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Oil prices improved after Saudi Arabia assured restoration of full production by September end. Brent increased and was traded at $63.68 a barrel. WTI went up to $58.23 a barrel. Meanwhile, oil analytics has informed about the loss of 3.4 million barrels per day (bpd) of oil output by Saudi. After Saudi pointed fingers at Iran for the attack, Washington has ordered U.S. Treasury to “substantially increase sanctions” on Tehran.
Oil prices slipped on Wednesday as Saudi Arabia assured full restoration of oil production by month’s end, but were capped by looming cuts in US interest rates. Benchmark Brent crude futures were traded 0.1% lower, at $64.50 a barrel. WTI crude futures, on the other hand, dropped 0.5% to $59.06 per barrel. Saudi Energy Minister yesterday reassured markets about restoring the lost oil production by month-end.
The international market witnessed a drop in oil prices on Monday. The market is waiting for the response on the attack on Saudi facilities which brought down the kingdom's production. Brent dropped down by 1.1%, at $68.25 a barrel. WTI slipped by 1.3%, to $62.08 a barrel. This attack has led to a significant surge in the volatility of the market which otherwise was subdued due to US-China trade war.
The attack on Saudi Arabia's crude facilities has brought down the global oil supply down to more than 5%. The oil prices surged on Monday to four-month highs. WTI climbed by 11% to $61.10 a barrel. Brent crude went up by 13%, to $68.06 a barrel. This attack has made the investors worry more about the geopolitical tension in the region and deteriorating relations of Iran and the USA.
Oil prices rose on Thursday, buoyed up by easing tensions between two of the world’s biggest economies. Brent crude futures LCOc1 climbed 0.7%, to $61.26 a barrel. US WTI futures CLc1 were priced 0.9% higher, at $56.25 a barrel. China exempted a few of the U.S. anti-cancer drugs and other goods from tariffs. US President Trump, on the other hand, delayed the scheduled tariff hikes on Chinese goods.
Oil prices jumped in the international market on Wednesday after data showed a sharp decline in US crude stockpiles last week, beating the Reuters poll by a huge margin. Brent crude futures LCOc1 climbed 0.6%, to $62.89 a barrel. US WTI futures CLc1 were traded 0.9% higher, at $57.94 a barrel. Numbers released by API showed a slump of 7.2 million barrels in US crude inventories to 421.9 million barrels.
Oil prices continued its journey uphill over the hope that OPEC might extend the production cuts. Brent increased by 0.7% and was traded at $63.01 a barrel. WTI went up by 0.8% and was traded at $58.31 a barrel. OPEC and OPEC+ countries will have a meeting this week in Abu Dhabi. And the market “is stirring up hopes for additional supply cuts”.
Oil prices rose in the international market on Monday, buoyed up by comments from a Saudi official implying no change in Saudi Arabia’s OPEC policy under the new energy minister for the country. International benchmark Brent LCOc1 was priced at $61.61 a barrel. U.S. West Texas Intermediate climbed 0.3%, to $56.72 a barrel. Prince Abdulaziz bin Salman took charge as the energy minister for Saudi Arabia on Sunday.
Oil prices climbed up in the international market on Friday, with crude benchmarks heading for multi-week gains. While Brent crude was traded at $60.98 a barrel, US WTI was priced at $56.38 a barrel. Investors cheered on Thursday when China and the US settled to hold high-level talks in early October in Washington. The trade war between two of the biggest economies has been chipping away at economic growth.
Oil prices dropped in the international market on Thursday, after data showed a surprise jump in the US crude inventories. International Benchmark Brent crude dipped 0.3%, to $60.52 a barrel. US WTI was priced 0.4% lower, at $56.03 a barrel. API data released yesterday showed a rise of 401,000 barrels in the US crude inventories to 429.1 million, upsetting analysts’ estimation of 2.5 million barrels decline.
The ongoing US-China trade has affected the international market. On Tuesday, the market had mixed response with not so strong South Korean data adding to the concern. Further OPEC's output increased for the first time after the announcement of supply cut by the cartel. WTI was down by 0.4% and was traded at $54.89 a barrel. Brent, on the other hand went up, at $58.71 a barrel.
The new tariffs imposed by the US and China have come into effect. It is seen as a threat to the global economy and demand for crude. This activity led to a decline in oil prices on Monday. Brent went down by 0.5%, to $58.98 a barrel. WTI declined to $55.083barrel. Trump has made an appeal to the American companies to reduce their reliance on China and find alternate suppliers.
Oil prices dropped in the international market on Friday, but remained on track for its strongest week since July. Brent crude futures dipped by 0.1%, at $61.01. US WTI CLc1 crude futures slipped 0.2%, to $56.60 a barrel. While gains in oil prices were capped by the worries of economic slowdown due to the U.S.-China trade war and the flow-on to oil demand, declining inventories indicate a balancing market.
Oil prices slipped in the international market today, stressed by a note of concern about the US economy from a Federal Reserve President. Brent crude LCOc1 jumped 0.5%, at $60.19 a barrel. US WTI CLc1 was traded 0.3% higher, at $55.63 a barrel. President at San Francisco Federal Reserve yesterday said that while she believes the US economy has “strong” momentum, uncertainty and a global growth slowdown are having an effect.
Oil prices gained in the international market on Wednesday, as the fall in US crude inventories offset recession worries. Brent crude LCOc1 rose 0.6%, to $59.88 a barrel. U.S. WTI CLc1 was traded 1% higher, at $55.48 a barrel. Data released by API showed a decline of 11.1 million barrels, compared with expectations for a 2 million barrels dip. EIA data on crude inventories are set to be released today.
Oil prices edged up in the international market on Tuesday, supported by President Trump’s positive comments on US-China trade deal. Brent crude LCOc1 climbed 0.55%, to $59.02 a barrel. U.S. WTI CLc1 was traded 0.67% higher, at $54 a barrel. President Trump yesterday said that he believed China was sincere about their commitment to arrive at an agreement. Chinese Vice Premier also reassured about reaching a deal through “calm” negotiations.
Oil prices made smaller gains in the international market on Friday, ahead of the Federal Reserve Chair’s scheduled for today. International Benchmark Brent crude LCOc1 climbed to $60.02 a barrel. U.S. crude futures CLc1 were traded at $55.38 a barrel. Jerome Powell, the Federal Reserve Chair, is expected to address a meeting of central bankers in Jackson Hole and leave some clues on Fed’s stance over cuts in interest rates.
Oil prices went up on Thursday after the drop in US crude inventories. But the gains were capped by the economic slowdown concerns and an increase in U.S. refined product stocks. Brent went up by 0.1%, to $60.36 a barrel. WTI increased by 0.2%, to $55.78 per barrel. Though there has been a decline in US crude inventories last week, the gasoline and distillate stockpiles have shown a substantial rise.