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Oil prices increased on Wednesday
Jan. 6, 2021
Source: Reuters

Oil prices increased on Wednesday

Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week. Brent crude rose as much as nearly 1% to $54.09 a barrel. U.S. West Texas Intermediate (WTI) futures reached $50.24 a barrel.

Increasing lockdown in Europe bring down oil prices
Dec. 16, 2020
Source: Reuters

Increasing lockdown in Europe bring down oil prices

The six week long futures rally has come to a halt with the increasing lockdown in Europe. As a result, oil prices fell on Wednesday. Brent dropped and was traded at $50.51 a barrel. WTI went down and was traded at $47.28 a barrel. Slower US spendings and substantial decrease in the demand for refined products has adversely affected the market sentiments.

Brent touches $50 mark
Dec. 14, 2020
Source: Reuters

Brent touches $50 mark

On Monday, oil prices climbed on the back of hopes of improvement in fuel demand after vaccine rollout. However, tanker explosion in Saudi Arabia capped the gains of the session. Brent went up bu 0.8% and was traded at $50.35 a barrel. WTI increased by 0.7% and was traded at $46.89 a barrel.

Britain approves COVID-19 vaccine, oil prices rise
Dec. 10, 2020

Britain approves COVID-19 vaccine, oil prices rise

With the rollout of COVID-19 vaccine in Britain, oil prices rose on Thursday. And the United States is also expected to approve the vaccine soon which would witness a spur in fuel demand. WTI went up by 0.5% and was traded at $45.75 a barrel. Brent increased by 0.4% and was traded at $49.07 a barrel.

Oil prices decline
Dec. 7, 2020
Source: Reuters

Oil prices decline

On Monday, rising coronavirus cases in different parts of the world led to the decline in oil prices. The increasing tension between the US and China also contributed towards this downfall. Brent went down by 1.5% and was traded at $48.49 a barrel. WTI slipped by 1.8% and was traded at $45.44 a barrel.

Oil prices drop over sudden rise in US stocks
Dec. 2, 2020
Source: Reuters

Oil prices drop over sudden rise in US stocks

OPEC+ has left the market in the state of uncertainty by delaying the decision on January's output. Oil prices dropped on Wednesday over these sentiments and a sudden build in oil inventories in the United States. Brent slipped by 0.9% and was traded at $47.01 a barrel. WTI decreased by 1% and was traded at $44.09 a barrel.

Oil prices dropped on Monday
Nov. 30, 2020
Source: Reuters

Oil prices dropped on Monday

Oil prices dropped on Monday ahead of the OPEC+ meeting. Brent dropped by 1% and was traded at $47.72 a barrel. WTI slipped by 1.1% and was traded at $45.05 a barrel. The producer group met on Sunday but hasn't decided on oil output policy for 2021. Further talks will be held on Monday and Tuesday.

Oil prices remained on course for gains on Friday
Nov. 27, 2020
Source: Reuters

Oil prices remained on course for gains on Friday

A weak dollar and recent vaccine progress lifted the spirit of the market on Friday. Brent increased by 0.6%, to $48.08 a barrel. WTI was down by 0.9%, to $45.31. However, JP Morgan stated, “While a successful vaccine rollout should break the link between infection and mobility, even then global oil demand will likely only reach its pre-pandemic run rate by mid-2022”.

Sudden drop on crude inventories result in improved WTI
Nov. 26, 2020

Sudden drop on crude inventories result in improved WTI

Drop in crude inventories led to the increase in US oil on Thursday. This also resulted in a series of positive sentiments concerned with coronavirus vaccine and fuel demand. WTI increased by 0.3% and was traded at $45.85 a barrel. Brent crude futures were up by 0.4% and were traded at $48.81 a barrel.

Oil prices improve on Monday
Nov. 23, 2020
Source: Reuters

Oil prices improve on Monday

Successful coronavirus vaccine trials have helped the market extend the gains on Monday. Traders are looking for a substantial recovery in the demand of the crude. However, the gains were capped by the renewed lockdown in several countries. Brent increased by 0.5% and was traded at $45.17 a barrel. WTI gained 0.2% and was traded at $42.52 a barrel.

Oil prices shed gains over rising coronavirus cases
Nov. 19, 2020
Source: Reuters

Oil prices shed gains over rising coronavirus cases

With the surge in coronavirus cases, on Thursday, oil futures shed gains from the previous day. There has been a wave of demand concerns weighing down upbeat vaccine news. Brent decreased by 0.4% and was traded at $44.17 a barrel. WTI went down by 0.7% and was traded at $41.53 a barrel. The economic damage due to COVID-19 overshadowed the vaccine news from Pfizer and BioNTech.

US crude stocks rise, demand weaken
Nov. 18, 2020

US crude stocks rise, demand weaken

US crude stocks rose above the market expectations on Wednesday. As a result, oil prices were stable. Further, weaker US retail sales have brought back demand fears. Brent increased by 0.1% and was traded at $43.78 a barrel. WTI went up by 0.1% and was traded at $41.40 a barrel. Hopes of production cut from OPEC and its allies have held the market for now.

Oil prices increase ahead of OPEC+ meeting
Nov. 17, 2020
Source: Reuters

Oil prices increase ahead of OPEC+ meeting

Coronavirus vaccine hopes and OPEC+ meeting drive oil prices uphill on Tuesday. The industry is hoping that OPEC+ will extend the oil production cuts for at least three months. Brent went up by 0.4%, to $43.98 a barrel. WTI increased by 0.3% and was traded at $41.47 a barrel. Further, Bernstein Energy said, “Oil demand in China is exceeding pre-COVID-19 levels which suggest oil demand is not permanently impaired”.

Drop in US crude inventories, oil price went up
Nov. 11, 2020
Source: Reuters

Drop in US crude inventories, oil price went up

Reports showing more than expected decline in US crude inventories supported bolstered market sentiments. As a result, oil prices increased by 1% on Wednesday. Brent increased by 1.1% and was traded at $44.09 a barrel. WTI went up by 1.2% and was traded at $41.84 a barrel. Further, Pfizer's vaccine announcement has also brought back hope in the industry.

Demand concerns bring down oil prices
Nov. 10, 2020
Source: Reuters

Demand concerns bring down oil prices

US oil prices experienced a substantial loss on Tuesday. The concerns over the drop in the demand have again started to haunt the market. WTI went down by 2% and was traded at $39.48 a barrel. “A viable vaccine is unequivocally game-changing for oil - a market where half of the demand comes from moving people and things around”, said JP Morgan.

Further drop in oil prices amidst presidential vote counting
Nov. 6, 2020
Source: Reuters

Further drop in oil prices amidst presidential vote counting

New lockdowns are now effective in Europe. And the uncertainty of the US elections has kept the market on the edge. As a result, oil prices have further suffered a drop of nearly 1% on Friday. WTI decreased by 0.8%, to $38.47 a barrel. Brent also went down. European Union's executive commission has predicted that it will not see a rebound in the economy to pre-virus level till 2023.

Oil prices tumble on Thursday
Nov. 5, 2020
Source: Reuters

Oil prices tumble on Thursday

Oil prices dropped by 1% over the US election uncertainty. WTI fell by 1.63% and was traded at $38.51 a barrel. Brent slipped by 1.65% and was traded at $40.55 a barrel. The current situation indicates Republicans' control over the US Senate. “Fortunately for oil markets, it would seem any olive branch to Iran will not be extended anytime soon”, said a chief market strategist at Axi.

Oil prices hold steady
Nov. 3, 2020
Source: Reuters

Oil prices hold steady

US presidential election has impacted the oil prices making them go steady on Tuesday. However, the gains are capped by the surplus supply worries. Brent inched up and was traded at $38.98 a barrel. WTI increased by 0.2% and was traded at $36.89 a barrel. With the second series of the lockdown being imposed in various parts of Europe, fuel demand hit a speed hump.

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