Reuters LONDON – Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and of Thursday’s OPEC+ meeting. Analysts in a Reuters poll expect U.S. crude inventories to have increased by 1.6 million barrels
Reuters LONDON – Oil prices were broadly steady on Wednesday as rising global COVID-19 cases took the shine off an earlier rally spurred by a bigger-than-expected drop in U.S. crude inventories. Brent crude prices were up 11 cents, or 0.2%, at $56.69 a barrel by 1311 GMT. Prices rose as far as $57.42 a barrel earlier in the session, the
Reuters LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally. Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S.
Reuters LONDON – Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected. Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before
Reuters LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance. But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.
Reuters LONDON – Oil edged up to around $42 a barrel on Wednesday, supported by rising investor risk appetite and a report that U.S. fuel inventories fell, although rising crude supply and concern of stalling demand capped gains. European equities rose after better-than-expected German manufacturing data, giving oil a boost. The American Petroleum Institute said U.S. inventories of gasoline and
Reuters LONDON – Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. Brent crude futures LCoc1 were up $1.33, or 3.84%, at $35.98 per barrel at 1348 GMT. U.S. West Texas Intermediate (WTI) July crude futures
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