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Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections. U.S. WTI crude eased 0.1%, to $42.16, while Brent crude rose nearly 0.2% to $45.25. The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6.
Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases. Brent crude was up by 31 cents, at $44.74 a barrel, its highest close since March. U.S. WTI Crude was up by 26 cents, at $41.96 a barrel, its highest close since late July.
Oil prices changed little on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise output. Brent crude was up 4 cents at $44.13 a barrel. U.S. WTI crude was down one cent at $41.26 a barrel. Prices were anchored on Thursday by demand concerns with a rise in COVID-19, raising the prospect for lockdowns to be reimposed.
Oil prices climbed on Wednesday after a surprise drop in U.S. crude inventories was enough to offset concerns about U.S. fuel demand amid record increases in COVID-19 infections in some states. Brent crude was up by 0.4%, at $43.40 a barrel. U.S. WTI crude gained 0.3%, to $41.16 a barrel. But, the raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market.
Oil prices were steady on Tuesday. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. Brent crude was unchanged at $43.41 a barrel. U.S. WTI crude fell 14 cents, to $41.46 a barrel. Both benchmarks rose as much as 0.5% earlier in the session. A weakening of the dollar typically helps improve demand as that makes crude cheaper for global buyers.
Oil prices dropped on Monday stressed down by rising coronavirus cases and tensions between the United States and China. Brent crude dipped 0.2%, to $43.26 a barrel, while U.S. WTI crude dropped to $41.22 a barrel, down 0.2%. The fall in oil mirrored about escalating tensions between the world’s two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million.
Oil prices rose on Friday, although demand concerns stemming from rising coronavirus cases. Brent crude rose 0.5%, to $43.52 a barrel, and U.S. WTI crude rose by 0.3%, to $41.19. The United States on Thursday recorded over 1,000 deaths from COVID-19. While the rise in infections has fears of renewed government lockdowns, worries that oil demand could also be hit by tensions between the United States and China - the world’s top two oil consumers.
Oil prices edged higher on Thursday, although gains were capped by a surprise build in U.S. crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen the recovery in fuel demand. Brent crude rose 0.2%, to $44.36 a barrel. U.S. WTI crude also gained 0.2%, to $41.98 a barrel. Prices have been marking time since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine.
Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 35 cents, to $43.97 a barrel, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, to $41.53. Oil prices climbed about $1 the previous day, reaching their highest since March 6.
Oil prices rose on Tuesday, helped by positive news about vaccine trials and a European Union stimulus deal reaching levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.17 cents at $44.45 while West Texas Intermediate (WTI) gained 19 cents to $41.00. Oil prices were supported by promising virus vaccine data released on Monday.
Oil prices fell on Monday, startled by the possibility that a recovery in fuel demand could be crashed by a rise in the pace of coronavirus infection around the globe. Brent crude was down 25 at $42.89 a barrel, while the U.S. WTI was off by 22 cents, at $40.37 a barrel. While fuel demand has recovered from a 30% drop in April, usage is still below pre-pandemic levels.
Oil prices slipped on Friday in the midst of developing vulnerability about the worldwide recuperation in fuel demand as coronavirus cases flooded in a few nations. Brent crude slipped 26 cents to $43.11 a barrel. U.S. WTI dropped 23 cents to $40.52. The two benchmark crudes fell 1% on Thursday after the OPEC and its allies agreed to trim their record supply cuts by 2 million bpd, starting in August.
Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. The OPEC and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August. They will reduce their cuts to 7.7 million bpd through December from the 9.7 million bpd cuts in place since May.
Oil prices fell in the international market on Friday, as more coronavirus cases start to appear globally and in the United States indicating that a fuel demand recovery could be delayed. Brent crude slipped 0.8%, at $42.79 a barrel. U.S. WTI crude was priced 0.9% lower, at $40.30 a barrel. “Crude oil prices are notoriously fickle when it comes to oscillations in global sentiment,” said an analyst at DailyFX.
Oil prices slipped in the international market on Thursday, stressed down by the biggest one-day spike in US coronavirus cases and as California brought back some lockdown measures. Brent crude dropped 0.1%, to $41.97 a barrel. U.S. WTI crude was priced 0.3% lower, at $39.72 a barrel. New cases of COVID-19 rose by almost 50,000 in the U.S. on Wednesday, according to a Reuters tally.
Oil prices rose on Tuesday after a volatile session sparked by confusion over the status of the US-China trade deal. Brent crude rose 1.1%, to $43.57 whilst WTI rose 1.2%, at $41.21. Markets were unsettled by surprise comments from White House trade adviser Peter Navarro, who said the hard-won deal was "over", though US President Donald Trump later soothed jangled nerves with an assurance that the agreement was fully intact.
Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. Brent crude rose 0.2%, to $42.28, while WTI was at $39.76 a barrel, up 1 cent. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply.
Oil prices fell around 2% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home, stalling a recovery in fuel demand even as lockdowns ease. WTI crude futures dropped 2.1% to $37.16, adding to a loss of 42 cents on Wednesday. Brent crude futures fell 1.5% to $40.10 a barrel. The benchmark contract declined 25 cents on Wednesday.