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Oil prices slipped on Friday in the midst of developing vulnerability about the worldwide recuperation in fuel demand as coronavirus cases flooded in a few nations. Brent crude slipped 26 cents to $43.11 a barrel. U.S. WTI dropped 23 cents to $40.52. The two benchmark crudes fell 1% on Thursday after the OPEC and its allies agreed to trim their record supply cuts by 2 million bpd, starting in August.
Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. The OPEC and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August. They will reduce their cuts to 7.7 million bpd through December from the 9.7 million bpd cuts in place since May.
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 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 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 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.
Mexico refused to extend a cut in oil production to the end of July which was agreed by OPEC members and other key producers. The OPEC and its allies agreed on Saturday to extend through July the historic output cuts for May and June. But during a visit to a petrochemical plant in Veracruz state, Energy Minister Rocio Nahle told reporters that Mexico would not comply.
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 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+.
Oil prices fell by 1%, as traders hedged bets with the OPEC considering a meeting around end-June. Brent crude fell to $37.50, on the first day of trading in the contract with August as the front month. WTI crude futures for July delivery were at $35.17. Saudi Arabia plans to extend cuts from May and June until the end of the year, but has yet to win support from Russia.
On Friday, oil prices went down due to weak demand and supply pressure on the market. Brent slipped by 1.7%, to $26.03 a barrel. WTI decreased by 2.4%, to $18.38 a barrel. “Crude demand is likely to disappoint even if the more optimistic demand recovery forecasts for end-user consumption materialise, due to the high inventory pressure that has built over the last month or so”, said JBC Energy.
Following Mexico's refusal, OPEC+ on Easter Sunday agreed upon 9.7mn bpd of production cut. “These production adjustments are historic. They are largest in volume and the longest in duration, as they are planned to last for two years", said OPEC's Secretary-General. This decision has brought hope for the African oil producers giving them a financial boost. NJ Ayuk welcomed the decision declaring it a home run by OPEC.