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Daily (07.12.2020): An agreement at the OPEC+ summit boosted oil prices on Friday
The positive conclusion of the OPEC+ summit and the decision of its members to increase production gradually over the course of 2021, lent support to crude oil prices, sending them higher on Friday. As such, Brent crude for February delivery edged 1.1% higher at $49.25 a barrel, while WTI oil ended 1.4% up at $46.26 a barrel.
read more... 07/12/2020
Daily (04.12.2020): Oil prices hit their highest levels since March after OPEC agreed to gradually increase production
Crude oil futures jumped to their highest levels since March after OPEC+ agreed to gradually return to the market 2 million barrels per day expected early next year, starting with 500,000 barrels per day in January, at the end of four days tough negotiations. The deal is a compromise meant to allow its members to benefit from rising prices without flooding the market. Hence, Brent crude increased by 1% to settle at $48.71 a barrel. Meanwhile, U.S. WTI crude rose by 0.8% to end at $45.28 a barrel.
read more... 04/12/2020
Daily (03.12.2020): Ongoing OPEC+ summit lent support to crude oil prices on Wednesday
Crude oil prices moved higher on Wednesday, as the ongoing OPEC+ negotiations boosted investors’ confidence, thus lending support to prices. Hence, Brent oil gained 1.8% to close at $48.25 a barrel and WTI crude ended 1.6% higher at $45.28 a barrel.
read more... 03/12/2020
Daily (02.12.2020): Oil prices continued to slip on Tuesday OPEC uncertainty
Crude oil futures continued to slip on Tuesday as OPEC's decision to end a meeting on Monday without a decision on its production plans for 2021 and delay a meeting set for Tuesday until later in the week, weighed on prices. Hence, Brent crude lost 0.4% to settle at $47.42 a barrel. At the same time, U.S. WTI crude ended at $44.55 a barrel, posting a 1.7% drop day-on-day.
read more... 02/12/2020
Daily (01.12.2020): Oil prices pulled back from record gains amid OPEC uncertainty about the extension of output cuts, but notched a 27% gain for November
Crude oil futures retreated from multi-month highs on Monday as OPEC+ postpones output cut decision to Thursday. Hence, Brent crude declined by 1.2% to settle at $47.59 a barrel. Meanwhile, U.S. WTI crude lost 0.4% to close at $45.34 a barrel. For November, both contracts rallied by around 27%, their biggest monthly gains since May on hopes of upcoming vaccines for COVID-19 that would help economic activity and oil demand resume.
read more... 01/12/2020