Crude Oil Oil prices rebounded over 8% on Tuesday as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.. Brent crude futures $2.86, or 8.3%, to settle at $37.22 a barrel. WTI futures rose $3.23, or 10.4%, to settle at $34.36 a barrel. On Monday, U.S. President Donald Trump pledged “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak.…
Read MoreCrude Oil Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply. Brent crude futures fell $10.91, or 24.1%, to settle at $34.36 a barrel. WTI futures fell $10.15, or 24.6%, to settle at $31.13 a barrel. The front month Brent contract fell by as much as 31% earlier in the…
Read MoreCrude Oil Oil prices plummeted on Friday as the 3 year OPEC+ alliance with Russia ended in acrimony. Brent crude futures dropped $4.73 to settle at $45.27 a barrel. WTI futures fell $ 4.62 to settle at $41.28 a barrel. It was Brent’s lowest closing price since June 2017 and lowest percentage loss (9.4%) since December 2008. WTI posted its lowest close since August 2016 and largest daily percentage loss since November 2014. Over the…
Read MoreCrude Oil Oil prices fell on Thursday as the Covid 19 epidemic showed no signs of slowing. Brent crude futures dropped $1.14 to settle at $49.99 a barrel. WTI futures fell 88 cents to settle at $45.90 a barrel. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 mbpd in the second quarter, its deepest cut since the 2008 financial crisis. The group made its action conditional on Russia…
Read MoreCrude Oil Crude oil prices ended lower on Wednesday, giving up early gains as major oil producers, including Saudi Arabia, struggled to bring Russia on board for deeper supply cuts. Brent crude futures dropped 73 cents to settle at $51.13 a barrel. WTI futures fell 40 cents to settle at $46.78 a barrel. At a global level, the death toll from the COVID-19 in rose to 3285 (+82 DoD) yesterday, with the total number of…
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