Forbes The oil market continues to surprise, with WTI apparently firmly above $60, a level that could be equated with the pre-pandemic norm (as norm as any oil price can be, which admittedly isn’t very). Considering the global economy remains fragile with numerous areas still suffering badly from the pandemic, including Europe, source of 15% of world oil demand (in
Reuters LONDON – Oil prices edged higher on Monday as the U.S. dollar weakened, although concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains. Brent crude was up 32 cents, or 0.5%, at $67.09 a barrel by 1353 GMT, after rising 6% last week. West Texas Intermediate (WTI) U.S. oil was up
Reuters Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies. China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. read more On Thursday figures showed
Reuters Crude prices appear to have found a temporary equilibrium in recent weeks, with OPEC+ planning to add just enough extra production to prevent prices rising further and draw in more output from U.S. shale firms. Brent’s six-month calendar spread remains in a steep backwardation, implying traders expect the market to remain somewhat tight, with continued downward pressure on global
Reuters LONDON -Oil prices eased on Thursday but remained close to a one-month high that was driven by more positive demand forecasts from the International Energy Agency (IEA) and OPEC as economies start to recover from the COVID-19 pandemic. Brent crude was down 21 cents, or 0.3%, at $66.37 a barrel by 1351 GMT after touching its highest since March
Reuters NEW YORK – Oil prices surged more than 4% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand for crude. Brent crude futures rose $2.70, or 4.2%, to $66.37 a barrel by 11:05 a.m. EDT (1505 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $2.78, or
Reuters LONDON -OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in
Reuters LONDON – Hedge funds have cut their position in petroleum for the second time in three weeks in response to a resurgence of coronavirus infections and the likely postponement of a resumption to airlines’ international passenger flights. Money managers sold the equivalent of 35 million barrels in the six most important petroleum futures and options contracts in the week
Reuters LONDON -Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand. Brent crude futures for June fell 32 cents, or 0.32%, to $62.88 a barrel by 1230 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.43, down 17 cents.
Reuters LONDON -Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support. Brent crude for May, which expires on Wednesday, fell 49 cents, or 0.76%, to $63.65 a barrel at 1322 GMT. The more active Brent contract for June was
Reuters LONDON – Oil prices sunk for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. Brent crude was down $2.33, or 3.43%, to $65.67 a barrel at 1426 GMT. U.S. oil was down $2.27, or 3.51%, at $65.67 after shedding 0.3%
Reuters LONDON – Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude inventories fell unexpectedly last week. Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter
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