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With tensions brewing in the Middle East after a U.S. Navy ship destroyed an Iranian drone, oil prices jumped in the international market on Friday. Brent crude LCOc1 futures rose 1.3%, to $62.74 a barrel. US West Texas Intermediate crude CLc1 futures climbed 1.1%, to $55.89 per barrel. Washington yesterday said that an Iranian drone in the Strait of Hormuz threatening a U.S. Navy ship was “destroyed”.
Oil prices dropped in the international market on Thursday over a strong build in the US refined product stockpiles. Brent crude LCOc1 futures rose 0.2%, to $63.51 a barrel. US West Texas Intermediate crude CLc1 futures dipped 0.5%, to $56.52. While EIA data showed a drop of 3.1 million barrels in the US crude inventories, the gasoline and distillate stockpiles rose 3.6 million barrels and 5.7 million barrels respectively.
After facing a downturn in the previous session, oil prices went uphill on Wednesday. WTI showed a substantial increase and was traded at $57.68 per barrel. Brent crudes went up by 0.4% and were traded at $64.60 per barrel. According to analysts, as the operations in the Gulf of Mexico return to normal, halt in price gains will be witnessed.
Oil prices declined on Tuesday with the return of more and more production facilities to operation in the U.S. Gulf. Meanwhile, the Chinese data diminished the outlook of crude demand. Brent slipped by 0.2%, to $66.38 a barrel. WTI dropped by 0.2% and was traded at $59.48 a barrel. However, it might take several days for the production to resume fully after a storm leaves the Gulf of Mexico.
Oil prices slipped in the international market on Monday, stressed by slowest Chinese economic growth in the last 27 years. Brent crude futures were traded at $66.51 a barrel. US WTI crude futures were priced at $59.93 per barrel. With local and international demand wavering due to the Sino-US trade war, the economic growth in China decelerated to 6.2% in the second quarter from the previous year.
Oil prices continued its journey uphill on Friday, supported by production cut due to a tropical storm in the Gulf of Mexico and growing tensions in the Middle East. Brent crude futures jumped by 0.4% to $66.81 per barrel. US WTI crude futures were priced 0.5% higher at $60.51 a barrel. The tropical storm in the Gulf has forced oil majors in the region to cut production by over 1 million bpd.
Oil prices jumped in the international market on Thursday, amidst tropical storm in the Gulf of Mexico and the tensions in the Middle East. Brent crude futures were priced 0.5% higher, at $67.31 a barrel. US WTI crude futures were traded 0.6% higher, at $60.77 a barrel. With a tropical storm expected to hit Gulf of Mexico on Friday, 15 production platforms and four rigs were vacated in the region.
A substantial decrease in US stockpiles for the fourth week in a row pushed oil prices up on Wednesday. The falling US stockpiles have sent a wave of concerns over surplus supply amidst growing global trade tensions. WTI increased by 1.4% and was traded at $58.64 a barrel. Brent increased by 1% and was traded at $64.77 a barrel.
Oil prices fell on Tuesday over global demand outlook amidst ongoing trade disputes, although the potential for conflicts in the Middle East. Brent crude futures dipped by 0.3% to $63.90 a barrel. US WTI crude futures dropped by 0.4% to $57.41 a barrel. The market has been facing demand pressure due to the U.S.-China trade war. Data released yesterday showed Japan’s core machinery orders dropping to the lowest in eight months.
Oil prices on Monday struggled to remain stable amidst Sino-US trade war and its impact on the global economy. Brent slipped to $64.20 per barrel. WTI climbed up to $57.57 a barrel. The tumbling market received some support from improved US jobs data of the last week. Senior Market Analyst at ONADA said, "Geopolitical risks remain plentiful, but the start of the week could see Iran worries ease".
Oil prices dipped down in the international market on Friday, as the market remained in stress over threat to global economic growth. International benchmark, Brent crude futures dropped 0.1% to $63.25 per barrel. US WTI crude futures dipped by 1.1% to $56.72 per barrel. Worries over future demand amidst trade disagreements threatened global economic growth. However, OPEC-led supply cut commitment maintained a check on further losses.
Oil prices eased down in the international market on Thursday, worried by smaller-than-expected decline in US crude stockpiles. Benchmark Brent crude futures LCOc1 dropped 0.4%, to $63.60 per barrel. US WTI crude futures CLc1 were priced 0.3% lower, at $57.18 per barrel. EIA data released on Wednesday showed a decline of 1.1 million barrels last week, denying analysts’ expectations of a 3-million-barrel drop.
OPEC and its allies have extended the supply cuts which resulted in an oil price increase on Wednesday. Brent jumped by 0.6% and was traded at $62.76 a barrel. WTI went up by 0.5% and was traded at $56.54 a barrel. The investors are worried as signs of global economic slowdown loom larger. This could eventually hit the oil demand growth.
Oil prices declined on Tuesday after a substantial recovery in the previous session. The weak global data led to future demand concerns of the commodity. Brent went down by 0.2% and was traded at $64.91 a barrel. WTI slipped by 0.4% and was traded at $58.84 a barrel. Meanwhile, OPEC's decision to extend the supply cuts continues to support the market.
Oil prices jumped on Monday over looming extended supply cut decision gained support from Saudi Arabia, Russia and Iraq. Brent crude futures were traded 1.7% higher, at $65.86 a barrel. US WTI jumped by 1.9% to $59.57 a barrel. OPEC and its allies will meet on Monday to discuss the extension of oil supply cuts. Top producers from the cartel were seen endorsing supply cut extension yesterday.
Oil prices dropped in the international market on Friday as the market remained cautious ahead of the scheduled meeting US-China at the G20 summit and next week’s OPEC meeting. Brent crude futures dipped by 0.6% to $66.16 per barrel. US WTI crude futures dropped by 0.7% to $59.03 a barrel. President Trump has said that a trade deal is possible when he meets Xinping at the G20 countries summit tomorrow.
Oil prices soared more than 1% in the international market on Wednesday, supported by an unexpected drop in US crude stockpiles. Brent crude futures jumped 1.3% to $65.91 a barrel. US WTI crude futures were up by 1.8% to $58.98 per barrel. API data released on Tuesday showed an unexpected fall of 7.5 million barrels in US crude stockpiles last week to 474.5 million.
On Tuesday, oil prices were dragged down by the concerns of crude demand outlook. But the market received support when new sanctions were announced by Washington on Iran. Brent decreased by 0.9% and was traded at $64.29 a barrel. WTI fell by 1% and was traded at $57.32 a barrel. Further, the Federal Reserve Bank of Dallas on Monday revealed slacking manufacturing data which increased the crude demand worries.