Crude Oil Oil prices jumped another 4% yesterday in sync with the stock markets as Trump appeared to make way for smooth transition. Brents future rose $3.66 to settle at $47.86 a barrel. WTI January crude futures rose $2.49 to $44.91 per barrel. The contracts closed at their highest since early March on Tuesday, after a three-day rally pushed prices up around 8%. Eni declared force majeure on exports of Nigerian Brass River crude oil…
Read MoreCrude Oil Oil prices settled up more than 2% on Monday, extending last week’s gains as the latest report of encouraging coronavirus vaccine trials had market anticipating a recovery in demand. Brents future rose 76 cents to settle at $44.20 a barrel. WTI January crude futures rose 52 cents to $42.42 per barrel. The contango structure in the market narrowed to as little as 31 U.S. cents, its smallest since mid June. Iraq, OPEC’s second largest oil producer, has nearly reached…
Read MoreCrude Oil Oil prices rose about 1% on Friday and posted a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials. Brents future rose 76 cents to settle at $44.20 a barrel. WTI January crude futures rose 52 cents to $42.42 per barrel. Both benchmarks gained about 5% this week. India plans to nearly double its oil refining capacity in the next five years, earlier than expected. The country’s energy minister was quoted in…
Read MoreCrude Oil Oil prices were slightly lower as uncertainty continues to dog the markets. Brents future dipped 14 cents to settle at $44.20 a barrel. WTI crude futures eased 8 cents to $41.74 per barrel. On the positive side, the Brent price contango was at its shallowest in more than four months. This suggests concerns about a glut are easing. But concerns about the demand outlook persist. Japan’s manufacturing decline sped up in Nov’20, with…
Read MoreCrude Oil Oil prices firmed by about 1% on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output. Brents future rose 59 cents to settle at $44.34 a barrel. WTI crude futures rose 39 cents to $41.82 per barrel. The OPEC+ group had met on Tuesday to discuss the ongoing situation but made no formal recommendation on adjustments to their agreement on output cuts. Saudi Arabia’s crude oil exports rose for…
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