Crude Oil Oil prices recovered a bit on Friday after dropping on Thursday due to the drop in US GDP. Brent crude settled 37 cents higher at $43.31 per barrel, while WTI rose 35 cents to $40.27 a barrel. OPEC oil output has risen by 970 KB/D MoM in Jul’20 to total 23.32 MB/D as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other…
Read MoreCrude Oil Oil prices rose on Wednesday after a steep drop in U.S. crude inventories. Brent crude settled 53 cents higher at $43.75 per barrel, while WTI rose 23 cents to $41.27 a barrel. The surge in US coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, as all FOMC members voted to leave the target range for short-term rates at 0% – 0.25%. The Trump…
Read MoreCrude Oil Oil prices retraced marginally on Tuesday. Brent crude settled 19 cents lower at $43.22 per barrel, while WTI fell 56 cents to $41.04 a barrel. Brent is still on track for a fourth monthly rise, and U.S. crude is expected to gain for a third month. This month, however, Brent crude has fallen deeper into contango, a sign of diminishing demand. October prices were as much as 53 cents per barrel above September…
Read MoreCrude Oil Oil prices continued their stilted rise on Monday with little other changes in ground conditions. Brent crude settled 7 cents higher at $43.41 per barrel, while WTI rose 31 cents to $41.60 a barrel. A weak U.S. dollar, which makes dollar-denominated commodities cheaper for holders of other currencies, also helped boost oil futures. The U.S. dollar index reached its lowest level since June 2018, hurt by domestic economic concerns and deteriorating U.S.-China relations.…
Read MoreCrude Oil Oil prices rose slightly on Friday as tensions between the United States and China limited gains. Brent crude settled 3 cents higher at $43.34 per barrel, while WTI rose 22 cents to $41.29 a barrel. U.S. business activity increased to a six-month high in July. U.S. companies, however, reported a drop in new orders as new COVID-19 cases spiked. India’s oil imports fell 28.5% YoY in Jun’20 to 3.2 MB/D, the lowest since…
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