Oil prices were rather steady on Thursday after hitting a multi-week high a day earlier. Prices were partly supported by the outlook of recovering oil demand as indicated by OPEC and IEA this week. On the other hand, the threat of disruptions by hurricane Nicholas receded. Hence, Brent crude added 0.3% to settle at $75.67 a barrel. U.S. WTI crude ended unchanged at $72.61 a barrel.
read more... 17/09/2021
Crude oil prices climbed to a six-week high on Monday as a slow return of production in the U.S. Gulf outweighs some bearish notes set by the OPEC. The producer’s group recently cut their demand growth outlook for the fourth quarter due to the impact of the Delta variant. Hence, Brent crude increased by 0.8% to settle at $73.51 a barrel. U.S. WTI crude rose by 1% to close at $70.45 a barrel.
read more... 14/09/2021
Oil prices diverged on Friday, with Brent crude trading 0.7% higher at $73.51 a barrel, on subsiding fears over Hurricane Ida and production increases by OPEC members. WTI oil, however, lost 1% to close at $69.28 a barrel, weighed by concerns over an economic slowdown.
read more... 06/09/2021
Crude oil prices diverged on Wednesday. The Brent benchmark lost nearly 2% at $71.59 a barrel, as OPEC+ members confirmed their strategy of increasing production by 400.000 bpd in October. WTI oil edged higher, as a weekly decrease in US crude stocks limited losses. As such, WTI edged 0.1% higher at $68.59 a barrel.
read more... 02/09/2021
Crude oil prices declined on Tuesday following some sharp gains on the oil market over the last few weeks as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. Oil has endured a turbulent August, with Brent dropping by over 4% month-on-month and WTI crude falling by 7%. Both benchmarks posted their first monthly losses since March. Hence, Brent crude slipped by 0.6% day-on-day, to settle at $72.99 a barrel. U.S. WTI crude dropped by 1% to close at $68.50 a barrel.
read more... 01/09/2021