Crude Oil Oil prices fell 1% on Thursday as new infections of the novel coronavirus continue to surge in the United States. Brent crude futures settled at $43.37 a barrel, up 42 cents. U.S. West Texas Intermediate settled down 45 cents at $40.75 a barrel. In a sign of recovery, China’s refinery daily crude oil throughput in June climbed 9% from a year earlier to 57.87 million tonnes (14.1 mbpd), reaching its highest level on…
Read MoreCrude Oil Oil prices rose 2% on Wednesday, supported by a sharp drop in U.S. crude inventories. Brent crude futures settled at $43.79 a barrel, up 89 cents. U.S. West Texas Intermediate settled up 91 cents at $41.20 a barrel. Prices were also supported by promising early data for a potential COVID-19 vaccine. The OPEC+ group agreed on Wednesday to ease oil supply curbs from Aug’20 to 7.7 MB/D until Dec’20. However, effective curbs would…
Read MoreCrude Oil Oil prices rose slightly on Tuesday.. Brent crude futures settled at $42.90 a barrel, up 18 cents. U.S. West Texas Intermediate settled up 19 cents at $40.29 a barrel. Global oil demand will soar by a record 7 MB/D in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. The US President on Tuesday ordered an end to Hong Kong’s…
Read MoreCrude Oil Oil prices slipped about 1% on Monday after global coronavirus cases rose by a record daily amount and on growing U.S. and European tension with China. Brent crude futures settled at $42.72 a barrel, down 52 cents. U.S. West Texas Intermediate settled down 45 cents at $40.10 a barrel. The market also remained on edge due to growing U.S. and European disputes with China. The European Union said it is preparing counter-measures on…
Read MoreCrude Oil Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast. Brent crude futures settled at $43.24 a barrel, up 89 cents. U.S. West Texas Intermediate settled up 93 cents at $40.55 a barrel. U.S. crude was little changed on the week while Brent notched a weekly gain of about 1%. The Paris-based IEA raised its demand forecast to 92.1 million barrels per day…
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