Crude Oil Oil prices rose 3% in volatile trade on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020. Brent futures rose $1.24 to settle at $40.96 a barrel. WTI crude rose $1.26 to settle at $38.38 a barrel. The market was bolstered earlier when Wall Street opened higher after a record increase in May retail sales revived hopes of a swift post-pandemic economic rebound, with…
Read MoreCrude Oil Oil prices rose more than 2% on Monday as signs that fuel demand was recovering. Brent futures rose 99 cents to settle at $39.72 a barrel. WTI crude rose 86 cents to settle at $37.12 a barrel. An OPEC-led monitoring panel will meet on Thursday to discuss whether countries have delivered their share of output reductions. Also positive for prices, China’s crude oil throughput in May rose 8.2% from a year earlier as…
Read MoreCrude Oil Oil was little changed on Friday and logged a first weekly decline since April as new U.S. coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand. Brent futures rose 18 cents to settle at $38.73 a barrel. WTI crude fell 8 cents to settle at $36.26 a barrel. Both benchmarks logged weekly declines of about 8%, their first after six weeks of gains that have lifted prices…
Read MoreCrude Oil Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally. Brent futures $3.18 cents to settle at $38.55 a barrel. WTI crude fell $3.26 to settle at $36.34 a barrel. Brent and WTI posted their worst daily drops since April 21 and 27, respectively. The weakness extended to other asset classes. Equity markets dropped, with the S&P 500 Index…
Read MoreCrude Oil Oil prices rose on Wednesday in what seemed like speculative purchasing even as US crude inventories rose to a record high. Brent futures rose 55 cents to settle at $41.73 a barrel. WTI crude rose 66 cents to settle at $39.60 a barrel. Brent crude settled up 55 cents to $41.73 a barrel. U.S. West Texas Intermediate (WTI) rose 66 cents to $39.60 after falling more than 2% in the session. The U.S.…
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