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OPEC's secretary-general, Mohammed Barkindo, has referred to the climate change campaigners as "perhaps the greatest threat to our industry going forward". Barkindo was seemingly referring to the ongoing school strikes inspired by Swedish teenager Greta Thunberg's "Fridays for Future" movement. Barkindo continued to say, "Civil society is being misled to believe oil is the cause of climate change".
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.
US crude stocks declined more than expected which helped the market rise over 1% on Thursday. Further, OPEC and other producers have finally decided on a date to discuss supply cuts which also supported the market. Brent increased by 1.3% and was traded at $62.64 a barrel. WTI went up by 1.5% and was traded at $54.55 a barrel.
Oil prices held fast on Thursday after the nearly catastrophic 4% drop on Wednesday, with a consistent rise in the US crude inventories and a weaker oil market. Benchmark Brent crude futures plunged to $59.97, before settling to $60.09/barrel, a gain of 0.2%. US WTI crude futures were priced 0.2% higher, at $51.26/barrel, recovering from $51.14. EIA data showed that US crude inventories gained 2.2 million barrels last week.
Oil prices fell in the international market on Wednesday, as U.S. crude inventories gained amidst a weaker oil demand outlook. Brent crude futures dipped 1.4%, to $61.42 a barrel. US WTI crude futures fell 1.6%, to $52.41 per barrel. API data released yesterday showed a jump of 4.9 million barrels in the US crude inventories last week. Oil prices were also under pressure from the ongoing US-China trade war.
Oil prices remained stable in the international market on Tuesday, as the market remained hopeful that continued OPEC-led supply cut will check the price drop. Benchmark Brent crude futures were traded 0.1% higher, at $62.36 per barrel. US WTI crude futures were priced 0.3% higher, at $53.42 per barrel. Russia yesterday indicated that it might support prolongation of supply cuts, alerting that oil prices might fall to $30 per barrel.
The decision of keeping oil supplies tight by Saudi Arabia and the withdrawal of tariff threat by the US against Mexico led to the increase in oil prices on Monday. Brent went up by 0.5% and was traded at $63.61 per barrel. WTI increased by 0.6% and was traded at $54.32 per barrel. However, the market is still skeptical of the growth due to the looming trade war between the US and China.
Oil prices extended further decline on Wednesday due to unexpected gain in US inventories. The prices were also dragged down because of the questions thrown at OPEC on supply cut by Russian state oil producer Rosneft. Brent went down by 0.7% and was traded at $61.55 a barrel. WTI decreased by 0.9% and was traded at $53 a barrel.
Sino-US trade war has brought the crude market under pressure. The oil prices were dragged down on Monday due to the concerns of economic slowdown. WTI decreased by 0.4% and was traded at $58.42 per barrel. Brent increased a little and was traded at $68.73 per barrel. The market is hopeful for the OPEC-led supply cuts to provide the support.
Oil prices climbed today on the back of OPEC-led supply cut and tensions in the Middle East. Brent crude futures gained 1.1%, to $68.50 per barrel. US WTI crude futures, on the other hand, were priced 1.1% higher than their last close, at $58.54 per barrel. However, oil prices couldn’t recover from the huge decline earlier this week, keeping crude futures on track for biggest weekly losses in 2019.
Oil prices took a hit in the international market on Wednesday over an unexpected rise in US crude inventories and Saudi’s reassurance to keep the market balanced. Benchmark Brent crude dipped 0.5%, to $71.80 a barrel. US West Texas Intermediate (WTI) crude futures were traded 0.9% lower than their last close, at $62.55 a barrel. Saudi Arabia yesterday reiterated its commitment to a balanced and viable oil market.
On Tuesday, oil prices climbed on the back of escalating tensions between US and Iran. The prices were supported by the signs of OPEC withholding supply this year. Brent increased by 0.1% and was traded at $72.03 per barrel. WTI went up by 0.2% and was traded at $63.22 per barrel. The prices were eyed by the concerns of economic slowdown due to Sino-U.S. trade war.
Signs of OPEC maintaining supply cuts sent oil prices soaring in the international market on Monday. Benchmark Brent crude rose 1.3%, to $73.17 a barrel. US West Texas Intermediate (WTI) crude was traded 1.3% higher than their last close, at $63.58 a barrel. OPEC de-facto leader Saudi Arabia yesterday said that the cartel members and allies were on a consensus to reduce crude inventories “gently”.
Oil prices experienced a steep fall on Friday due to an expected increase in output from the producer club OPEC. Brent slipped 0.3% and was traded at $70.56 per barrel. WTI went down and was traded at $61.74 per barrel. With the improvement in the export infrastructure of the US, analysts predict further supply increase from the nation.
Oil prices fell in the international market on Tuesday amidst hopes of escalation in crude production by the US and OPEC. Brent crude futures were down 0.4% and were priced at $71.75 per barrel. US WTI crude futures fell 0.2%, to $63.35 per barrel. The uphill journey of oil prices was offset by a statement from President Donald Trump where he openly pressured OPEC and Saudi Arabia to raise output.
Oil prices slipped on Monday after Trump asked OPEC to increase its output. Trump demanded the output surge to moderate the effects of US sanctions against Iran. Brent price went down 0.5% to $71.80 per barrel. WTI decreased 0.6%, to $62.91 per barrel. Trump commented, "Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down".