Crude Oil Oil prices were mixed on Monday, as the production-cut deal inked by OPEC+ was not enough to assuage existing worries about the demand destruction. While Brent futures rose 26 cents to settle at $31.74 a barrel, WTI crude futures slipped 35 cents to settle at $22.41, its lowest since April 1. Saudi Arabia, on Monday, also set its May official selling prices (OSP) for crude, selling oil to Asia more cheaply and keeping…
Read MoreCrude Oil Oil prices tumbled on Thursday on doubts that a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic. Brent crude futures fell $ 1.36 to settle at $ 31.48 /bbl. WTI futures fell $ 2.33 to $22.76 a barrel. After a week-long marathon of bilateral calls, OPEC+ members have agreed to cut production by a record large 9.7 mb/d from May 1.…
Read MoreCrude Oil Oil futures strengthened late in the session on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement on Thursday. Brent crude futures rose 97 cents to settle at $ 32.84 /bbl. WTI futures rose $1.46 to $25.09 a barrel. Brent turned negative briefly, after U.S. government data showed crude inventories last week soared by a record 15.2 million barrels, even as production was cut by 600 kbpd…
Read MoreCrude Oil Oil slumped on Tuesday as investors also grew cautious over expectations that the world’s biggest producers would quickly agree on output cuts.. Brent crude futures fell $ 1.18 to settle at $ 31.87 /bbl. WTI futures fell $2.45 to $23.63 a barrel. U.S. President Donald Trump on Monday said OPEC had not asked him to push domestic oil producers to cut production to buttress prices. He also said U.S. output was already declining…
Read MoreCrude Oil Oil prices slumped on Monday after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply.. Brent crude futures fell $ 1.06 to settle at $ 33.05 /bbl. WTI futures rose $2.26 to $26.08 a barrel. The OPEC+ group is working on a deal to cut production by about 10% of world supply, or 10 mbpd, but members states want that to be a global effort, one…
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