Crude Oil Oil prices rose on Wednesday, recovering somewhat from a sharp selloff during the previous session, after U.S. data showed strong demand for refined products. Brent crude futures rose 98 cents to settle at $57.24 a barrel, a 1.74 percent gain. U.S. crude gained 96 cents to settle at $47.20 a barrel. The market drew heart from diesel demand numbers which are the highest since January 2003. Nevertheles, sentiment remained negative as investors grappled…
Read MoreCrude Oil Oil prices tumbled more than 5 percent on Tuesday in heavy trade due to fears of oversupply and deteriorating demand. Brent crude oil fell $3.35 cents to settle at $56.26 per barrel. U.S. crude dropped $3.64 to end the session at $46.24 a barrel. Both markers hit multi month lows during the session. The drop came in the face of very heavy volumes underscoring the strength of the sentiment. More than 900,000 contracts changed…
Read MoreCrude Oil Oil prices fell more than 2 percent on Monday on signs of oversupply in the United States and investor concern over global economic growth. Brent crude oil fell 67 cents to settle at $59.61 a barrel after dropping to a session low of $58.83 a barrel. U.S. crude dropped $1.32 to end the session at $49.88 a barrel. U.S. crude futures settled below $50 for the first time since October 2017 making a…
Read MoreCrude Oil Oil prices dropped about 2 percent on Friday, weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.17 to settle at $60.28 a barrel. WTI crude futures lost $1.38 to settle at $51.20 a barrel. Brent posted a weekly loss of almost 2.3 percent, while WTI declined nearly 2.7 percent. U.S. equity markets broadly…
Read MoreCrude Oil Oil climbed more than 2 percent on Thursday after the IEA’s monthly Oil Market Report suggested that stocks could decline rapidly if the OPEC+ group’s proposed production cut was introduced. Brent crude futures settled $ 1.30 higher at $61.45 a barrel. WTI rose $ 1.43 to settle at $ 52.58 a barrel. OPEC’s output agreement with Russia and Canada’s decision to mandate production cuts could create an oil market supply deficit by the…
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