Crude Oil Oil prices slipped from multi-month highs to end more than 1% lower on the first trading day of the year after OPEC+ failed to decide on Monday whether to increase output in February. Brent futures settled 71 cents lower at $51.09 a barrel, while WTI futures fell 90 cents to settle at $47.62. Earlier in the session, WTI hit its highest since February and Brent its highest since March. The premium of Brent…
Read MoreCrude Oil Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling. On the last trading day of 2020, Brent rose 17 cents to settle at $51.80 a barrel. U.S. West Texas Intermediate rose 12 cents to settle at $48.52 a barrel. Brent fell 21.5% for the year, with WTI falling 20.5%. Prices for 2020 bottomed in April as fuel demand collapsed due to…
Read MoreCrude Oil Oil prices fell on Monday as concerns about weakening fuel demand and the prospect of higher OPEC+ output outweighed optimism over a U.S. stimulus package. Brent crude settled at $50.86 a barrel, falling 43 cents after trading as high as $52.02 earlier in the session. WTI futures fell 61 cents to $ 47.62 per barrel. A Jan. 4 meeting of the OPEC+ group also looms over the market. The group is tapering record…
Read MoreCrude Oil Oil prices inched higher on Thursday, helped by late-day buying in a low-volume session to close out the week. Brent crude futures for February settled 9 cents higher at $51.29 a barrel, while WTI futures rose 11 cents to $ 48.23 per barrel. The market built gains overnight as Britain and the European Union reached a post-Brexit trade deal, reversed those gains, and then rebounded during the U.S. session to end modestly higher.…
Read MoreCrude Oil Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates. Brent crude futures for February settled $1.12 higher at $51.20 a barrel, while WTI futures rose $1.10 to $ 48.35 per barrel. The number of Americans filing first-time claims for unemployment benefits unexpectedly fell last week improving investor sentiment. A falling U.S. dollar also supported prices. Malaysia’s Petronas has declared force majeure on its…
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