Crude oil prices added ground on Tuesday, after data showed a much larger-than-expected fall in the U.S. crude stocks. Meanwhile, weaker demand forecasts and the full restart of Libya’s largest oil field reduced gains. Against that backdrop, Brent crude traded 0.9% higher at $63.83 a barrel, while WTI futures closed 1% up, at $56.77 a barrel.
read more... 24/07/2019
Oil prices increased on Friday, bolstered by the rising tensions in Iran, after U.S. Navy destroyed an Iranian drone in the Strait of Hormuz. As a result, Brent crude climbed by 0.9% to $62.47 a barrel, while WTI futures inched up by 0.6% to $55.63 a barrel.
read more... 22/07/2019
Crude oil prices decreased on Monday, following mixed Chinese economic data and amid anticipations of a short-term impact of the tropical storm in the Gulf of Mexico on U.S. offshore oil output. A softening in the tensions between the West and Iran added pressure on prices. Consequently, Brent crude edged down by 0.4% to $66.48 a barrel, while WTI futures lost 1.1% to settle at $59.58 a barrel.
read more... 16/07/2019
Crude oil prices declined in a thin trading due to a public holiday in the U.S. on Thursday, influenced by a smaller-than-anticipated drop in the U.S. crude inventories. Concerns of a scarce demand stoked by weaker U.S. factory orders and slower business growth in Europe also weighed on prices. However, this week’s decision on the extension of OPEC+ output cuts limited losses. Against that background, Brent crude lost 0.8% to settle at $63.30 a barrel, while WTI futures ended 0.9% lower at $56.80 a barrel.
read more... 05/07/2019
Crude oil prices were bearish on Friday, as traders awaited the outcome of the meeting of the U.S. President Donald Trump with the Chinese President Xi Jinping. As a result, WTI futures settled 1.6% lower at $58.47 a barrel, while Brent crude remained flat at $66.55 a barrel. However, expectations for a prolongation of crude output cuts by OPEC members and their allies at their meetings on July 1-2 limited losses.
read more... 01/07/2019