Crude Oil Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut. Brent crude rose $ 1.69 to settle at $42.22 a barrel, while WTI crude rose $1.88 to settle at $40.16 per barrel. Sally, which made landfall on the U.S. Gulf Coast as a Category 2 hurricane, also boosted oil prices as more than…
Read MoreCrude Oil Oil prices rose more than 2% on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude rose 92 cents to settle at $40.53 a barrel, while WTI crude rose $1.02 to settle at $38.28 per barrel. Futures gained ahead of Hurricane Sally’s expected landfall on the U.S. Gulf Coast. More than a quarter of U.S. offshore…
Read MoreCrude Oil Oil prices ended up mixed on Friday as Brent settled below $ 40 for the second time in the week. Brent crude fell 23 cents to settle at $39.83 a barrel, while WTI crude rose 3 cents to settle at $37.33 per barrel. Both Brent and WTI lost about 6% this week as market hopes for a quick recovery started diminishing. Energy producers and communities along the US Gulf Coast organized evacuations of…
Read MoreCrude Oil Oil prices slid nearly 2% on Thursday after U.S. data showed a surprise build in crude stockpiles last week. Brent crude fell 73 to settle at $40.06 a barrel, while WTI crude 75 to settle $37.30 per barrel. Iraq lowered its crude oil output in Aug’20 to 3.578 MB/D, but remained above its 3.404 MB/D quota. This includes 3.122 MB/D of federally controlled output and 456 KB/D from the KRG, which is unwilling to…
Read MoreCrude Oil Oil futures on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand. Brent crude rose $1.01 to settle at $40.79 a barrel, while WTI crude rose $1.29 to settle $38.05 per barrel. The US EIA on Wednesday cut its 2020 world oil demand growth forecast by 210 KB/D to 8.32 MB/D.…
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