Crude Oil Oil prices plummeted on Friday as the 3 year OPEC+ alliance with Russia ended in acrimony. Brent crude futures dropped $4.73 to settle at $45.27 a barrel. WTI futures fell $ 4.62 to settle at $41.28 a barrel. It was Brent’s lowest closing price since June 2017 and lowest percentage loss (9.4%) since December 2008. WTI posted its lowest close since August 2016 and largest daily percentage loss since November 2014. Over the…
Read MoreCrude Oil Oil prices fell on Thursday as the Covid 19 epidemic showed no signs of slowing. Brent crude futures dropped $1.14 to settle at $49.99 a barrel. WTI futures fell 88 cents to settle at $45.90 a barrel. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 mbpd in the second quarter, its deepest cut since the 2008 financial crisis. The group made its action conditional on Russia…
Read MoreCrude Oil Crude oil prices ended lower on Wednesday, giving up early gains as major oil producers, including Saudi Arabia, struggled to bring Russia on board for deeper supply cuts. Brent crude futures dropped 73 cents to settle at $51.13 a barrel. WTI futures fell 40 cents to settle at $46.78 a barrel. At a global level, the death toll from the COVID-19 in rose to 3285 (+82 DoD) yesterday, with the total number of…
Read MoreCrude Oil Oil Prices ended up mixed on Tuesday. Brent crude futures dipped 4 cents to settle at $51.86 a barrel. WTI futures rose 43 cents to settle at $47.18 a barrel. The Feds efforts to stimulate the U.S. economy and OPEC’s planned rate cuts staunched some of the losses on Tuesday, as heavy volumes were traded. On Tuesday 399,600 contracts for the Brent front-month and 971,000 for WTI changed hands. That compares with 417,555…
Read MoreCrude Oil Oil prices rose over 4% on Monday as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak. Brent crude futures gained $2.23, or 4.5%, to settle at $51.90 a barrel. rose $1.99, or 4.5%, to settle at $46.75 a barrel. Brent’s session low of $48.40 was its lowest since July 2017. while WTI ‘s low of $43.32 a…
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