Crude Oil Oil futures gave up early gains and settled narrowly mixed on Thursday, as OPEC and its partner Russia gave mixed signals about possible further output cuts. Brent futures fell 35 cents to settle at $54.93 a barrel. WTI crude futures rose 20 cents to settle at $50.95 a barrel. Both contracts rose more than $1 a barrel early, then pared gains as traders waited to see whether Russia was on board with possible…
Read MoreCrude Oil Oil prices jumped about 2% on Wednesday on media reports that a vaccine for the coronavirus would be developed soon. Brent futures rose $1.32 to settle at $55.28 a barrel. WTI crude futures rose $1.14 to settle at $50.75 a barrel. The death toll from a new coronavirus in mainland China to 564 (+73 DoD) on Thursday, its third consecutive record daily rise, with 10 more cases reported on cruise ship off Japan.…
Read MoreCrude Oil Oil prices continued to drop, ceding an additional 1% on Tuesday as containment of the coronavirus continued to look doubtful. Brent futures fell 49 cents to settle at $53.96 a barrel. WTI crude futures fell 50 cents to settle at $49.61 a barrel. In early trading, prices bounced higher on hopes of further output cuts from the OPEC+ group. However, they retraced as such cuts may not be sustainable. The producer group could…
Read MoreCrude Oil Oil prices fell to their lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand. The new Brent crude front month contract fell $2.17 to settle at $54.45 a barrel. WTI crude futures fell $1.45 to settle at $50.12 a barrel. WTI briefly breached $50 /bbl, touching a session low of $49.91, also the lowest since January 2019. The U.S. crude’s discount to Brent narrowed to as little…
Read MoreCrude Oil Oil prices fell on Friday and were on track for a fourth straight weekly loss on mounting worries about economic damage from the coronavirus. Brent crude futures fell 13 cents to settle at $58.16 a barrel. WTI crude futures fell 58 cents to settle at $51.56 a barrel. For the week, Brent lost 4% while WTI lost 4.8% Global equity markets were poised for their first monthly loss since August and Wall Street’s…
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