Crude Oil Oil dropped towards $50 a barrel on Tuesday as the impact of the new virus strain continued to worry investors. Brent crude futures for February settled 83 cents lower at $50.08 a barrel, while WTI futures fell 72 cents to $ 47.25 per barrel. Apart from the impact of the new virus strain, we had already pointed out that crude prices had reached pre Covid levels without demand being anywhere close to the…
Read MoreCrude Oil Oil prices tumbled nearly 3% on Monday as a fast-spreading new coronavirus strain sparked worries about a slower recovery in fuel demand. Brent crude futures for February settled $1.35 lower at $50.91 a barrel, while the Jan WTI futures expired $1.36 lower at $47.74 a barrel. The more active February future fell $ 1.27 to $ 47.97 per barrel. Both contracts had lost as much as $3 earlier in the session, their biggest daily drop…
Read MoreCrude Oil Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains. Brent crude futures for February settled 76 cents higher at $52.26 a barrel, while WTI futures settled up 74 cents at $49.10 a barrel. Exports and transit of Russian oil in the Q1’21 were planned at 62.1 MMT vs 62.4 MMT in Q4’20, a quarterly export schedule seen by Reuters showed on Friday. On a daily basis oil exports will rise…
Read MoreCrude Oil Oil prices continued to climb on Thursday and touched a nine month high. Brent crude futures for February settled 42 cents higher at $51.50 a barrel, while WTI futures settled up 54 cents at $48.36 a barrel. We see this rise in prices as a combination of a weakening US dollar as well as exiting of shorts. U.S. lawmakers edged closer to agreement on a $900 billion virus-relief spending package on Wednesday. Saudi…
Read MoreCrude Oil Oil prices edged higher on Wednesday. Brent crude futures for February settled 32 cents higher at $51.08 a barrel, while WTI futures settled up 20 cents at $47.82 a barrel. Libya’s es-Sider and Zueitina oil terminals were closed on Wednesday due to bad weather, the NOC said. Terminals in Ras Lanuf and Brega could also be affected should the situation persist for another 72 hours, risking production levels because of limited storage capacity…
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