Crude Oil Oil prices recovered a little on Friday, partly in response to economic stimuli and partly in response to short covering. Brent crude futures rose 63 cents to settle at $33.85 a barrel. WTI futures rose 23 cents to settle at $31.73 a barrel. The rare combination of severe shocks to both supply and demand has caused the crude market to collapse as producers around the world steel themselves for an unexpected glut of…
Read MoreCrude Oil Brent crude slid 7% on Thursday after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of the Covid 19 virus in the US. Brent crude futures fell $2.57 to settle at $33.22 a barrel. WTI futures fell $1.48 to settle at $31.50 a barrel. The six-month Brent contango spread from May to November widened to as much as $7.31 a…
Read MoreCrude Oil Oil prices fell 4% on Wednesday after the World Health Organization said the global coronavirus outbreak is now a pandemic. Brent crude futures fell $1.43 to settle at $35.79 a barrel. WTI futures fell $1.38 to settle at $32.98 a barrel. At a global level, the death toll from the COVID-19 in rose to 4,633 (+338 DoD) yesterday, with the total number of confirmed infections at 126,367 (+7,188 DoD). The growth factor of…
Read MoreCrude Oil Oil prices rebounded over 8% on Tuesday as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.. Brent crude futures $2.86, or 8.3%, to settle at $37.22 a barrel. WTI futures rose $3.23, or 10.4%, to settle at $34.36 a barrel. On Monday, U.S. President Donald Trump pledged “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak.…
Read MoreCrude Oil Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply. Brent crude futures fell $10.91, or 24.1%, to settle at $34.36 a barrel. WTI futures fell $10.15, or 24.6%, to settle at $31.13 a barrel. The front month Brent contract fell by as much as 31% earlier in the…
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