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
Crude oil futures continued to climb in an optimistic climate on Thursday, to hit their highest settlement since March amid lower U.S. inventories and hopes for a recovery in demand for black gold. Hence, Brent crude for July delivery rose by 31 cents, or 0.9%, to settle at $36.06 per . At the same time, U.S. WTI crude gained 43 cents, or 1.3%, to end at $33.92 per barrel.
read more... 22/05/2020