Crude Oil Oil prices settled higher on Wednesday even as crude and distillate stocks surged in the US. Brent crude futures settled at $43.29 a barrel, up 21 cents in the session. U.S. West Texas Intermediate settled up 28 cents at $40.90 a barrel. Both benchmarks have been moving in a band of less than 1% in either direction for the last four days. OPEC member Libya was adding to global supplies by reopening its…
Read MoreCrude Oil Oil prices settled little changed on Tuesday as demand concerns due to a new surge in coronavirus cases overshadowed U.S. government forecasts for lower production. Brent crude futures settled at $43.08 a barrel, down 2 cents in the session. U.S. West Texas Intermediate settled down 1 cent at $40.62 a barrel. Early in the session, the market popped because of the higher forecast demand, and more bullish jobs data. But the market gave…
Read MoreCrude Oil Oil futures ended largely steady on Monday as positive economic data supported prices. Brent crude rose 30 cents to settle at $43.10 a barrel. U.S. crude fell 2 cents to settle at $40.63 a barrel. U.S. services industry activity rebounded sharply in June, almost returning to its pre-COVID-19 pandemic levels. German data, however, showed that the recovery from COVID-19 will be slow and painful. Saudi Arabia’s state oil producer Aramco has increased official…
Read MoreCrude Oil Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall. Brent crude fell 38 centsto settle at $42.76 a barrel. U.S. crude fell 44 cents to settle at $40.21 a barrel. Brent marked a weekly gain of 4% even as the US was on a holiday. The rise in cases suggested U.S. jobs growth, which jumped in June, could suffer a…
Read MoreCrude Oil Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment. Brent crude rose $ 1.11 to settle at $43.14 a barrel. U.S. crude rose 83 cents to settle at $40.65 a barrel. U.S. non-farm payrolls increased by 4.8 million in June, beating expectations, even as permanent job losses rose. US energy firms cut 3 oil rigs in the week to 2 Jul’20 to total 185 (-603 YoY), the…
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