Oil prices increased on Wednesday, as concerns over the Omicron variant continued to ease. Furthermore, a decline in crude stocks in the United States lent additional support to prices. However, gains were limited by a decrease in US strategic reserves. As a result, both Brent oil and WTI crude edged around 0.5% higher at $75.82 and $72.36 a barrel, respectively.
read more... 09/12/2021
Crude oil prices extended gains on Tuesday amid receding fears of the South African coronavirus variant, dubbed as Omicron.Hence, Brent crude soared by $2.36, or 3.2%, to settle at $75.44 a barrel. U.S. WTI crude spiked by $2.56, or 3.7%, to end at $72.05.
read more... 08/12/2021
Oil prices were mitigated on Friday, following the decision of OPEC+ members to maintain the planned gradual increase in crude production, despite the new variant of Covid and reports of tapping into strategic reserves. As a result, Brent oil edged 0.3% up at $69.88 a barrel, while WTI crude slipped by 0.4% to $66.26 a barrel.
read more... 06/12/2021
Crude oil prices rebounded on Thursday after OPEC+ surprised the market yesterday choosing to stick to its plan of increasing oil output by 400 000 barrels per day in January. Hence, Brent crude rose by 80 cents, or 1.2%, to settle at $69.67 a barrel. U.S. WTI crude increased by 93 cents, or 1.4%, to end at $66.50 a barrel.
read more... 03/12/2021
Oil prices lost ground on Wednesday, pressured by lingering coronavirus fears. Moreover, prices suffered as OPEC+ members delayed their decision on whether to further raise their crude production or not. Thus, Brent oil fell by 2.4% to $68.87 a barrel and WTI crude ended 0.9% down at $65.57 a barrel.
read more... 02/12/2021