Crude Oil Oil prices inched up on Tuesday as OPEC’s deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices. Brent crude settled up 9 cents at $64.34 a barrel, and West Texas Intermediate oil rose 22 cents to $59.24 a barrel. However, a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports weighed on markets. U.S. President Donald Trump does not…
Read MoreCrude Oil Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and allies agreed to deepen output cuts by 500 kbpd in the first quarter of 2020. Brent crude futures rose $1.38 cents to settle at $64.38 a barrel. WTI was rose 77 cents to close at $59.20 a barrel. Brent futures rose about 3% for the week. WTI futures gained 7% on the week, their biggest rise since…
Read MoreCrude Oil Oil futures were steady to slightly firmer on Thursday despite OPEC and its allies planning one of the deepest output cuts this decade to prevent oversupply. Brent crude futures rose 39 cents to settle at $63.00 a barrel. WTI was unchanged at $58.43 a barrel. A ministerial panel of key members of the OPEC+ group, recommended deepening output cuts by 500,000 barrels per day (bpd) in the first quarter of 2020. However, the…
Read MoreCrude Oil Oil prices surged more than 3% on Wednesday on expectations that OPEC and allied producers would extend production curbs. Brent crude futures rose $2.18 to settle at $63.00 a barrel. WTI rose $2.33 to settle at $58.43 a barrel. Iraqi oil minister Thamer Ghadhban told reporters in Vienna on Tuesday that “a deeper cut is being preferred by a number of key members”. On Wednesday, Ghadhban said he would support at least extending…
Read MoreCrude Oil Oil futures were caught in the grip of uncertainty as the US-China trade deal fell into the distance but OPEC+ raised murmurs about deeper cuts. Brent crude futures dipped 10 cents to settle at $60.82 a barrel. WTI rose 14 cents to settle at $56.10 a barrel. U.S. President Donald Trump said a U.S.-China trade agreement might have to wait until after next November’s presidential election, denting hopes of a quick resolution to…
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