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Daily (15.10.2021): Oil prices climbed to multi-year highs on Thursday as Saudi Arabia dismissed calls for additional OPEC+ supplies
Crude oil prices climbed to hit multi-year highs on Thursday after Saudi Arabia, one of the main crude oil producers in the world, rejected to follow the policy of OPEC+ to increase their output for price controls. Additionally, the International Energy Agency (IEA) said surging natural gas prices could boost demand for oil among power generators. Hence, Brent crude rose by 1% to settle at $84.00 a barrel, the highest level since October 2018. U.S. WTI crude increased by 1% to close at $81.31 a barrel, hitting a seven-year record high.
read more... 15/10/2021
Daily (14.10.2021): British near-term gas prices edged up on Wednesday on low storage, high LNG
Oil prices traded down in a steady trading on Wednesday amid profit-taking, while traders assessed OPEC’s skepticism around the strength of crude demand even after prices hit the highest since 2014. Hence, Brent crude settled 24 cents, or 0.3%, lower at $83.18 per barrel. U.S. West Texas Intermediate (WTI) crude eased by 20 cents, or 0.3%, to end at $80.44.
read more... 14/10/2021
Daily (06.10.2021): Brent crude at three-year high, WTI at seven-year high on Tuesday as OPEC sticks to output plan
Oil prices continued to rally on Tuesday following OPEC+'s decision to maintain a policy of measured monthly production increases, lifting the international crude benchmark to a three-year high. Hence, Brent crude settled up $1.30, or 1.6%, at $82.56 a barrel. U.S. West Texas Intermediate (WTI) oil closed up $1.31, or 1.7%, at $78.93 a barrel, hitting its highest level since 2014.
read more... 06/10/2021
Daily (05.10.2021): European electricity prices rocketed on Monday amid low renewables output, surging gas prices
Oil prices prolonged their rally, to hit a three-year high on Monday following OPEC+ decision to stick with its current output policy as demand for petroleum rebounds. Hence, Brent crude soared by $1.98, or 2.5%, to settle at $81.26 a barrel. U.S. WTI crude settled up $1.74, or 2.3%, to $77.62 a barrel.
read more... 05/10/2021
Daily (04.10.2021): Oil prices gained 1% on Friday, supported by stronger demand and higher US equities
Crude oil prices increased on Friday, on the back of stronger demand and a rise in US equities. However, gains were limited by the prospect of the OPEC+ meeting on Monday where producing countries could decide to increase their production. Hence, Brent oil closed 1% higher at $79.28 a barrel and WTI crude rose by 1.1% to $75.88 a barrel.
read more... 04/10/2021