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Oil Extends Gains on Power Boost, Set for Multi-Week Gains

 Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures rose 62 cents, or 0.7%, to $84.62 a barrel at 0622 GMT, after picking up 82 cents in the previous session. Front-month prices are set to rise for the sixth straight...

Oil Edges Higher, on Expectations Natural Gas Prices May Drive Switch to Oil

Oil prices rose on Thursday, reversing previous losses, on expectations that high natural gas prices as winter approaches may drive a switch to oil to meet heating demand needs. Brent crude futures gained 28 cents, or 0.3%, to $83.46 a barrel at 0107 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 22 cents, or 0.3%, to $80.66 a barrel, after dropping 0.3% the previous day. “Investors bet that surging gas prices will encourage...

Oil Edges Lower on Fears that Inflation may Affect Demand

Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing demand. A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes fuel more expensive for those holding other currencies. U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93...

Oil Prices Jump 0.1% Fueled by Growing Demand on Global Economic Recovery

Oil prices rose on Monday, extending multiweek gains, amid supply restraint from major producers and growing demand for fuels as economies try to recover from the coronavirus pandemic. Brent crude was up 81 cents, or 1%, at $83.20 a barrel by 0212 GMT, after gaining almost 4% last week. U.S. oil was up $1.15, or 1.5%, at $80.50 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday. Prices have risen as more vaccinated populations are brought...

Oil Edges Lower Amidst Unexpected Rise in U.S Crude Inventories

Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. U.S. crude dipped 0.34% to $77.17 a barrel, extending a fall from late on Wednesday after hitting a seven-year high of $79.78 earlier that day. Brent crude was steady at $81.04 per barrel, off its three-year high of $83.47 also hit on Wednesday. “Commercial stockpiles of...

Oil Prices Drops 0.6% Backed by Drop in U.S Crude Inventories.

Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilized following a recent run of gains. Brent crude was down 11 cents at $78.53 a barrel by 0137 GMT, after falling 0.6% on Wednesday. U.S. oil fell 5 cents to $74.78 a barrel, having also declined by 0.6% in the previous session. U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s...

Oil Edges Lower, Rising COVID-19 Cases Threatens Supply

Oil prices fell for the second straight day on Wednesday as doubts re-emerged over demand, with Covid-19 cases continuing to rise worldwide and gasoline shortages in some regions. Brent crude was down $1.03 or 1.3% at $78.06 a barrel by 0130 GMT, having fallen nearly $2 on Tuesday after touching $80.75, its highest in nearly three years. U.S. oil fell $1.02 or 1.4% to $74.27 a barrel, having dropped 0.2% in the previous session Oil prices have been charging...

Oil Extends Gains, Brent Crude Set to Reach a 3-Year High

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid a strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a...

Oil Prices Edge Higher on Tight Supply Outlook

 Oil prices rose on Thursday, extending strong gains overnight with fuel demand growing and crude stocks declining as production remains hampered in the U.S. Gulf of Mexico after two hurricanes. The market was also supported by a broader switch back into risk assets as concerns eased over a potential default by huge property developer China Evergrande (3333. HK) and the possible fallout on the world’s second-largest economy. U.S. West Texas Intermediate (WTI) crude futures rose 13 cents,...

Oil Prices Rise by 1% Amidst Report of Large Draw in U.S Stocks

Oil prices climbed more than 1% on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 88 cents, or 1.2%, to $75.24 a barrel,...

Oil Prices Rise, Brent Crude above $74.44 Amidst U.S Supply Tightness

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up...

Oil Edges Lower, on Stronger Greenback Amidst Rising U.S Rig Count

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel at 0059 GMT, after declining by 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to...

Oil Prices Edge Higher after Drawdown in U.S Stocks Signaling Positive Demand Outlook

Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. Brent crude oil rose 39 cents, or 0.5%, to $73.99 a barrel by 0133 GMT, U.S. West Texas Intermediate (WTI) crude climbed 44 cents, or 0.5%, to $70.90 a barrel. U.S. crude oil, gasoline and distillate stocks all fell last week, according to two...

Oil Hits 6-week High on Fears of U.S. Supply Disruptions From Storm Nicholas

 Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast. Oil prices rallied for a third straight day, with Brent crude hitting the highest since August. 2 earlier in the session. Brent crude was up 40 cents, or 0.5%, at $73.91 a barrel at...

Oil Reverses Losses, as Tight  U.S. Supplies Offset China Reserves Sales Plan

Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6%, to $71.89 a barrel by 0324 GMT. U.S. West Texas Intermediate (WTI) crude futures for October was at $68.49 a barrel, up 35 cents, or...

Oil Edges Higher, as Lower U.S Output Supports Prices

Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market. Brent crude added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to $69.45 a barrel. “U.S. production is struggling to recover from Hurricane Ida. Extensive damage to infrastructure and power outages mean Ida...

Oil Prices Edge Higher on Slow Return of U.S. Supply After Hurricane Ida

Oil prices were little changed on Wednesday following overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico providing some support. U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $68.46 a barrel at 0429 GMT, after sliding 1.4% on Tuesday following the Labor Day holiday. Brent crude futures fell 2 cents to $71.67 a barrel after falling 0.7% on Tuesday. “The market...

Oil Prices Mixed, Fear on Slower Demand for Asia Weighs on Sentiments

Oil prices were mixed on Tuesday in quiet trade as some investors scooped up bargains following the recent losses while growing fears over slower demand after Saudi Arabia’s sharp cuts to crude contract prices for Asia weighed on sentiment. Brent crude futures for November rose 31 cents, or 0.4%, to $72.53 a barrel by 0452 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $69.14 a barrel, down 15...

Oil Prices Edge Lower after Saudi Arabia Announces Price Cuts for Asia

Oil prices extended losses on Monday after the world’s top exporter, Saudi Arabia, slashed crude prices for Asia over the weekend, signalling that global markets are well supplied. Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 0101 GMT, while U.S. West Texas Intermediate crude for October was at $68.73 a barrel, down 56 cents, or 0.8%. State oil giant Saudi Aramco notified customers in a statement on Sunday that it will...

Oil Prices Mixed, Ahead of U.S Job Report

Oil prices were mixed on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set for modest weekly gains ahead of a highly anticipated U.S. monthly jobs report. Brent crude futures were up 13 cents, or 0.2%, to $73.16 a barrel at 0619 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $69.95 a barrel. Both...

Oil Prices Edge Lower as OPEC+ Sticks to Raising Supply Amidst Demand Doubts

Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline. Brent crude was down by 16 cents, or 0.2%, at $71.43 a barrel by 0422 GMT, after dropping 4 cents on Wednesday. U.S. oil fell 23 cents, or 0.3%, to $68.36 a barrel, after...

Oil Reverses Losses Ahead of OPEC+ Meeting

Oil prices recovered on Wednesday after a U.S. industry report showed crude inventories fell more than expected last week, steadying after overnight losses from the impact of Hurricane Ida on U.S. refineries. Prices rose ahead of the OPEC+ meeting at 1500 GMT where the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies are expected to stick to a plan to add 400,000 barrels per day (BPD) each month through December. Brent crude futures...

Oil Prices Slip as U.S Refiners Shutdown due to Effects of the Hurricane Ida

Oil prices fell on Tuesday on concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to raise output. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.6%, to $68.80 a barrel at 0245 GMT, reversing most of Monday’s gains. Brent crude futures for October, due to expire on Tuesday, were down 46 cents, or 0.6%, at...

Oil Prices Mixed as Hurricane Ida Slams U.S Crude Hub Forcing Shutdown of Major Platforms

Oil prices pared early gains on Monday, off more than three-week highs reached earlier in the session as a powerful hurricane ploughing through the Gulf of Mexico forced shutdowns and evacuations of hundreds of offshore crude platforms. U.S. gasoline prices rose more than 3% as power outages added to refinery closures on the Gulf coast. Brent was up 27 cents or 0.4% at $72.97 a barrel by 0337 GMT. It rose more than 11% last...

Oil Prices Rise, Storm Approaches Gulf of Mexico Production Hub

Oil prices rose on Friday, on track to post big gains for the week, on worries about near term supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. U.S. West Texas Intermediate (WTI) crude futures climbed 16 cents, or 0.2%, to $67.58 a barrel at 0111 GMT, clawing back a 1.4% loss on Thursday. WTI is headed for a weekly gain...

Oil Prices Decline ending a Four-day Rally Amidst Rising COVID-19 Concerns.

Oil fell on Thursday for the first session this week as renewed concerns about demand amid rising COVID-19 infections cut short a three-day rally and as production returned in Mexico. Brent crude was down 29 cents, or 0.4%, at $71.96 a barrel by 0649 GMT, rising 1.7% on Wednesday. U.S. oil was down 44 cents, or 0.6%, at $67.92 a barrel, after gaining 1.2% in the previous session. The U.S. Energy Information Administration (EIA) reported...

Oil Reverse Gains but Stays Stable with WTI, Brent Shedding 0.4%

Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak. U.S. West Texas Intermediate (WTI) crude futures fell 25 cents, or 0.4%, to $67.29 a barrel by 0151 GMT, while Brent crude futures dropped 22 cents, or 0.3%, to $70.85. Both benchmark contracts rose by about 8% over the previous two...

Oil Prices Rebound 0.9% Despite Dim Demand Outlook and Surging Covid-19 Cases

Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Brent crude futures climbed 60 cents, or 0.9%, to $65.78 a barrel by 0158 GMT, after hitting the lowest level since May 21 of $64.60 earlier in the session. U.S. West Texas Intermediate...

Oil Prices Flat Despite Rising Demand Concerns, West Texas Intermediate & Brent up 0.5%

Oil prices came off three-month lows on Friday but were on track for a weekly decline of around 6% as new lockdowns in countries with low vaccination rates facing surging cases of the delta variant dimmed the outlook for fuel demand. Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year. U.S. West Texas Intermediate (WTI) crude...

Oil Prices Decline, Spread of Delta Variant Clouds Demand Prospects

Oil prices steadied on Wednesday after four days of declines with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport remained constrained amid surging COVID-19 cases worldwide. Brent crude was down 5 cents or 0.1% at $68.98 a barrel by 0139 GMT, having fallen 0.7% on Tuesday. U.S. oil lost 6 cents or 0.1% to $66.53 a barrel after dropping 1% in the previous session. “July oil...

Oil Prices Edge Higher on Expectations That OPEC+ will Not Boost Supply Soon

Oil prices rose on Tuesday, recovering from the previous day’s losses, as investors sought bargains and on expectations that major producers will not boost supply soon, though fears of weaker global demand amid surging pandemic capped gains. Brent crude was up 13 cents, or 0.2%, at $69.64 a barrel by 0055 GMT, after falling 1.5% on Monday. U.S. oil climbed by 14 cents, or 0.2%, to $67.43 a barrel, having lost 1.7% the previous day. The rebound comes...

Oil Prices Fall by over 1% Amidst Rising COVID-19 Cases in China

Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy. Brent crude was down 80 cents, or 1.1 per cent, at USD 69.79 a barrel by 0046 GMT, after edging lower last week. US oil fell by 81 cents, or 1.2 per cent, to USD 67.63 a...

Oil Prices Steady, U.S Urges Producers to Increase Output

Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. They were also boosted by a pullback in the U.S. dollar, which can send speculative investors into greenback-denominated assets like commodities. Brent crude futures edged higher by 8 cents, or 0.1%, to $71.52 a barrel by 0502...

Oil Extends Gain as Demand Outlook turns Positive; Brent stable at $70

Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for U.S. fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant. Industry data showed U.S. crude oil and gasoline inventories fell last week, while the U.S. Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected. U.S. West Texas Intermediate (WTI) crude futures rose...

Oil Gains 0.4% after Hitting Three Week Low Amidst Rising Concerns of Spread of COVID-19 in Asia.

Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising Covid-19 cases and restrictions in China will dent fuel demand. Brent crude was up by 30 cents, or 0.4%, at $69.34 a barrel by 0106 GMT, after falling 2.3% on Monday. U.S. oil was up by 43 cents, or 0.7, at $66.91 a barrel, having fallen by 2.6% in the previous session. China on...

Oil Prices Drop as China’s Rising Covid-19 Cases Raises Concerns on Demand

Oil prices fell nearly 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid by $1.27, or 1.8%, to $69.43 a barrel by 0434 GMT, after having slumped 6% last week, their biggest weekly loss in four months. U.S. West Texas Intermediate (WTI) crude futures fell $1.29,...

Oil Set for Steep Weekly Loss as Brent, WTI Slip over 1.00%

Crude Oil prices slid on Friday, and were on track for steep weekly declines on concerns over the impact on fuel demand from travel restrictions to curb the spread of the Delta variant of COVID-19. Brent crude futures slid 71 cents, or 1%, to $70.58 per barrel and U.S. West Texas Intermediate (WTI) crude futures dipped $103, or 1.5%, to $68.07 per barrel, though both contracts have given up more than 5% this week. “The...

Oil Extends Decline with a 0.5% Drop as Covid Variant Raises Supply Concerns

Oil prices fell for a third day on Wednesday on mounting concerns that the increasing spread of the delta variant of the coronavirus in top consuming countries will cut fuel demand. Brent crude oil futures slid 22 cents, or 0.3%, to $72.19 a barrel, as of 0129 GMT. U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $70.23 a barrel. Both futures fell on Tuesday to their lowest since July 21 before regaining some ground by the close....

Oil Slips, Brent & WTI Down 0.1% Amidst Growing Concerns over Delta Variant

Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment. Brent crude oil futures shed 5 cents, or 0.1%, to $72.84 a barrel, as of 0309 GMT. U.S. West Texas Intermediate (WTI) crude was down 8 cents, or 0.1%, at $71.18 a barrel. Futures in New York declined 3.6% on Monday. The virus is clouding the outlook for consumption as China...

Oil Slips Further as Crude Output Rises, Brent Drops 1%

Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers. Brent crude oil futures skidded 81 cents, or 1%, to $74.60 a barrel by 0116 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9%, to $73.26 a barrel. “China’s been leading economic recovery in Asia and if the pullback...

Oil Prices Drop but Heads for Strong Weekly Gain on Higher Demand

Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide. Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday....

Oil Prices Slip But Remain above $75 a barrel Despite Large Inventory Drawdown

Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped. Brent crude futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT U.S. West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel. Crude inventories fell by 4.1 million barrels in...

Oil Prices Edge Higher, U.S Crude Inventories Fall Sharper than Expected

Oil prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in Covid-19 cases. U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $72.08 a barrel at 0119 GMT, reversing Tuesday’s 0.4% decline. Brent crude futures rose 38 cents, or 0.5%, to $74.86 a barrel, after shedding 2 cents on Tuesday in...

Oil Prices Edge Higher, Vaccination Outweighs Virus Concerns

Oil prices were steady on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide. Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $71.95 a barrel, after losing 16 cents on Monday. Benchmark prices rose even after the United States...

Oil Prices Decline as Rise in COVID-19 Cases Threatens Supply

Oil prices were lower on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year. Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT while the U.S. Texas Intermediate crude was at $71.99 a barrel, down 8 cents. Both contracts recovered from a 7% slump last Monday and marked their first gains...

Oil Prices Decline, Investors Watch Out for Tight Supply

Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday. For the week, Brent was headed for a 0.1% gain. U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $71.83 a barrel,...

Oil Prices Drop as Rising COVID-19 Infections Threaten Demand Outlook.

Oil prices fell on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. Brent crude fell 32 cents, or 0.4%, to $71.91 a barrel at 0347 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 27 cents, or 0.4%, to $70.03...

Oil Prices Retreat on Unexpected Rise in U.S Stock

Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand. Brent crude futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday’s 1.1% gain. U.S. West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.7%, to $66.70 a barrel, after rising $1 on Tuesday. The market “has...

Oil Prices Fall More than 1% Despite OPEC+ Decision to Increase Oil Supply

Oil prices fell more than $1 a barrel on Monday after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. Brent crude was down $1.08, or 1.5%, at $72.51 a barrel by 0220 GMT, after falling nearly 3% last week. U.S. oil was down $1.01 cents, or 1.4%, at $70.80 a barrel, having declined almost...

Oil Prices Edge Lower, Despite Increased Demand

Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic. Brent crude was down 20 cents, or 0.3%, at $73.27 a barrel by 0018 GMT and is heading for a 3% decline this week after two days of heavy declines. U.S. crude fell 12 cents, 0.2%, to $71.53 a barrel, and...

Crude Oil Falls 1% on Prospects of Increased Supply

Oil prices fell nearly 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world’s largest consumer. Brent crude futures for September dropped 59 cents, or 0.8%, to $74.17 a barrel by 0409 GMT U.S. West Texas Intermediate (WTI) crude for August was at $72.51 a barrel, down 62 cents, or 0.9%. Both benchmarks slid...

Oil Prices Decline as Drop in China’s Crude Imports Signals Demand Risk

Oil prices fell on Wednesday on future demand concerns after data showed that China’s first-half crude imports dropped, but were still holding near a one-week high amid concerns about supplies as the world recovers from the coronavirus pandemic. Brent crude was down 8 cents, or 0.1%, at $76.41 a barrel by 0141 GMT, after gaining 1.8% on Tuesday. West Texas Intermediate was off by 13 cents, or 0.2%, at $75.12 a barrel, having jumped 1.6% in the...

Oil Rises on Expectations of Further Decline in U.S Crude Inventories

Oil prices climbed on Tuesday, reversing some of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains. Brent crude for September rose 19 cents, or 0.3%, to $75.35 a barrel by 0421 GMT, after losing 0.5% on Monday. U.S. West Texas Intermediate crude for August was at $74.34 a barrel, up 24 cents, or 0.3%, having...

Oil Edges Lower as Concern on OPEC+ Supply talks Lingers Amidst Rising COVID-19 Cases

Oil prices were lower in early Asian trade on Monday as the dispute in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy. Brent crude for September fell 4 cents to $75.51 a barrel by 0032 GMT U.S. West Texas Intermediate crude for August was at $74.54 a barrel, down 0.03% The dispute within the Organization of the Petroleum Exporting Countries and allies...

Oil Prices Mixed, U.S Crude and Gasoline Inventories Headed for a Weekly Decline

Oil prices were mixed on Friday after a boost from a drop in U.S. crude and gasoline inventories but were still set for a weekly decline on concerns that an OPEC+ impasse could swell global crude supplies. Brent crude oil futures were down 9 cents, or 0.1%, at $74.03 a barrel by 0140 GMT. U.S. West Texas Intermediate futures were up 1 cent at $72.95 a barrel. Both benchmarks were headed for a loss of...

Oil Prices Edge Lower, Investors Seek Clarity on OPEC+

Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse of this week’s talks among major producers, potentially causing the current output agreement to be abandoned. Brent crude futures were down 43 cents, or 0.6%, at $73 a barrel by 0158 GMT. U.S. West Texas Intermediate futures were down 51 cents, or 0.7%, at $71.69 a barrel.   Brent prices have fallen about 5.3% since Monday’s close...

Oil Prices Steady, Investors await OPEC+ Decision

Oil prices steadied on Wednesday after a steep drop in the previous session, following the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share. Brent crude was up 3 cents at $74.56 a barrel by 0115 GMT, after slumping more than 3% on Tuesday. U.S. oil was up 7 cents at $73.44 a barrel, having declined by more than...

Oil Prices Rise to Multiyear High, OPEC+ Meeting Called Off

Oil jumped to its highest level in nearly three years after talks between OPEC, and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures advanced 2.06%, or $1.55, to $76.71 per barrel, its highest level since October 2018. International benchmark Brent crude rose 0.39%, or 30 cents, to $77.46 per barrel — also at multi-year highs. OPEC+...

Oil Prices Steady, OPEC+ Delays Meeting

Oil prices held steady on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates baulked at a plan to add back 2 million barrels per day (BPD) in the second half of the year. U.S. West Texas Intermediate (WTI) crude futures were up 5 cents at $75.28 a barrel at 0155 GMT, having jumped 2.4% on Thursday to close at their highest since October 2018. Brent crude futures inched up 4 cents...

Oil Prices Edge Higher Ahead of OPEC+ Meeting

Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. Brent crude for September gained 17 cents, 0.2%, to $74.79 a barrel by 0355 GMT U.S. West Texas Intermediate crude for August was at $73.68 a barrel, up 21 cents, or 0.3%, close to its highest since 2018 of...

Oil Prices Edge Higher Despite Falling U.S Stockpiles

Oil prices on Wednesday extended the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge. Brent crude was 42 cents, or 0.6% at $75.16 a barrel by 0122 GMT, after edging higher on Tuesday. U.S. crude was up 53 cents, or 0.7% at $73.51 a barrel, having risen 0.1% in the previous session. While the highly...

Oil Prices Drop as Surge in COVID-19 Threatens Demand Growth

Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. Brent crude futures fell 35 cents, or 0.5%, to $74.33 a barrel by 0706 GMT, after slumping 2% on Monday. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.5%, to $72.57 a barrel, extending a 1.5% loss on Monday. The flare-up in...

Oil Prices Near 2018 High Ahead of OPEC+ Meeting

Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week. Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT. U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up25 cents,...

Oil Extends Gain as Investors Anticipate on July 1st OPEC+ Meeting

Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures rose 6 cents, or 0.1%, to $75.62 a barrel at 0456 GMT, heading for a 2.9% jump for the week. U.S. West Texas Intermediate (WTI) crude futures were also up 6...

Oil Edges Higher, U.S Crude Drawdown Fuels Demand Outlook

Oil prices climbed on Thursday after a sharp drawdown in U.S. crude, and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports. Brent crude futures rose 9 cents, or 0.1%, to $75.28 a barrel by 0103 GMT, after increasing 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures gained 6 cents,...

Oil Prices Edge Higher, Brent Records all Time High of $75

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude. Brent crude futures for August climbed 29 cents, or 0.4%, to $75.19 a barrel by 0658 GMT, paring earlier losses. It rose as high as $75.27 a barrel, the strongest since April 25,...

Oil Edges Higher as Tehran, Washington Talks Set to Continue

Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in the resumption of supplies from the OPEC producer. Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT. U.S. West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%....

Oil Prices Edge Lower Amidst a Rising U.S Dollar But Holds Above $70

Oil prices fell for a second consecutive day on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States but were nevertheless on track to finish the week flat – only slightly off multi-year highs. Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel as of 0227 GMT, extending a 1.8% decline on Thursday. U.S. West Texas Intermediate (WTI) crude futures were down 48...

Oil Prices Drop Pressured by a Stronger U.S dollar

Crude oil prices fell on Thursday, pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. Brent crude futures dropped by 74 cents, or 1%, to $73.65 a barrel by 0103 GMT after reaching its highest since April 2019 in the previous session. U.S. crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its...

Brent Rises for Firth Straight Day as Oil Demand Outlook Improves

Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Brent crude was up 69 cents, or 0.9%, at $74.68 a barrel by 0200 GMT, having risen 1.6% on Tuesday while U.S. crude [WTI] gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session. API Oil Metrics Data Brent advanced 0.9%, while West Texas Intermediate climbed...

Oil Edges Higher Amidst Fading Optimism on Resumption of Iran Supply

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session. The prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. Brent crude was up by 17 cents, or 0.2%, at $73.03 a barrel by 0347 GMT, having risen 0.2% on Monday. U.S. oil gained 15 cents, or 0.2%, to $71.03 a barrel, having slipped 3 cents...

Asian Markets Mixed as China & Australia Markets Closed for Holiday

Shares in Asia-Pacific were mixed in Monday trade, with multiple major markets in the region closed for holidays. The Nikkei 225 in Japan rose 0.74% to close at 29,161.80 while the Topix index gained 0.29% to finish its trading day at 1,959.75. Official data released Monday showed Japan’s seasonally adjusted index for production rising 2.9% in April from the previous month. South Korea’s Kospi closed fractionally higher at 3,252.13. Over in Southeast Asia, Singapore’s Straits Times index...

Oil Rises Above $71 Amidst Improved Demand Outlook

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 per cent, at $72.83 by 01:23 GMT. It rose 1.1 per cent last week and hit the highest since 2019. US West Texas Intermediate was also up 14 cents, or 0.2 per cent, at $71.05 a barrel, after reaching the highest since 2018. Americans...

Oil Slips, but Poised for Third Weekly Gain on Demand Recovery

Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent crude oil futures fell 23 cents, or 0.3%, to $72.29 a barrel at 0145 GMT, reversing most of Thursday’s climb to its highest close since May 2019. U.S. West Texas Intermediate (WTI) crude oil futures slipped 22...

Oil Prices Fall, U.S Summer Fails to Lift Fuel Demand

Oil prices slid on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. Brent crude futures were down 34 cents, or 0.5%, at $71.88 a barrel by 0108 GMT. U.S. oil futures declined by 36 cents, or 0.5%, at $69.60 a barrel. “Markets had been optimistic on demand as the...

WTI Trades Above $70 Backed by Strong Demand Outlook

Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of the Iranian oil supply faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. Brent crude futures were up 15 cents, or 0.2%, at $72.37 a barrel at 0131 GMT and earlier rose to $72.58, the highest since May 20, 2019. Brent rose 1% on...

Oil Prices Fall Amidst Concerns Over Global Demand Recovery

Oil prices edged lower on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May. Brent crude was down 11 cents, or 0.2%, at $71.38 a barrel by 0151 GMT, after declining 0.6% overnight. U.S. oil was off by 13 cents, or 0.2%, at $69.10 a barrel, having dropped by 0.6% in the previous session. China’s crude...

U.S Oil Hits a multi-year High of $70, Investors Watch Out for Iran Nuclear Talks

Oil extended gains to hit fresh multi-year highs on Monday, supported by a brighter economic and fuel-demand outlook. At the same time, investors eyed the outcome of talks between Iran and world powers over a nuclear deal set to boost crude supplies. Brent crude futures for August rose 28 cents, or 0.4%, to $72.17 a barrel by 0107 GMT, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the...

Oil Prices Fall 0.2% Backed by Fears of Global Corona Virus Wave.

Oil prices eased on Friday as concerns about the patchy roll-out of COVID-19 vaccinations around the globe tempered optimism over recovering fuel demand. Brent crude was down 13 cents, or 0.2%, at $71.18 a barrel by 0504 GMT, after falling 4 cents on Thursday following a gain to the highest since May 2019. The contract is on track for a gain of over 2% this week. U.S. oil fell 10 cents, or 0.2%, to $68.71, having...

Oil Prices Edge Higher, Investors Look Out for Fuel Demand Surpassing Supply.

Oil prices rose for a third day on Thursday on expectations for a surge in fuel demand, particularly in the United States and Europe and China, later this year at the same time major producers are maintaining supply discipline. Brent crude futures were up 49 cents, or 0.7%, at $71.84 a barrel by 0233 GMT, the highest since September 2019. The international benchmark gained 1.6% on Wednesday. U.S. West Texas Intermediate crude futures rose 44...

Oil Prices Extend Gains on OPEC+ Decision to Gradually Ease Supply Curbs

Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China, the world’s two biggest oil consumers. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.27%, to $67.90 as of 0642 GMT, extending a 2.1% gain following the Memorial Day holiday in the...

Brent Hits $70 backed by U.S Summer Oil Demand Prospects

Oil prices rose on Tuesday, with Brent topping $70, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer. Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May. Brent crude futures for August gained 86 cents, or 1.2%, to $70.18 a barrel by 0504 GMT. U.S. West Texas Intermediate crude for July...

Oil Prices Edged Higher, Investors Look Forward to OPEC+ Meeting

Oil prices climbed in early Asian trade on Monday, stimulated by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance. Brent crude futures for August nudged up 7 cents, or 0.1%, to $68.79 a barrel by 0038 GMT after settling at their highest in two years on Friday.  U.S. West Texas Intermediate crude for July was at $66.45 a barrel, up 13...

Oil Prices Decline on Likelihood of Return of Iranian Supply

Oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe offset concerns about demand in India and a potential supply increase from Iran. Brent crude fell 44 cents, or 0.6%, to $68.43 a barrel at 0220 GMT, erasing Wednesday’s gain of 22 cents. Brent has traded between $68 and $69 for most of this week. U.S....

Oil Prices Steady, Investors Brace for Possible Return of Iranian Supply

Oil prices were steady on Wednesday as concerns of a possible resumption in Iranian supply that would result in an oversupply was offset by hopes for stronger U.S. fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute. Brent crude oil futures for July gained 5 cents, or 0.1%, to $68.70 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI) crude for July was at $66.05 a barrel, down 2...

Oil Steady Near One Weak High as Possibility of Return of Iran Supply Boost Demand

Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as prospects of an early return of oil exporter Iran to international crude markets lessoned. Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures fell 8 cents to $65.97 a barrel after gaining 3.9% the previous session. Indirect negotiations between the United...

Oil prices Rise as Doubt Arises on Iran Deal

Oil prices edged higher on Monday as a storm formed in the Gulf of Mexico. Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end U.S. sanctions on Iranian crude exports. Brent crude oil futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT. U.S. West Texas Intermediate for July was $63.93 a barrel, up 35 cents, or 0.6%. Oil...

Oil Prices Rise Amidst Talks of Return of Iranian Supply

Oil prices edged higher on Friday, taking a break after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal. Brent crude futures for July rose 10 cents, or 0.2%, to $65.21 a barrel by 0032 GMT U.S. West Texas Intermediate for July was at $62.16 a barrel, up 22 cents, or 0.4%. Both...

Oil Slums Amidst Rising U.S Stockpile, COVID-19 Numbers in Asia

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel by 0141 GMT, having fallen 3% on Wednesday. U.S. oil fell 7 cents, or 0.1%, to $63.29 a barrel, after a 3.3% drop in the previous session. “A...

Oil Prices Fall 1% on Potential Return of Iranian Supply

Oil prices fell for a second day on Wednesday on the potential of Iranian supply returning and as investors sold on speculation that inflation fears might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. U.S. West Texas Intermediate (WTI) crude futures dropped 73 cents, or 1.1%, to $64.76 a barrel at 0241 GMT, following a 1.2% fall on Tuesday. Brent crude futures also fell 73 cents, or 1.1%, to $67.98 a...

Oil Extends Gains on Optimism over U.S, Europe Reopening

Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopening of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions. Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel. Both contracts rose more than...

Oil Prices Edge Lower as New Wave of COVID-19 in Asia Cripples Demand Outlook

Oil prices edged lower on Monday as the recovery of a major U.S. pipeline network eased concerns about oversupply, and a new wave of COVID-19 restrictions in Asia fuelled fears of lower demand. Brent crude oil futures were down 8 cents, or 0.1%, at $68.63 a barrel as of 0036 GMT. West Texas Intermediate (WTI) crude was down 7 cents, or 0.1%, at $65.30. The two contracts jumped nearly 2.5% on Friday and managed to book...

Oil Prices Drop 3% as Hacked U.S Pipeline Resumes Operations

Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel. “The commodity...

Oil Prices Down From 8-Week High as Rising COVID-19 Cases In India Weakens Rally

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. Brent crude was down 32 cents, or 0.5%, at $69.00 a barrel by 0145 GMT, after gaining more than 1% on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5%, to $65.77 a barrel,...

Oil Edges Higher Amidst a Drop in U.S Crude Inventories.

Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57 a barrel at 0646 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 31 cents, or 0.45%, to $68.86 a barrel, adding to a 23 cent gain on Tuesday....

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