Crude Oil Oil prices rose on Monday as storms headed for the Gulf of Mexico shut more than half of the region’s offshore production. Brent crude rose 78 cents to settle at $45.13 a barrel, while WTI rose 28 cents to $42.62 per barrel. Energy companies moved to cut production at US Gulf Coast oil refineries on Monday, shutting more than 1.5 MB/D, nearly 82% of the area’s offshore crude oil output, and 14% of…
Read MoreCrude Oil Oil prices lost about 1% on Friday as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns. Brent crude fell 55 cents to settle at $44.35 a barrel, while WTI fell 86 cents to $42.34 per barrel. Brent fell about 1% for the week, while WTI saw a weekly rise of nearly 1%. The euro zone’s economic recovery from its deepest downturn on record stalled this month as pent-up…
Read MoreCrude Oil Oil fell 1% on Thursday after the number of U.S. unemployment benefit claims rose unexpectedly, signaling a slow economic recovery. Brent crude fell 47 cents to settle at $44.90 a barrel, while the expiring WTI fell 35 cents to $42.58 per barrel. The October contract settled 29 cents lower at $42.82 a barrel. OPEC+ said on Wednesday the pace of the oil market recovery appeared to be slower than anticipated with growing risks…
Read MoreCrude Oil Oil prices were uncertain but largely unchanged as soft US fuel demand as well as Covid-19 fears lingered. Brent crude fell 9 cents to settle at $45.37 a barrel, while WTI rose 4 cents to $42.93 per barrel. The U.S. central bank is considering policy tweaks that could sustain aggressive stimulus measures. Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter, the Saudi Energy minister said, while urging compliance…
Read MoreCrude Oil Oil prices stayed steady on Tuesday. Brent crude rose 9 cents to settle at $45.46 a barrel, while WTI closed unchanged at $42.89 per barrel. US upstream operators that slashed activity nearly six months ago appear eager to resume more normalized activity, but assorted headwinds that include low oil prices and wariness of financially over-extending themselves make meaningful oil production growth unlikely in the next year, top industry experts said Tuesday. The U.S. Congress…
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