Oil prices plummeted on Tuesday, due to a rise in production and concerns over a slower consumption growth in 2019. OPEC and non-OPEC members are discussing the need for output reductions to avoid a significant rise in stocks. Brent crude declined by 6.6% to settle at $65.47 a barrel, while WTI crude tumbled by 7.1% to end at $55.69 a barrel.
read more... 14/11/2018
The IEA forecasted slower growth in demand for the next year due to geopolitical risks and weaker economy, and thus, Brent crude price edged 0.4% lower at $76.17 a barrel. However, WTI crude price rose by 0.6% to $66.82 a barrel, as U.S. stocks posted the biggest daily decline since 2011.
read more... 25/10/2018
Oil prices gained additional ground on Wednesday, due to falling U.S. stocks and on concerns over global supplies, as sanctions imposed on Iranian exports will be implemented on 4’th of November. Brent crude edged 0.5% higher at $79.40 a barrel. WTI crude added 1.8% to $71.12 a barrel.
read more... 20/09/2018
Oil crude prices continued to gain ground on Wednesday, because of dwindling U.S. stocks. Another reason is that concerns about global oil supply have increased amid looming sanctions on Iranian exports. Brent crude closed 0.9% up at $79.74 a barrel, while WTI crude price soared by 1.6% to $70.37 a barrel.
read more... 13/09/2018
Oil crude prices extended losses on Thursday, on worries about China’s demand amid growing trade disputes. Moreover, gasoline and distillate stocks at Cushing, Oklahoma delivery hub were at their highest level in four years, pressuring prices. Brent crude decreased by 1% to close at $76.50 a barrel, while WTI crude slumped by 1.4% to $67.77 a barrel.
read more... 07/09/2018