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Daily (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

read more... 12/08/2019

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Daily (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

read more... 09/08/2019

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Daily (08.08.2019): Oil prices plummeted by over 4.5% on Wednesday, due to a buildup in U.S crudes stockpiles and China-U.S. trade war

Oil prices decreased on Wednesday reaching a seven-month low, following a surprise accumulation in U.S. crude stockpiles. Moreover, worries that oil demand will shrink due to China – U.S. escalating trade war also put pressure on prices. Hence, Brent crude fell by 4.6% to $56.23 a barrel, while WTI futures traded 4.7% lower at $51.09 a barrel

read more... 08/08/2019

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Daily (07.08.2019): NBP spot plunged by 12.8% on Tuesday, due to rising production at the Bacton and Teesside facilities

Crude oil prices declined on Tuesday, on worries about the U.S. China trade war that might weigh on the global crude demand. Consequently, Brent crude dropped by 1.5% to $58.94 a barrel, while WTI futures decreased by 1.9% to $53.63 a barrel.

read more... 07/08/2019

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Daily (06.08.2019): Brent crude declined by 3.4% on Monday, due to trade war concerns between China and U.S.

Crude oil prices extended losses on Monday, after U.S. President Donald Trump threatened to impose more tariffs on China, which could dent crude demand. As a result, Brent crude traded 3.4% lower at $59.81 a barrel, while WTI futures dropped by 1.7% to $56.78 a barrel.

read more... 06/08/2019

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