Crude Oil Oil prices rose more than 1% on Wednesday following a drawdown in U.S. crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains. Brent crude rose 76 cents to settle at $42.03 a barrel. U.S. crude rose 55 cents to settle at $39.82 a barrel. Improving global economic activity supported prices as well. U.S. manufacturing activity rebounded in June, hitting its highest level…
Read MoreCrude Oil Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production. Brent crude eased 56 cents to settle at $41.15 a barrel. U.S. crude fell 43 cents to settle at $39.27 a barrel. Libya is trying to resume exports, which have been almost entirely blocked since January due to civil war. The state’s oil company hopes talks…
Read MoreCrude Oil Oil prices rose on Monday on the back of positive economic news from the Euro zone. Brent crude gained 69 cents to settle at $41.71 a barrel. U.S. crude rose $1.21 to settle at $39.70 a barrel. The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May. However,…
Read MoreCrude Oil Oil prices settled lower on Friday as new coronavirus cases spiked in the United States and China. Brent crude settled at $40.91 a barrel, down 3 cents. WTI crude futures settled at $38.49 a barrel, down 23 cents. Earlier gains, supported by optimism over rising road traffic boosting fuel demand, were erased in U.S. trading on fears that spiking COVID-19 infections in large gasoline-consuming U.S. states could stall the demand recovery. Profits at…
Read MoreCrude Oil Oil prices rose about 2% in a volatile session on Thursday, buoyed by signs of a marginal improvement in the U.S. economy and a tepid rise in fuel demand, but price gains were limited by rising cases of COVID-19 in some U.S. states. Brent crude settled at $41.05 a barrel, up 74 cents. WTI crude futures settled at $38.72 a barrel, up 71 cents. Oil prices fell early, then found support as data…
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