Crude Oil Oil rose about 1 percent on Wednesday, recouping some of the previous session’s heavy sell-off, on growing prospects that the OPEC and allied producers would cut output at a meeting next month to prop up prices. Brent crude futures settled up 65 cents at $66.12 a barrel. WTI crude futures settled 56 cents higher at $56.25 a barrel. OPEC is said to be discussing a proposal to cut output by 1.4 mb/ d.…
Read MoreCrude Oil Oil prices collapsed in one of their largest single day falls as funds exited long positions. Brent crude futures settled $4.65 lower at $65.47 a barrel. WTI crude futures settled $ 4.24 lower at $55.69 a barrel. Both crude benchmarks shed more than 7% yesterday as U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up prices. Both of them have fallen more than 20 percent since peaking…
Read MoreCrude Oil After rising about by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, oil prices collapse due to uncertainty in the US equity markets. Brent crude futures settled 6 cents lower at $70.12 a barrel. WTI crude futures settled 26 cents lower at $59.93 a barrel. Markets would have been muted yesterday due to the US holiday to mark Veteran’s day. In the OPEC meeting…
Read MoreCrude Oil Oil prices continued to fall as traders stayed fixated on rising global crude supplies and moved prices into bear market territory.. Brent crude futures settled 47 cents lower at $70.18 a barrel, after piercing $ 70.00 /bbl during the day. WTI crude futures also lost 48 cents to settle at $60.19 a barrel, after breaking the $ 60.00 barrier. For the week, Brent lost 3.6% while WTI lost 4.7%. Both contracts registered their…
Read MoreCrude Oil Oil prices fell nearly 2 percent on Thursday as investors focused on swelling global crude supply, which is increasing more quickly than many had expected. Brent crude futures settled $1.42 lower at $70.65 a barrel, the lowest since mid August. WTI crude futures fell $1.00 to settle at $60.67 a barrel, the lowest since March. Fears of the potential supply glut dampened a rally early in the session driven by Chinese data that…
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