Crude Oil Oil prices plunged 5% on Friday as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. Brent crude futures fell $1.41 to settle at $24.93 a barrel. WTI futures fell $1.09 to $21.51 a barrel. Both contracts posted a fifth straight weekly loss with Brent falling 8% and WTI more than 3%. Both contracts are down nearly two thirds this year. The Group of 20 major economies on…
Read MoreCrude Oil Oil prices dropped more than $1 a barrel on Thursday as a growing number of virus-related restrictions on travel slashed global fuel demand. Brent crude futures fell $1.05 to settle at $26.34 a barrel. WTI futures fell $1,89 to $22.60 a barrel. The head of the IEA said worldwide oil demand could drop as much as 20 million barrels per day, or 20% of total demand, as 3 billion people are currently under…
Read MoreCrude Oil U.S. crude prices settled higher on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package. Brent crude futures rose 24 cents to settle at $27.39 a barrel. WTI futures rose 48 cents to $24.49 a barrel. China is buying a record 1.6 million MT of Russian oil for loading at sea over the next four weeks, taking advantage of rock bottom prices for Russia’s flagship Urals grade combined with…
Read MoreCrude Oil Oil prices rose modestly on Tuesday, but settled off the day’s highs as gloom persisted in the markets. Brent crude futures rose 12 cents to settle at $27.15 a barrel. WTI futures for May rose 65 cents to $24.01 a barrel. Early in the session both Brent and WTI were trading up over 5%. U.S. gasoline futures , meanwhile, soared over 30% early day and closed up about 8%. However, the double whammy…
Read MoreCrude Oil Oil prices inched higher on Monday. Brent crude futures rose 5 cents to settle at $27.03 a barrel. WTI futures for May rose 73 cents to $23.36 a barrel. Both benchmarks traded in negative territory until late in the session. Crude futures were slightly stronger on hopes that government and central bank stimulus might boost world economies. US physical crude markets in Cushing, Oklahoma, on Monday signaled a prolonged period of oversupply, with prompt…
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