Crude Oil Oil prices rose on Tuesday as optimism about production cuts battled fears about resurgence of coronavirus cases. Brent futures rose 38 cents to settle at $41.18 a barrel. WTI crude rose 75 cents to settle at $38.94 a barrel. Supportive for the market, Libya said it declared force majeure on some exports from its Sharara oilfield on Tuesday, after production was briefly halted by an armed group just days after output had resumed…
Read MoreCrude Oil Oil prices jumped further after the OPEC+ group agreed to extend their output curbs by an extra month. Brent futures rose $2.31 to settle at $42.30 a barrel. U.S. crude rose $2.31 to settle at $39.55 a barrel. For the week, Brent gained 19.2% while WTI gained 10.7% on the week. Both contracts have now been rising for 6 weeks in a row. The U.S. Labor Department reported a surprise fall in the…
Read MoreCrude Oil Oil prices were little changed in choppy trade on Thursday as investors awaited a decision from top crude producers on whether to extend output cuts. Brent futures rose 20 cent to settle at $39.99 a barrel. U.S. crude rose 12 cents to settle at $37.41 a barrel. The OPEC+, will meet on Saturday, 6 Jun’20, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC source. The source added that the meeting will…
Read MoreCrude Oil Oil ended slightly higher on Wednesday but remained below the session’s early highs above $40 a barrel, as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies. Brent futures rose 22 cent to settle at $39.79 a barrel. U.S. crude rose 48 cents to settle at $37.29 a barrel. Oil prices were supported by a drawdown in U.S. crude…
Read MoreCrude Oil Oil prices climbed by more than $1 a barrel on Tuesday as U.S. states begin to reopen after coronavirus lockdowns. Brent futures rose $1.25 to settle at $39.57 a barrel. U.S. crude rose $1.37 to settle at $36.81 a barrel. The gradual reopening of businesses in a growing number of U.S. states and countries after shelter-in-place mandates caused by the coronavirus pandemic also boosted fuel demand and aided oil prices. US shale…
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