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Daily (14.08.2020): Oil prices fell by 1% on Thursday amid bearish demand forecasts
Crude oil futures ended lower on Thursday as the International Energy Agency (IEA) lowered its forecast for global oil demand for 2020 and 2021. However, stronger equities and weaker dollar curbed losses. As a result, Brent crude declined by 47 cents, or 1%, to close at $44.96 a barrel, while WTI crude slipped by 43 cents, or 1%, to settle at $42.24 a barrel.
read more... 14/08/2020
Daily (13.08.2020): Oil prices hit their highest level since March 2020
Oil prices jumped on Wednesday amid a drop of 4.5 million barrels in U.S. crude inventories for a third week in a row, according to EIA report. However, the recently increase in coronavirus cases around the world limited their gains. Hence, Brent crude added 93 cents, or 2.1% to settle at $45.43 a barrel. Similarly, WTI futures rose by around 2.6% to end at 42.67.
read more... 13/08/2020
Daily (12.08.2020): Oil prices eased on Tuesday amid gridlock in US stimulus negotiations, rising coronavirus cases
Crude oil futures fell on Tuesday amid a gridlock in U.S. stimulus negotiations and rising coronavirus infection rates globally. However, expectations for tighter oil U.S. supplies limited price declines. Consequently, Brent crude dropped by 49 cents, or 1.1%, to settle at $44.50 a barrel. At the same time, U.S. WTI crude lost 33 cents, or 0.8%, to finish at $41.61 a barrel.
read more... 12/08/2020
Daily (11.08.2020): Oil prices started the week on a front foot amid Saudi Aramco's demand optimism, upbeat Chinese economic data
Crude oil futures were on the front foot at the beginning of the week, driven by optimistic remarks about demand from the CEO of the world's largest oil company, Aramco and positive economic data from China. In this context, Brent crude for October delivery rose by 59 cents, or 1.3%, to settle at $44.99 a barrel on ICE Futures Europe. At the same time, U.S. WTI crude for September delivery soared by 72 cents, or 1.8%, to close at $41.94 a barrel on the New York Mercantile Exchange.
read more... 11/08/2020
Daily (10.08.2020): NBP spot hit a new 5-month high on Friday
Oil prices declined on Friday amid uncertainty caused by negotiations over a new stimulus deal in the United States. Moreover, rising coronavirus cases could renew concerns over global fuel demand. Brent crude fell 1.5% to settle at $44.40 a barrel. Similarly, WTI lost 1.7% to end at $41.22 a barrel.
read more... 10/08/2020