Oil prices ended slightly higher on Tuesday, supported by persisting weak dollar and indicators showing a good performance in manufacturing activity in China and the United States. Moreover, foreacsts for a sixth weekly drawdown in U.S. crude stockpiles added further support to oil prices. Hence, Brent crude for November delivery rose by 30 cents, or 0.7% to settle at $45.58 a barrel. At the same time, U.S. WTI crude for October delivery added 15 cents, or 0.4%, to end at $42.76 a barrel.
read more... 02/09/2020
Crude oil prices increased modestly in the last day of August, supported by a stronger-than-expected recovery in China’s service sector. Hence, Brent crude rose slightly by 0.5% to settle at $45.28 a barrel. At the same time, U.S. WTI crude added 0.8% to end at $42.61 a barrel. For August, Brent gained 4.6%, posting a fifth monthly increase in a row, while WTI saw a monthly gain of 5.8%, which represented a fourth straight monthly increase.
read more... 01/09/2020
Oil prices ended slightly lower to flat on Friday as Hurricane Laura, which hit the U.S. Gulf Coast, caused less damage than feared on refineries, allowing infrastructure to start the recovery process. Hence, Brent crude stagnated at $45.05 a barrel, while U.S. WTI crude lost 0.2% to end at $42.97 a barrel. However, on a weekly basis, Brent and WTI rose by 1.5% and 1.6% respectively, as investors shifted their focus from the storm toward the fragile rebound in consumption amid the pandemic.
read more... 31/08/2020
Crude oil futures ended lower on Thursday as Hurricane Laura was less catastrophic than predicted, with Gulf of Mexico production expected to recover soon. Hence, Brent crude for October delivery fell by 55 cents, or 1.2%, to settle at $45.09 a barrel. At the same time, U.S. WTI crude declined by 35 cents or 0.8% to end at $43.04 a barrel.
read more... 28/08/2020
Crude oil prices ended on a mixed note on Wednesday, with Brent crude for October delivery declining slightly by 22 cents, or 0.5%, to settle at $45.64 a barrel on ICE Futures Europe. At the same time, U.S. WTI crude steadied at $43.39 a barrel, but held ground as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura. However, declining U.S. stockpiles triggered a further rise in WTI crude price.
read more... 27/08/2020