Crude oil prices extended gains on Thursday after the U.S. reported its biggest drop in crude inventories since September. Furthermore, a weaker Dollar also lent support to prices. Hence, Brent crude rose by $1.14, or 1.5%, to settle at $75.02 per barrel. U.S. WTI crude increased by $1.51, or 2.13%, to settle at $72.38 per barrel.
read more... 17/12/2021
Oil prices increased slightly on Wednesday, as bearish pressure from the spread of the Omicron variant was counterbalanced by a larger-than-expected drop in US crude reserves. Thus, both Brent oil and WTI crude inched 0.2% higher at $73.88 a barrel and $70.87 a barrel, respectively.
read more... 16/12/2021
Crude oil prices continued to lose ground for a second straight day on Tuesday. Apart from the ongoing Omicron virus concerns, the losses were attributed to fears of a global oversupply. Moreover, the International Energy Agency (IEA) lowered its forecast for oil demand this year and the next by 100,000 barrels per day each. Hence, Brent crude fell by 69 cents, or 0.9%, to settle at $73.70. U.S. WTI crude settled down 56 cents, or 0.8%, at $70.73 a barrel.
read more... 15/12/2021
Crude oil prices lost ground on Monday as doubts about the effectiveness of vaccines against the Omicron variant counterbalanced a bullish forecast for oil demand in the first quarter by OPEC. Hence, Brent crude fell by 76 cents, or 1.0%, to settle at $74.39 a barrel. U.S. WTI crude dropped by 38 cents, or 0.5%, to settle at $71.29 a barrel.
read more... 14/12/2021
Oil prices strengthened on Friday, as the US dollar gained ground on expectations of a Fed interest rate hike. Thus, both Brent oil and WTI crude closed 1% higher at $75.15 a barrel and $71.67 a barrel, respectively.
read more... 13/12/2021