Crude Oil Oil prices settled higher on Monday after the U.S. said China is in compliance with the first phase of the two nations’ trade deal. Brent crude rose 41 cents to settle at $45.37 a barrel, while WTI rose 88 cents to $42.89 per barrel. US oil output from seven major shale formations is expected to fall 20 KB/D bpd in Sep’20 to about 7.56 MB/D, according to a monthly EIA report. The JMMC of…
Read MoreCrude Oil Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns. Brent crude fell 16 cents to settle at $44.96 a barrel, while WTI fell 23 cents to $42.01 per barrel. For the week, Brent was up 0.9% and WTI gained 1.9%. China’s refinery output hit a record high of 59.56 million tonnes (or 14.03 million barrels per day) in July, up 12% from the same…
Read MoreCrude Oil Oil prices eased on Thursday after the IEA lowered its 2020 oil demand forecast. Brent crude fell 47 cents to settle at $44.96 a barrel, while WTI fell 43 cents to $42.24 per barrel. Resilience in equities markets and a weak dollar, however, limited losses. The IEA cut its 2020 oil demand forecast on Thursday by 140 KB/D to 91.9 MB/D, warning that reduced air travel due to the coronavirus pandemic would lower global oil…
Read MoreCrude Oil Crude prices rose more than 2% on Wednesday. Brent crude rose 93 cents to settle at $45.43 a barrel, while WTI rose $ 1.06 to $42.67 per barrel. The EIA’s downward revision on Tuesday to a key U.S. oil production forecast for this year lent support to prices. World oil demand will fall by 9.06 million bpd this year, OPEC said in its monthly report on Wednesday, more than the 8.95 million bpd decline expected a month ago.…
Read MoreCrude Oil Oil prices fell about 1% on Tuesday after rising earlier in the session. Brent crude fell 49 cents to settle at $44.50 a barrel, while WTI fell 33 cents to $41.61 per barrel. President Vladimir Putin claimed on Tuesday Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine. Signs of recovering Asian oil demand helped market sentiment. China’s factory deflation eased in July adding to…
Read More