Crude Oil Oil prices surged more than 10% on Wednesday after U.S. crude stockpiles grew less than expected and gasoline posted a surprise draw. Brent futures settled $2.08 higher at $22.54 /bbl. WTI rose $2.72 to settle at $15.06 /bbl. Regulators in Texas, the biggest U.S. oil producing state, will vote on May 5 whether to enact output cuts. Officials in North Dakota and Oklahoma are also examining possible cuts. That would add to production…
Read MoreCrude Oil Market prices were mixed on Tuesday. Brent futures settled 47 cents higher to settle at $20.46 /bbl. WTI fell 44 cents to settle at $12.34 /bbl. Globally, storage onshore was estimated to be about 85% full as of last week. Texas energy regulators will next week vote on a controversial proposal to reduce the state’s oil output after delaying it due to concerns about legal challenges. As U.S. crude output continues to fall,…
Read MoreCrude Oil Brent crude fell below $20 a barrel and U.S. crude plunged 25% on Monday. Brent futures settled $1.45 higher to settle at $19.99 /bbl. WTI fell $4.16 to settle at $12.78. The fear of lack of available storage is driving oil prices lower. Economic concerns continue to plague the market. Global economic output is expected to contract by 2% this year – worse than the financial crisis – while demand has collapsed by…
Read MoreCrude Oil Oil prices rose on Friday, bringing an end to another week of losses. Brent futures settled 11cents higher to settle at $21.44 /bbl. WTI rose 44 cents to settle at $16.94. Oil futures marked their third straight week of losses, with Brent ending down 24% and WTI off around 7%. Traders expect demand to fall short of supply for months due to the economic disruption caused by the pandemic. Producers may not be…
Read MoreCrude Oil Oil prices continued their recovery for a second day after major oil-producing nations said they would accelerate planned production cuts. Brent futures settled 96 cents higher to settle at $21.33 /bbl. WTI rose $2.72 to settle at $16.50. Kuwait said on Thursday it had begun cutting oil supply to the international market, ahead of the May 1 date when the deal was supposed to take effect. Azerbaijan’s BP-led ACG project will have to…
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