Oil Price Digest 26-May-2020

Crude Oil Oil prices edged up on Monday in sluggish trading with holidays in Singapore, London and New York, as rising concerns over demand recovery offset supply cuts. Brent rose to $35.81 a barrel by 1659 GMT, while U.S. oil was flat at $33.74 a barrel. There is no U.S. settlement because of the Memorial Day holiday. Rising U.S.-China tensions, between the world’s largest oil consumers, over moves by Beijing to impose security legislation on Hong Kong…

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Oil Price Digest 22-May-2020

Crude Oil Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand. Brent crude rose 34 cents to settle at $36.09 /bbl. WTI settled 43 cents higher at $33.92 /bbl. Data from the U.S. Labor Department on Thursday revealed another 2.4 million Americans filed for unemployment last week. Covid 19 At a global level, the death toll from the COVID-19 virus…

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Oil Price Digest 21-May-2020

Crude Oil Oil prices rallied on Wednesday after U.S. crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic Brent crude settled $ 1.10 higher at $35.75 /bbl. WTI settled $1.53 higher at $33.49 /bbl. Fuel demand has grown as lockdown curbs have eased worldwide, and shipping data shows the OPEC+ group is complying with its pledge to cut 9.7 million barrels per…

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Oil Price Digest 20-May-2020

Crude Oil Prices ended mixed on Tuesday. Brent crude settled 16 cents lower at $34.65 /bbl. The expiring July WTI future settled 31 cents higher at $ 31.96 /bbl. The August contract ended 68 cents higher at $32.50 /bbl. U.S. crude prices were bolstered by  statement from U.S. Treasury Secretary Steven Mnuchin who said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not…

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Oil Price Digest 19-May-2020

Crude Oil Oil prices on Monday jumped to their highest in over two months on multiple positive signals. Brent crude settled at $34.81 /bbl, up $ 2.31. WTI futures gained $2.39 to settle at $31.82 /bbl. Markets were clearly cheered by early results on a potential coronavirus vaccine. This in turn, lead to optimism about a quick resumption in economic activity. Also encouraging the markets were signs that producers were following through on planned output…

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