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Daily (15.12.2020): Oil prices hit their highest levels in nine-months on Monday amid vaccine rollout
Crude oil futures gained ground on Monday despite OPEC cutting its forecast for 2021 growth in oil demand, with traders focusing over the start of the coronavirus vaccine campaign in the United States. Hence, Brent crude for February delivery rose by 32 cents, or 0.6%, to settle at $50.29 a barrel. Meanwhile, U.S. WTI crude for January delivery increased by 42 cents, or 0.9%, to end at $46.99 a barrel. Both contracts climbed to their highest level in nine months.
read more... 15/12/2020
Daily (14.12.2020): Crude oil prices edged lower on Friday despite coronavirus vaccine rollout
Crude oil prices edged lower on Friday, as investors await in anticipation for global demand recovery amid coronavirus vaccine rollout in multiple countries. As such, Brent oil shed by 0.6% to settle at $49.97 a barrel, while WTI crude lost 0.5% to close at $46.57 a barrel.
read more... 14/12/2020
Daily (11.12.2020): Brent crude tops $50 for the first time since March amid vaccine optimism
Oil prices surged on Thursday, with Brent crude surpassing $50 a barrel for the first time since March as optimism surrounding Covid-19 vaccine progress lifted the outlook for consumption. Moreover, the oil market was spurred by reports suggesting Chinese demand is exceeding pre-Covid levels. Hence, Brent crude for February delivery rose by $1.39, or 2.8%, to settle at $50.25 a barrel. Meanwhile, U.S. WTI crude for January delivery soared by $1.26, or 2.8%, to close at $46.78 a barrel. Both contracts marked their highest settlements since March 4.
read more... 11/12/2020
Daily (09.12.2020): Oil prices ended rather steady on Tuesday as surging COVID-19 cases dampened other positive news
Crude oil futures posted little changes on Tuesday as the potential for expanded lockdown measures countered news about the beginning of vaccination programs across Western economies this week and EIA’s forecast of higher oil prices in 2021. Hence, Brent crude added 0.1% to end rather flat at $48.84 a barrel. Meanwhile, WTI crude settled at $45.60 a barrel, posting a 0.4% loss day-on-day.
read more... 09/12/2020
Daily (08.12.2020): Oil prices strated the week on the back foot amid renewed COVID-19 fears
Crude oil prices closed lower on Monday, starting the week with a negative performance, as concerns about the surging number of coronavirus cases in many countries overshadowed positive impact from COVID-19 vaccine news and smaller than expected increase in output by the OPEC+ alliance. Heightened tensions between the United States and China put further pressure on WTI price. Hence, Brent crude declined by 0.9% to settle at $48.79 a barrel. Meanwhile, WTI crude decreased by 1% to end at $45.46 a barrel.
read more... 08/12/2020