Crude Oil Oil prices edged higher on Tuesday as better-than-expected U.S. manufacturing activity data spurred hope for a post-pandemic economic recovery. Brent crude rose 30 cents to settle at $45.58 a barrel, while WTI rose 15 cents to $42.76 per barrel. US Gulf of Mexico offshore oil output on Tuesday was down by 525 KB/D, or 28.4% of the region’s daily production, the US Department of Interior reported, with 71 of the 643 manned platforms…
Read MoreCrude Oil Oil prices dropped on Monday as global demand remained below pre-COVID levels while U.S. production edged up. Brent crude fell 53 cents to settle at $45.28 a barrel, while WTI fell 36 cents to $42.61 per barrel. Brent still closed out August up 7.5% for a fifth successive monthly price rise. WTI logged a fourth monthly gain at 5.8% after hitting a five-month high of $43.78 a barrel on Aug. 26 when Hurricane…
Read MoreCrude Oil Oil prices eased on Thursday as the market expected a quick recovery for production platforms shuttered ahead of Hurricane Laura. Brent crude fell 55 cents to settle at $45.09 a barrel, while WTI fell 35 cents to $43.04 per barrel. The storm hit Louisiana early Thursday with 150 mile-per-hour (240 kph) winds, damaging buildings, knocking down trees and cutting power to more than 400,000 people in Louisiana and Texas. Its storm surge was…
Read MoreCrude Oil Oil prices steadied on Wednesday, pressured by worries about the demand outlook during the coronavirus pandemic but buoyed as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura. Brent crude fell 22 cents to settle at $45.64 a barrel, while WTI rose 4 cents to $43.39 per barrel. Laura intensified into a strong Category 4 hurricane on Wednesday as it raced over evacuated oil production platforms in the US…
Read MoreCrude Oil Crude oil prices rose to a five-month high on Tuesday as U.S. producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains. Brent crude rose 73 cents to settle at $45.86 a barrel, while WTI rose 73 cents to $43.35 per barrel. That was the highest closes for both benchmarks since March 5. U.S. producers cut crude output…
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