Oil prices erased some of this week’s gains on Thursday as England, Denmark, and China imposed new restrictions to curb the spread of Omicron, ruining the demand recovery. Adding to the bearish sentiment, two Chinese real estate companies went through a rating downgrade, indicating China’s deteriorating economic growth. Hence, Brent crude fell by $1.40, or 1.9%, to settle at $74.42 a barrel. U.S. WTI crude declined by $1.42, or 2%, to end at $70.94 a barrel.
read more... 10/12/2021
Oil prices increased on Wednesday, as concerns over the Omicron variant continued to ease. Furthermore, a decline in crude stocks in the United States lent additional support to prices. However, gains were limited by a decrease in US strategic reserves. As a result, both Brent oil and WTI crude edged around 0.5% higher at $75.82 and $72.36 a barrel, respectively.
read more... 09/12/2021
Crude oil prices extended gains on Tuesday amid receding fears of the South African coronavirus variant, dubbed as Omicron.Hence, Brent crude soared by $2.36, or 3.2%, to settle at $75.44 a barrel. U.S. WTI crude spiked by $2.56, or 3.7%, to end at $72.05.
read more... 08/12/2021
Oil prices climbed on Monday, with Brent trading comfortably back above $70 a barrel after the Saudi Arabia raised their official selling prices for all grades of their crude oil into Asia for January. Moreover, the market is hopeful that the new coronavirus mutation will not cause big new shutdowns that could stop the market’s recovery.
read more... 07/12/2021
Oil prices were mitigated on Friday, following the decision of OPEC+ members to maintain the planned gradual increase in crude production, despite the new variant of Covid and reports of tapping into strategic reserves. As a result, Brent oil edged 0.3% up at $69.88 a barrel, while WTI crude slipped by 0.4% to $66.26 a barrel.
read more... 06/12/2021