Crude oil futures pulled back off the highest levels since before the coronavirus pandemic on Tuesday amid a sharp increase in COVID-19 cases and before the release of a weekly report which is expected to reveal that crude inventories have reached a new all-time high in the United States. However, the reassurance by the U.S. President Donald Trump that the trade agreement with China was “fully intact” limited losses. Hence, Brent crude declined by 45 cents, or 1%, to settle at $42.63 per barrel. At the same time, U.S. WTI crude settled 36 cents, or 0.9%, lower at $40.37 per barrel.
read more... 24/06/2020
Crude oil futures climbed on Thursday following the OPEC+ monitoring panel meeting that emphasized the critical importance of adhering to full conformity. However, additional coronavirus cases reported in parts of the United States and China added to market jitters. Hence, Brent crude for August delivery soared by 80 cents, or 2%, to settle at $41.51 a barrel. At the same time, U.S. WTI crude settled at $38.84 a barrel, up 88 cents, or 2.3%.
read more... 19/06/2020
Crude oil futures edged higher on Tuesday, with investors hoping for a further cut in black gold production at the next OPEC + summit, which could be brought forward to this week. Brent crude for August delivery soared by $1.25, or 3.3%, to settle at $39.57 a barrel, while U.S. WTI crude for July delivery gained $1.37, or 3.9%, to end at $36.81 a barrel.
read more... 03/06/2020
Crude oil futures rallied to their highest settlement in more than two months on Monday, driven by historic production cuts, the prospect of demand recovery following countries’ lockdown and revival of their economies, and promising early results from coronavirus vaccine trial.
read more... 19/05/2020
Crude oil futures ended on a mixed note on Thursday, with Brent recording minor gains as some European countries decided to loosen up coronavirus restrictions. Hence, Brent crude rose by 13 cents, or 0.5%, to settle at $27.82 a barrel. U.S. WTI crude was unchanged at $19.87 a barrel, marking the second straight day at its lowest level since February 2002.
read more... 17/04/2020