Oil prices reversed previous gains on Tuesday as Libya prepares to resume crude exports, intensifying concerns over a possible oversupply on the market. Hence, Brent crude for August delivery, which expired yesterday, fell by 56 cents, or 1.2%, to settle at $41.15. The more-active September contract lost 58 cents at $41.27 a barrel. At the same time, U.S. WTI crude dropped by 43 cents, or 1%, to end at $39.27 a barrel. However, for the month, Brent and WTI gained 16.5% and 12.4% respectively.
read more... 01/07/2020
Crude oil futures started the week on the front foot, as bullish equity market counterbalanced investors’ concerns over the evolution of the Covid-19 pandemic and the return of containment measures, that could adversely affect demand. Hence, Brent crude rose by 69 cents, or 1.7%, to settle at $41.71 a barrel. At the same time, U.S. WTI crude soared by $1.21, or 3.1%, to end at $39.70 a barrel.
read more... 30/06/2020
Crude oil futures turned bearish on Friday as the spread of coronavirus in the U.S. and China are expected to hurt demand recovery. However, a record build-up in U.S. crude inventories added further pressure on the WTI crude price. Hence, Brent crude steadied at $41.02 a barrel. At the same time, U.S. WTI crude fell by 23 cents, or 0.6%, to settle at $38.49 per barrel. For the week, Brent dropped by 2.8%, while WTI crude shed by 3.2%.
read more... 29/06/2020
Crude oil futures edged higher in a volatile session on Thursday, rebounding after a 5% loss in the previous session, with the market oscillating between rather encouraging U.S. economic data and fears on the health front. Hence, Brent crude by rose 74 cents, or 1.8%, to settle at $41.05 a barrel. At the same time, U.S. WTI crude settled 71 cents, or 1.9%, higher at $38.72 per barrel.
read more... 26/06/2020
Crude oil futures fell sharply on Wednesday as new coronavirus cases in Germany and across several U.S. states is threatening oil recovery. Moreover, the record increase in U.S. crude inventories added further pressure on oil markets. Hence, Brent crude dived by $2.32, or 5.4%, to settle at $40.31 a barrel. At the same time, U.S. WTI crude ended at $38.01 a barrel, sinking by $2.36, or 5.8%.
read more... 25/06/2020