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Oil prices continued the journey downhill for the fourth straight day. The market is concerned with the resurgence of coronavirus and growing output from Libya. Brent decreased by 0.8%, to $42.30 a barrel. WTI fell by 0.6%. Commonwealth Bank has shown concerns saying “We don’t think oil markets are in a position to absorb the around 2% of global supply that OPEC+ are expected to restart from 1 January 2021”.
The week started with a decline in the oil prices after the reports of lower than expected third-quarter economic growth of China. Brent slipped by 0.4%, to $42.78 a barrel. WTI went down and was traded at $40.70 a barrel. The world's second-largest economy just witnessed a minimal swell of 4.9% in its third quarter. According to the reports, Chinese data on crude processing and industrial metals output is disappointing.
The low demand, pandemic, and increased supply from OPEC lead to more than a 5% downfall in oil prices. Brent Crude saw a down of 4.5% to $40.4 a barrel, while U.S WTI crude dropped by 5.3% to $38.13.According to a recent report from Standard Chartered Analysts the global demand is estimated to fall 9.03 million bpd in 2020 and recover by 5.57 million bpd in 2021.
Oil prices remained mixed in the international market on Friday, after Libyan commander Khalifa Haftar announced the Libyan oil exports blockade would be lifted for one month. Brent crude slipped 17 cents to $43.13. US WTI gained 6 cents to $41.03. The benchmarks are still on track for weekly gains after Hurricane Sally cut U.S. production, Saudi Arabia pressed for adherence to production quotas and banks predicted a supply deficit.
Oil prices rose on Wednesday. Brent crude settled at $42.22 a barrel, up 4.2%. U.S. WTI crude rose 4.9% at $40.16 a barrel. Prices jumped more than 4%, following a drawdown in U.S. crude and gasoline inventories as Hurricane Sally forced a swath of U.S. offshore production to shut. Roughly 500,000 bpd of offshore crude oil production was taken offline in the U.S. Gulf of Mexico due to the Hurricane.
Oil prices rose on Wednesday. Brent crude rose 77 cents, to $41.30 a barrel, while U.S. WTI crude added 85 cents, to $39.13. Both contracts rose by more than 2% as 2%, as a hurricane closed U.S. offshore oil and gas production and U.S. crude inventories decreased. The storm-related shutdowns may help reduce stockpiles although refineries were also closed, cutting demand.
Oil prices edged lower on Tuesday. Brent crude was down 4 cents, at $39.57 a barrel, while U.S. WTI crude was down 2 cents, at $37.24 a barrel. Prices were affected amid worries over a slow recovery in global fuel demand and rising coronavirus cases across the globe. World oil demand is expected to tumble by 9.46 million barrels per day this year.
Oil prices were steady on Friday. Brent crude was down 2 cents, at $40.04, while U.S. WTI crude was up 12 cents, to $37.42 a barrel. Prices were on track for a second weekly fall after U.S. stock markets tumbled. In the US, stockpiles rose last week, against expectations, as refineries slowly returned to operations after production sites were shut down due to storms in the Gulf of Mexico.
Oil prices fell on Wednesday. Brent crude was down 19 cents, at $39.59 a barrel. U.S. WTI crude was down 24 cents, at $36.52 a barrel. Crude oil slipped below $40-mark for the first time since June. Prices remain affected as the global health crisis continues to flare unabated with coronavirus cases rising in India, Great Britain, Spain and several parts of the United States.
Oil prices fell on Tuesday. Brent crude eased nearly 0.2%, to $41.93 a barrel. U.S. WTI crude 1.9%, to $39.01 per barrel. Prices slipped amid concerns about fuel demand and rising COVID-19 cases. Weighing on the market is the upcoming maintenance seasons for U.S. refineries, which could cut crude demand by 1.5 million to 2 million barrels per day
Oil prices fell on Monday. Brent crude was at $42.04 a barrel, down 62 cents, the lowest since July 30. U.S. WTI crude skidded 63 cents, to $39.14 a barrel, the lowest since July 10. The prices fell as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months and uncertainty over China’s oil demand cloud the oil market’s recovery.
Oil prices rose on Monday, Brent crude was up 46 cents at $46.27 a barrel. U.S. WTI crude was at $43.25 a barrel, up 28 cents. Prices hit highest in five months by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels. Higher oil and gas prices are also encouraging producers to resume drilling.
Oil prices held steady on Thursday. Brent crude rose 0.3% to $45.77 a barrel, having fallen 0.5%, on Wednesday while, U.S. WTI crude inched up 1 cent to $43.40 a barrel. Prices were affected as massive hurricane in the Gulf of Mexico raced towards the heart of the U.S. oil industry, which has forced oil rigs and refineries to shut down production.
Crude oil prices were mixed on Tuesday. Brent crude oil added 14 cents to $45.27 a barrel, while U.S. WTI crude was down 4 cents, at $42.58 a barrel. The prices were so as Energy companies moved to massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.
Crude oil prices rose on Monday. Brent crude was up 32 cents, at $44.67 a barrel. U.S. WTI crude rose 31 cents, $42.65 a barrel. Prices rose as storms closed in on the Gulf of Mexico, shutting more than 50% of its oil production. Prices were also supported by the fact that the experimental COVID-19 vaccine being developed by AstraZeneca and Oxford University.
Oil prices held steady on Friday. Brent crude was up 0.1%, at $44.95 per barrel. U.S. WTI was unchanged at $42.82 per barrel, but on track for about a 2% rise for the week. Prices were on track for a third consecutive weekly gain as major oil producers’ are making efforts to hold back output amid concerns about the pace of economic recovery from the coronavirus pandemic.
Oil prices fell on Thursday. Brent crude was down 44 cents, at $44.93 a barrel, and U.S. WTI oil fell 44 cents, at $42.49 a barrel. The fall was driven by major demand concerns as well as cautious views from OPEC+ producers and the U.S. Federal Reserve regarding economic recovery from the coronavirus pandemic. Overall fuel demand in the last four weeks is down 14% from year-ago levels.
Oil prices fell on Wednesday as demand concerns are over weighing the prices. Brent crude fell 40 cents, to $45.06 a barrel. U.S. West Texas Intermediate crude was down 34 cents, at $42.55 a barrel. U.S. crude inventories fell by 4.3 million barrels to about 512 million barrels, more than analyst expectations for a 2.7 million-barrel draw, industry data from the API.