Oil Price Digest 18-Sep-2020

Crude Oil Oil prices rose more than 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts. Brent crude rose $ 1.08 to settle at $43.30 a barrel, while WTI crude rose 81 cents to settle at $40.97 per barrel. The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their current output reduction…

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Oil Price Digest 17-Sep-2020

Crude Oil Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut. Brent crude rose $ 1.69 to settle at $42.22 a barrel, while WTI crude rose $1.88 to settle at $40.16 per barrel. Sally, which made landfall on the U.S. Gulf Coast as a Category 2 hurricane, also boosted oil prices as more than…

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Oil Price Digest 16-Sep-2020

Crude Oil Oil prices rose more than 2% on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude rose 92 cents to settle at $40.53 a barrel, while WTI crude rose $1.02 to settle at $38.28 per barrel. Futures gained ahead of Hurricane Sally’s expected landfall on the U.S. Gulf Coast. More than a quarter of U.S. offshore…

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Oil Price Digest 14-Sep-2020

Crude Oil Oil prices ended up mixed on Friday as Brent settled below $ 40 for the second time in the week. Brent crude fell 23 cents to settle at $39.83 a barrel, while WTI crude rose 3 cents to settle at $37.33 per barrel. Both Brent and WTI lost about 6% this week as market hopes for a quick recovery started diminishing. Energy producers and communities along the US Gulf Coast organized evacuations of…

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Oil Price Digest 11-Sep-2020

Crude Oil Oil prices slid nearly 2% on Thursday after U.S. data showed a surprise build in crude stockpiles last week. Brent crude fell 73 to settle at $40.06 a barrel, while WTI crude 75 to settle $37.30 per barrel.  Iraq lowered its crude oil output in Aug’20 to 3.578 MB/D, but remained above its 3.404 MB/D quota. This includes 3.122 MB/D of federally controlled output and 456 KB/D from the KRG, which is unwilling to…

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