Crude Oil Oil prices rose about 3 percent on Friday on a slew of supportive factors. Brent crude oil futures gained $1.91 to settle at $62.75 a barrel, while WTI crude futures rose 1.47 cents to settle at $55.26 a barrel. The first impetus was provided in the US morning with upbeat U.S. jobs data. Prices extended gains after weekly data showed U.S. drillers cut the number of oil rigs. Prices climbed to session highs after…
Read MoreCrude Oil U.S. crude prices settled lower on Thursday as uncertainty about trade overtook bullish news about production cuts. Brent crude oil futures gained 24 cents to settle at $61.89 a barrel, while WTI crude futures fell 44 cents to settle at $53.79 a barrel. U.S. President Donald Trump said on Thursday he would either strike a very big trade deal with China or “postpone” it, which sent oil traders scrambling to sell in the last…
Read MoreCrude Oil Concerns about supply disruption due to sanctions on Venezuela continued to push oil up yesterday. Brent crude oil futures gained 33 cents to settle at $61.65 a barrel, while WTI crude futures rose 92 cents to settle at $54.23 a barrel. The fight to control Venezuela, which has the world’s largest oil reserves, has intensified with the new sanctions aimed at driving President Nicolas Maduro from power. The sanctions aim to freeze sale proceeds…
Read MoreCrude Oil Oil prices gained more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude exports and relieve some global oversupply worries. Brent crude oil futures rose $1.39 to settle at $51.32 a barrel, while WTI crude futures rose $1.32 to settle at $53.31 a barrel. The impact of the sanctions could be far reaching as Venezuela is…
Read MoreCrude Oil Oil fell about 3 percent on Monday, its biggest one day percentage drop in a month, after an increase in U.S. crude drilling pointed to further supply growth amid continuing concerns about a global economic slowdown. Brent crude oil futures sank $1.71 to settle at $59.93 a barrel, while WTI crude futures slumped $1.70 to settle at $51.99 a barrel. The last time both crude benchmarks saw bigger daily percentage drops was on…
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