Crude oil futures surged on Thursday, to close above $75 a barrel for the first time since 2018 as the OPEC+ deal was adjourned after producers earlier signaled a tentative agreement to only gradually increase supplies through the end of the year. Hence, Brent crude rose by 1% to $75.84 a barrel, while U.S. WTI crude soared by 2.4% to $75.23 a barrel.
read more... 02/07/2021
Oil prices rebounded on Wednesday as U.S. crude stockpiles fell last week for the sixth straight week. In addition, an OPEC report foresaw an undersupplied market this year, boosting crude demand. As a result, Brent crude edged 0.5% higher to end at $75.13 a barrel. The American WTI increased by 0.7% to settle at 73.47 a barrel.
read more... 01/07/2021
Crude oil prices stabilised on Tuesday, with the market still focused on the upcoming OPEC summit, where the organization is set to plan their output strategy for the coming months. Hence, Brent crude steadied at $74.76 a barrel. At the same time, U.S. WTI crude ended rather flat at $72.98 a barrel.
read more... 30/06/2021
Crude oil prices opened the week on the back foot after the oil market hit a three-year high on Friday. Increasing number of the new so-called Delta variant and expectations that OPEC+ producers will boost supply at an upcoming meeting put pressure on crude prices on Monday. Hence, Brent crude shed by 2% to settle at $74.68 a barrel. U.S. WTI crude ended at $72.91 a barrel, falling by 1.5% day-on-day.
read more... 29/06/2021
Oil prices rose to their highest since October 2018 on Friday as demand is expected to grow and it could outstrip supply. Moreover, OPEC+ will be prudent in returning more crude to the market from August. Thus, Brent crude gained 0.8% to settle at 76.18 $ a barel, while the U.S. crude WTI closed at $74.05 a barrel, or more than 1% higher.
read more... 28/06/2021