Crude Oil Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag down demand. Brent crude futures fell 23 cents to settle at $42.93 a barrel, and WTI crude futures dropped 8 cents to settle at $40.88 a barrel. Brent rose 0.2% for the week, while WTI was on track to gain 0.7%. The OPEC+ group fears a prolonged…
Read MoreCrude Oil Oil prices eased on Thursday as new restrictions to stem a surge in COVID-19 infections dimmed the outlook for economic growth and fuel demand. Brent futures fell 16 cents to settle at $43.16 per barrel. WTI futures fell 8 cents to settle at $40.96 per barrel. Earlier in the day, both benchmarks were down more than $1 a barrel. However, large product draws inspired a comeback in prices. US Gulf offshore shut crude…
Read MoreCrude Oil Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September. Brent futures rose 87 cents to settle at $43.32 per barrel. WTI futures rose 84 cents to settle at $41.04 per barrel. OPEC+ compliance with a pact to cut oil supply in Sep’20 was seen at 102%, two OPEC+ sources told Reuters. OPEC conformity with the oil output reduction in Sep’20…
Read MoreCrude Oil Oil prices rebounded on Tuesday, supported by robust economic data from China. Brent futures rose 73 cents to settle at $42.45 per barrel. WTI futures rose 77 cents to settle at $39.43 per barrel. The IEA said in its World Energy Outlook that in its central scenario a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023. World oil demand will rise by 6.54 MB/D…
Read MoreCrude Oil Oil prices settled about 3% lower on Monday as force majeure at Libya’s largest oilfield was lifted and U.S. producers began restoring output after Hurricane Delta. . Brent futures fell $ 1.13 to settle at $41.72 per barrel. WTI futures fell $ 1.17 to settle at $39.43 per barrel. Production in Libya is expected to rise to 355 kbpd after force majeure at the Sharara oilfield was lifted on Sunday. Hurricane Delta, which…
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