Crude Oil Oil prices fell 2% on Thursday on weak US jobless numbers and the continuing surge in coronavirus cases. Brent crude settled 98 cents lower at $43.31 per barrel, while WTI fell 83 cents to $41.07 a barrel. The price decline came despite the benefit of a drop in the dollar to a near 22-month low. The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly…
Read MoreCrude Oil Oil prices were virtually unchanged notwithstanding escalating tensions between the US and China and a large crude stock build in the US. Brent crude 3 cents lower at $44.29 per barrel, while WTI fell 6 cents to $41.90 a barrel. The US gave China 72 hours to close its consulate in Houston amid accusations of spying, marking a dramatic deterioration in relations between the world’s two biggest economies. Adding to pressure were signs…
Read MoreCrude Oil Oil prices hit their highest level in more than four months on Tuesday with a boost from a European Union stimulus deal. Brent crude settled up $1.04 at $44.32 per barrel, while WTI rose $1.15 to $41.96 a barrel. Oil was buoyed by an agreement among European Union leaders on a 750 billion-euro ($859 billion) fund to prop up coronavirus-hit economies. The EU deal allows the European Commission to raise billions of euros…
Read MoreCrude Oil Oil prices ended Monday slightly higher as a flurry of announcements about a potential COVID-19 vaccine cheered traders. Brent crude settled up 14 cents at $43.28 per barrel, while WTI rose 22 cents to $40.81 a barrel. Prices found support after three groups said their potential vaccines showed promising results. An experimental coronavirus vaccine being developed by AstraZeneca and Britain’s University of Oxford was safe and produced an immune response in early-stage clinical…
Read MoreCrude Oil Oil prices edged lower on Friday as concerns about the surge in coronavirus cases. Brent crude futures settled at $43.14 a barrel, down 23 cents. U.S. West Texas Intermediate settled down 16 cents at $40.59 a barrel. Both contracts were little changed from a week earlier. Fuel demand has broadly recovered from a 30% drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases…
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