Crude Oil Oil prices rose about 1% on Thursday in a late afternoon rally the reasons for which are not exactly clear. Brent crude gained 49 cents to settle at $59.91 a barrel. WTI crude rose 55 cents to $53.07 / bbl. News sources attribute the rise to the fall in product inventories, but a series of weak economic figures would seem to bely that. Adding to concerns about the global economy, and therefore energy…
Read MoreCrude Oil Oil rose on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December. Brent crude lost gained 68 cents to settle at $59.42 a barrel. WTI crude rose 55 cents to $53.07 / bbl. Oil prices pared gains in post-settlement trade after industry data showed a larger-than-expected increase in U.S. oil stocks. US and Chinese trade negotiators are working on nailing down a Phase 1…
Read MoreCrude Oil Oil prices continued to fall on Tuesday as the IMF slashed 2019 global growth rate to 3%, the lowest since 2009. Brent crude lost 61 cents to settle at $58.74 a barrel. WTI crude fell 78 cents to $58.74 / bbl. Earlier in the session, both Brent and WTI fell by more than $1 a barrel following a report overnight that China’s factory gate prices in September declined at the fastest pace in…
Read MoreCrude Oil Oil prices gave up most of Friday’s gains on Monday as details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Brent crude shed $ 1.16 to settle at $59.35 a barrel. WTI crude settled $ 1.11 cents lower at $53.59 / bbl. Initial optimism that the trade negotiations would prove successful faded, as China indicated further discussions were needed and U.S.…
Read MoreCrude Oil Oil prices rose more than 2% on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia. Brent crude gained $ 1.41 to settle at $60.51 a barrel. WTI crude settled $ 1.15 higher at $54.70 / bbl. Brent rose 3.7% for the week, while WTI gained 3.6%, their first weekly gains in three weeks. The gains were tempered by the International Energy Agency’s forecast…
Read More