Crude Oil Oil prices extended losses to a second day on Tuesday after the OPEC+ group postponed its meeting on extending production cuts. Brent crude fell 37 cents to $47.42 per barrel. WTI futures fell 19 cents to settle at $44.55 a barrel. The UAE came out of OPEC heavyweight Saudi Arabia’s shadow this week by demanding better adherence with oil supply cuts, effectively delaying the latest strategy decision by OPEC and its allies by a few…
Read MoreCrude Oil Oil edged lower on Monday on uncertainty about whether the world’s major oil producers would agree to extend its deep output cuts at talks this week. Brent crude January futures expired 59 cents lower at $47.59 a barrel, while the February contract fell 46 cents to $47.79. WTI futures fell 19 cents to settle at $45.34 a barrel. The day’s decline came after a strong month for crude benchmarks, which jumped about 27% in their biggest…
Read MoreCrude Oil Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week. Brent crude January futures rose 38 cents to settle at $48.18 a barrel, while the more active February contract gained 46 cents to $48.25. WTI futures fell 18 cents to settle at $45.53 a barrel. Brent rose 7.2% over the week, while WTI gained 8% for the week. The OPEC+ group…
Read MoreCrude Oil Oil prices retraced a bit after many days of consecutive rise as traders took profit over the long Thanksgiving Day weekend in the US. Brents future fell 81 cents to settle at $47.79 a barrel. WTI futures were trading around $45.05 per barrel. Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that COVID-19 vaccines will revive fuel demand. U.S. President-elect Joe…
Read MoreCrude Oil Oil prices climbed nearly 2% to their highest in more than eight months on Wednesday. Brents future rose 75 cents to settle at $48.61 a barrel. WTI January crude futures rose 80 cents to $45.71 per barrel. Brent has moved into backwardation, a sign of increased prospective demand. Brent futures for February delivery traded as much as 14 cents above the January contract, the highest since July, before settling at an 8-cent premium.…
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