Crude oil futures were little changed on Thursday as the delay of the OPEC+ meeting added uncertainty to whether the producers would agree to extend production cuts by 9.7 million bpd into the second half of 2020. Hence, Brent crude for August delivery rose by 0.5% to settle at $39.99 a barrel, continuing to push for $40 per barrel. At the same time, U.S. WTI crude added 0.3% to close at $37.41 a barrel.
read more... 05/06/2020
Crude oil prices stretched gains on Wednesday, on a potential new agreement between OPEC and its allies to cut crude supplies. Nevertheless, a weekly increase in U.S crude inventories supported the bullish trend. As a result, Brent crude increased by 0.6% to $39.79 a barrel. Similarly, WTI futures traded 1.3% higher at $37.29 a barrel.
read more... 04/06/2020
Crude oil futures edged higher on Tuesday, with investors hoping for a further cut in black gold production at the next OPEC + summit, which could be brought forward to this week. Brent crude for August delivery soared by $1.25, or 3.3%, to settle at $39.57 a barrel, while U.S. WTI crude for July delivery gained $1.37, or 3.9%, to end at $36.81 a barrel.
read more... 03/06/2020
Crude oil futures diverged on Monday, with Brent crude for August delivery surging by 8.5% to close at $38.32 a barrel amid hopes that OPEC+ producers will meet this week, earlier than previously planned, to discuss about a further extension of output cuts. Meanwhile, U.S. WTI crude was rather stable at $35.49 a barrel, but under the effect of increasingly hostile relations between the United States and China.
read more... 02/06/2020
Crude oil futures gained ground in the last trading day of the month after the release of the EIA’s report showing a further drop in oil well drilling in the United States. Hence, Brent crude for July delivery rose slightly to $35.33 a barrel, while, the more active August contract settled at $37.84, edging $1.81 higher, or roughly 5%. WTI crude for July delivery settled at $35.49 a barrel, surging $2.24, or 5.3%.
read more... 01/06/2020