials from the US and Russia will soon discuss stabilising oil markets.
Oil prices fell flat in the international market on Monday, as the worsening global coronavirus pandemic coupled with the Saudi Arabia-Russia price war weighed heavily on the traders. Brent futures dropped 6.7%, and were priced at $23.25 a barrel. U.S. West Texas Intermediate (WTI) crude futures tumbled 5.4%, and were traded at $20.34 a barrel. Saudi Arabia on Friday dismissed rumors of talks with Russia to balance oil markets.
Oil prices fell in the international market on Thursday, as governments worldwide restricted movement to contain the coronavirus, destroying demand. Brent crude slipped 3.75%, to $26.35 a barrel. US WTI crude dropped 3.8%, to $23.55 a barrel. Market strategist at AxiTrader, Stephen Innes, said, “Oil markets received a lift from the U.S. stimulus chatter, but for the most part activity remains rudderless, awash in a sea of oil,”.
Oil prices edged down in the international market on Wednesday, stressed by declining fuel demand due to the coronavirus pandemic offsetting the pending U.S. economic stimulus package. Brent crude slipped 1.66%, at $26.70 per barrel. US WTI crude dropped 0.42%, at $23.91 per barrel. The US Congress is expected to pass a bill today for pushing out a $2 trillion-stimulus, following an agreement between the U.S. senators and Trump administration.
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 prices tumbled in the international market on Monday, stressed by governments around the world deepened lockdowns to curb the spread of the coronavirus outbreak. Brent crude slipped 4%, to $25.89 a barrel. US WTI crude slumped 0.7%, at $22.48 a barrel. The market is struggling with the twin shocks of the demand decline due to the coronavirus pandemic and the unexpected oil price war between Russia and Saudi Arabia.
Oil prices jumped in the international market on Friday, pushed up by President Trump's potential intervention in the price war between Saudi Arabia and Russia. Brent crude rose 0.1%, to $28.44 per barrel. US WTI crude climbed 1.7% at $26.34 a barrel. Sources privy to conversations in White House said that the Trump administration is considering a diplomatic push to resolve the ongoing price war between Saudi Arabia and Russia.
Oil prices edged up in the international market, as investors assessed the effectiveness of massive stimulus by central banks. Brent crude rose 1.1%, to $25.25 a barrel. US WTI crude climbed 7.1%, to $21.81 a barrel. “After a 24% crash, oil prices are firming up on some selling exhaustion and as U.S. and European leaders unleash ... aid and stimulus,” said a senior market analyst from New York.
Oil prices held fast in the international market on Wednesday, after slipping to new four-year lows. Brent crude tumbled 1.2%, and was priced at $29.07 a barrel. US WTI crude dropped 0.5%, at $27.08 a barrel. The global spread of coronavirus pandemic has hurt fuel demand and the global economy as several countries exercise travel and social lockdowns.
Oil prices gained in the international market on Tuesday, as new bargain hunters emerged to take advantage of the sharp falls due to the coronavirus pandemic and the oil price war. Brent crude jumped 1.8%, to $30.60 a barrel. US WTI crude rose 3.7%, to $29.76 a barrel. Stephen Innes, the Chief Markets Strategist at AxiCorp, said, “Presumably, the market is getting supported by physical bargain hunters and short covering,”.
Oil prices fell in the international market on Monday, as markets continue to panic amidst the coronavirus outbreak and a price war between Saudi Arabia and Russia. Brent crude dipped $1.13 to $32.72 a barrel. US WTI crude slipped 72 cents, to $31.01 a barrel. An attempt to ease tension in financial markets came from the U.S. Fed which reduced interest rates yesterday in its second emergency cut this month.
Oil prices plummeted in the international market on Friday, as markets largely remained worried about plunging demand due to the coronavirus outbreak. Brent crude slipped by 2%, to $32.55 a barrel. US WTI crude dropped 2.1%, to $30.84 a barrel. After OPEC+ meeting fell apart last week, Saudi Arabia and the UAE have opened the flood gates of low-priced oil into the market further intensifying the pressure on prices.
Oil prices slipped again in the international market on Thursday, dipping over Washington's ban on travel from Europe following a WHO declaration that the coronavirus outbreak is now a pandemic. Brent crude declined by 5.3%, to $33.88 a barrel. US WTI crude slipped by 5.3%, to $31.24 a barrel. President Trump, yesterday, suspended all travel from Europe to the United States as he disclosed measures to contain the spread of coronavirus.
Oil prices toppled in the international market today, slumping over 25% on the looming concerns of a potential price war between Saudi Arabia and Russia. Brent crude plummeted 25%, to $33.96 a barrel. US WTI crude sunk by 26%, to $30.55 a barrel. Sources say that Saudi Arabia is looking to boost its crude output above 10 million bpd in an attempt to punish Russia for not supporting the production cuts.
Oil prices dropped in the international market on Friday, as concerns deepened due to non-agreement between OPEC and its allies over production cut. Brent crude dipped 0.96%, to $49.51 per barrel. US WTI crude was priced 0.83% lower, at $45.52 per barrel. While OPEC has suggested an extra 1.5 million barrels per day (bpd) until the end of 2020, non-OPEC states like Russia and Kazakhstan are yet to agree.
Oil prices ramped up in the international market on Thursday, buoyed up by a smaller-than-expected build in US crude stockpiles. Brent crude climbed 1.5%, to $51.91 per barrel. US WTI crude was priced 1.5% higher, at $47.47 per barrel. Meanwhile, Saudi Arabia and other OPEC+ members, yesterday, struggled to find support from Russia for additional cuts in oil production in a bid to prop up prices amidst coronavirus outbreak.
Oil prices climbed up in the international market on Wednesday, rising over the expected cuts in the production by oil cartel, OPEC. Brent crude was priced 1.12% higher, at $52.44 a barrel. US WTI crude was priced 1.12% higher, at $47.71 a barrel. An OPEC+ panel, on Tuesday, proposed reducing oil output by an extra 1 million barrels per day (bpd).