Crude Oil Oil futures steadied on Monday as rising U.S.-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts. Brent futures rose 48 cents to settle at $38.32 a barrel. U.S. crude fell 5 cents to settle at $35.44 a barrel. Prices found support after news that the OPEC+ group, were moving closer to a compromise on extending oil output cuts…
Read MoreCrude Oil Oil prices soared on Friday, with U.S. futures closing out May with record monthly gains, on hopes that the U.S.-China trade deal would remain intact. The front month Brent contract rose by $1.81 to $37.84 a barrel. The July Brent contract expired 4 cents higher at 35.33. WTI crude futures rose by $1.78 to $35.49 a barrel. Both benchmarks saw steep monthly rises due to falling global production and expectations for demand growth…
Read MoreCrude Oil Oil prices rose notwithstanding a surprise build in US Crude and Distillate inventories. Brent rose by 55 cents to $35.59 a barrel. The Brent front month contract expires today. WTI crude futures rose by 90 cents to $33.71 a barrel. The move in U.S. crude narrowed Brent’s premium over WTI to its lowest since mid-April. Oil prices have rebounded in recent weeks on anticipation of improved demand after the coronavirus pandemic sapped worldwide…
Read MoreCrude Oil Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong. Brent fell $ 1.65 to $34.52 a barrel. WTI crude futures fell $1.54 to $32.81 a barrel. Tensions between the United States and China continued to rise after China announced plans to impose new national security legislation on Hong Kong, prompting protests in the street. U.S. Secretary…
Read MoreCrude Oil Oil prices rose on Tuesday, supported by signs that producers are following through on commitments to cut supplies. Brent rose to settle $36.17 a barrel, up 64 cents. WTI crude futures rose $1.10, or 3.3%, to settle at $34.35 a barrel. On Monday, Russia’s energy ministry quoted Novak as saying that a rise in fuel demand should help cut a global surplus of about 7 million to 12 million bpd by June or July.…
Read More