Oil Prices NEWS

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.

Oil prices declined on Wednesday as experts proved an increase in U.S. crude and fuel inventories, causing oversupply due to a possible second wave of the COVID-19 pandemic which has threatened to halt any recovery in demand. Brent crude futures were down 0.7% at $40.67 and U.S. West Texas Intermediate (WTI) slumped 1.1%, to $37.95 a barrel.

Oil prices climbed on Tuesday rising on the back of IEA's forecast that anticipates a rise in the oil demand. Brent crude was up 1.94%, at $40.49 a barrel. WTI gained 1.64%, to be priced at $37.73 a barrel. IEA today revised its May numbers, forecasting an oil demand of 91.7 million barrels per day in 2020, a rise of 500,000 bpd higher than the last estimate.

Oil prices fell on Monday, with US oil dropping more than 2%, as a spike in new coronavirus cases in the US raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery. Brent crude futures fell 1.7%, at $38.07 a barrel; while US West Texas Intermediate (WTI) crude futures fell 2.2%, to $35.45 a barrel.

Oil prices slid early, extending heavy overnight losses on a surge in coronavirus cases across the US this week, raising the concerns of a second wave of the outbreak. WTI was 0.41% higher at $36.49 a barrel. Brent crude was up 0.52%, at $38.75 a barrel, having dropped nearly 8% in the previous session.

Oil prices fell more than 2% on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years. WTI crude futures erased gains from Wednesday, falling as low as $38.42 down by 2.5%. Brent crude futures fell 2.2%, or 92 cents, to $40.8.

On May 27, oil and natural gas began to gush out uncontrollably from the Baghjan oil field in Assam’s Tinsukia district in an event known in industry parlance as a blowout. But even as OIL officials and engineers scrambled to contain the leak, a fire broke out on Tuesday afternoon, birthing a towering inferno at the site. Over 2,000 people have been moved to relief camps since the blowout occurred.

Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. Brent crude was down 1.3%, at $40.28 a barrel. WTI crude fell 0.7%, to $37.92. A "slightly stronger U.S. dollar ... is weighing on crude prices," said UBS analyst Giovanni Staunovo.

Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing. WTI crude futures rose 1.3%, to $38.69 after dropping by $1.36 on Monday. Brent crude futures rose 1.4%, to $41.36 a barrel. The benchmark contract fell $1.50 on Monday, snapping a seven-day streak of gains.

Oil prices rose more than 2%, to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July. Brent crude climbed to $43.41 up 2.4%. WTI crude gained 2.1%, to $40.38 a barrel. Both hit their highest since March 6. Brent has nearly doubled since April, propped up by an unprecedented production cut of 9.7 mbpd.

Weekly declines in U.S. crude stockpiles and supplies at the Cushing, Okla. storage hub reported by the Energy Information Administration offered little support to oil prices, as petroleum product inventories climbed. Brent crude futures were up 0.7%, at $40.26, while WTI crude futures rose 0.5%, to $37.58 a barrel. Prices for WTI and Brent crude marked their highest since March 6, according to Dow Jones Market Data.

Oil prices fell on doubts over the ability of top crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories. Brent crude futures were down 0.4%, to $39.61. WTI dropped 0.7%, to trade at $37.03. Saudi Arabia and Russia, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April.

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and US states begin to restart after coronavirus lockdowns. Brent crude rose 2.7% to $39.36 and WTI climbed 2.5% to $36.31. Prices have risen sharply in recent weeks buoyed by a continuing recovery in China.

Oil prices crawled higher on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week. Brent crude futures rose 0.4%, to $38.49 and WTI crude futures last traded unchanged at $35.44. Brent has doubled over the past six weeks, thanks to supply cuts by the OPEC+.