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Oil prices dipped second time in a week on Wednesday due to the growing concerns on global economic slowdown. The market received support from OPEC-led supply cuts which protected it from further decline. Brent went up by 0.2% and was traded at $60.53 per barrel. WTI crude went up by 0.2% and was traded at $52 a barrel.
The supply cuts led by OPEC and Russia helped the oil prices take a leap forward on Tuesday. Although the gains were restricted due to the clouds of economic concerns hovering over the global market. International Brent went up by 1.1% and was traded at $59.64 per barrel. WTI increased by 1.2% and was traded at $51.09 per barrel.
Tuesday saw a small jump in the oil prices across the International market. Investors inclined towards the notion that the talks between US and China might resume trade between the countries, while OPECs supply cut decision tightened markets. Benchmark Brent crude futures rose by 0.8%, and were traded at $57.77 per barrel. US WTI crude oil futures climbed 0.7%, and were priced at $48.85 a barrel.
Oil prices rose on Friday on the back of China's declaration of holdig a talk with the US government. The world's two major economies have been in a trade dispute from a long time and will meet in the coming week to discuss solutions. Meanwhile, Brent futures went up by 0.7% and were traded at $56.33 a barrel. WTI climbed up by 1.4 % and was traded at $47.73 per barrel.
Oil prices climbed back on Friday on the back of production cuts by OPEC which will start from next month. Brent crude futures increased by 1.51% and were traded at $55.17 per barrel. WTI was up by 1.53%, at $46.58 per barrel. In an attempt to bring the crude prices back on hike sprint, OPEC will reveal a table of output cut quotas for its members and allies.
Oil prices on Thursday couldn’t continue with the gain from the last session and resumed the declines. Oversupply concerns and global economic outlook sent Brent crude futures down by 1.2%, to $56.58 a barrel. WTI crude futures dropped by 1.6%, to $47.39 a barrel. While OPEC has already decided on curbing output by 1.2 million bpd, production cuts won’t happen until next month.
Oil prices slumped over 1% on Tuesday. The markets went down for a third straight session when the forecasts revealed record shale output in the US. Brent crude futures went down by 1.2% and were traded at $58.90 per barrel. WTI slipped by 1.2% and were traded at $49.27 per barrel. The repercussions of production cuts planned by OPEC and the worries of future oil demand affected the market.
Expectations from the OPEC-led supply cut and hopes of strengthening US-China ties sent the oil prices uphill today. International Brent crude futures climbed by 1.15%, and were priced at $60.89 a barrel. US WTI crude futures CLc1 rose by 1.2%, and were traded at $52.25 per barrel. Market traders said that disruptions to Libyan oil exports are also lifting the prices.
Oil prices soared in the international market over OPECs supply cut decision from January. Benchmark Brent crude oil futures rose by 0.9%, to $62.21 a barrel. Since US oil industry isn’t part of the proposed cuts, US WTI crude futures didn’t gain much. WTI crude rose to $52.63 per barrel. OPEC and other oil producers like Russia on Friday announced a supply cut of 1.2 million bpd in the current production.
Gulf nation, Qatar has announced withdrawal from the cartel of oil producing nations, OPEC. The announcement came from Qatar’s Energy Minister who said that Doha wants to concentrate on the production of natural gas in the upcoming years. Qatar is currently the world's biggest LNG supplier. With this decision, Qatar will become the first Gulf country to leave the bloc of 15 oil-producing countries.
After a meeting on Saturday, Russian President informed that both Russia and Saudi Arabia have decided to extend their 2019 deal called OPEC+ to manage the oil market. OPEC’s President gave a statement saying “I am optimistic that we will reach a good solution to ensure that we keep the market stability and keep the OPEC and non-OPEC members together as well.”
On Friday, oil prices stabilized expecting production cuts next week. The market is hoping that OPEC and Russia will restrict the production in order to avoid supply glut. Brent crude futures went up by 0.5% and was traded at $59.81 per barrel while US WTI increased by 0.4% and was traded at $51.65 per barrel. The crude market is being kept under constant pressure by the swelling US supplies.
Oil prices gained some hike on Wednesday. This increase has taken place before the OPEC meeting of next week where the chances and expectation of supply cut are high. WTI have increased by 0.6% and were trade at $51.88 per barrel whereas, Brent crude has climbed up by 0.7% and were traded at $60.65 per barrel. The meeting of OPEC will be held at its headquarters in Vienna on December 6.
Oil loses its grip and falls on Tuesday due to record production by Saudi Arabia. The production rises even after the emphasis on supply cuts has been laid by the top producers of OPEC. Brent falls by 0.3% and is below $60 per barrel. WTI went down by 0.6%, at $51.33 per barrel. Jefferies, US investment bank said “The negative price reaction is as severe as the 2008 financial crisis,”
With the crude market under turbulence, oil prices went on to slide down further on Friday and hit their lowest since the 2014 decline. The supply in the global market hiked and is more than the demand at the present. Brent fell down, at $61.89 a barrel while WTI dipped, at $53.23 a barrel. OPEC has planned a meeting on December 6, after which it is expected to halt the output.
Oil prices dip owing to the increasing US inventories and concerns of global glut in the market. These reasons dragged the oil prices on Thursday but OPEC helped it from dropping further through its supply cut offerings. International benchmarks, Brent futures went down by 0.3% and was traded at $63.28 per barrel while US WTI dipped by 0.5% and was traded at $53.38 per barrel.
Weakening economic outlook and US production surge, today, overshadowed expected supply cuts by OPEC in the international market. Brent crude futures were down by 0.4%, at $66.55 a barrel. US WTI crude futures lowered 0.2%, to $57.07 a barrel. US crude oil production has seen an almost 25% rise this year, with drillers pumping a record 11.7 million barrels per day.
Oil prices in the international market on Monday rose on the notion that Saudi Arabia will push OPEC to curb supply towards year-end. Benchmark Brent crude oil futures were up 0.8%, at $67.29 per barrel. US WTI crude futures climbed 1.3%, at $57.17 per barrel. OPEC defacto leader, Saudi Arabia will most likely push the cartel to cut the supply by 1 million to 1.4 million bpd to prevent oversupply.