Crude Oil Panic in the oil markets extended into a second day and seems to have cast a gloom that is not likely to lift any time soon. While Brent futures settled $6.24 lower to settle at $25.57 /bbl losing about 24% of its value. This is its lowest settle since February, 2002. The June WTI contract fell $8.86, or 43%, to settle at $11.57. The May contract, which expired on Tuesday, rebounded from its…
Read MoreCrude Oil The oil markets witnessed one of the most extraordinary trading days in the history of any commodity as WTI settled deep into negative territory as holders of futures were willing to pay money to avoid having to take delivery. While Brent futures settled $2.52 lower to settle at $25.57 a barrel, the expiring WTI crude futures contract plunged $55.90 to -$ 37.63 barrel. The June contract, which, while weak, still ended the day at…
Read MoreCrude Oil Oil prices ended little changed on Thursday after OPEC’s lowering of its global demand forecast for 2020 was offset by some European countries saying they would relax coronavirus restrictions. Brent futures gained 13 cents to settle at $27.82 a barrel, WTI crude futures stayed unchanged to settle at $19.87, its second continuous sub $20 close. At the end of the trading day, Saudi Arabia and Russia, in a joint statement, said they would…
Read MoreCrude Oil U.S. crude prices fell to an 18-year low and Brent lost more than 6% on Wednesday after the United States reported its biggest weekly inventory build on record. Brent futures fell $ 1.91 to settle at $27.69 a barrel, WTI crude futures fell by 24 cents to settle at $19.87, its lowest close since February 2002. The IEA forecast oil demand would dive 29 million barrels a day in April to levels unseen in 25 years and…
Read MoreCrude Oil Oil prices dropped sharply as investors bet that the global supply cuts would not be sufficient to offset global demand destruction. Brent futures fell $ 2.14 to settle at $29.60 a barrel, WTI crude futures fell $ 2.30 to settle at $20.10. Oman’s Oil and Gas Ministry said Tuesday it will reduce oil production by 23% in May’20 and Jun’20 to comply with the OPEC+ cuts agreed to on Sunday. The drop is…
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