Oil prices dipped to a two-week low on Thursday as coronavirus flareup is causing renewed concerns over more lockdown measures, clouding the demand outlook. Moreover, a rise in OPEC output in September added further pressure on oil prices. Hence, Brent crude fell by $1.37, or 3.2%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude shed by $1.50, or 3.7%, to close at $38.72 a barrel. In September, Brent lost 9.56%, while WTI 5.61%. This is the first month of decline since April.
read more... 02/10/2020
The energy supplier says this change is due to the ‘dramatic’ fall in energy demand during the lockdown
read more... 05/08/2020
Crude oil futures declined by about 1% on Monday as the market waited for direction ahead of OPEC meeting later this week that is expected to recommend an increase in output starting in August amid signs that demand is returning to normal levels following coronavirus-related lockdowns. The potential return of Libyan crude added further pressure to oil markets. Hence, Brent crude declined by 52 cents to settle at $42.72 a barrel. Meanwhile, U.S. WTI crude slipped by 45 cents to end at $40.10 a barrel.
read more... 14/07/2020
Crude oil futures edged higher on Monday amid tightening crude supplies from major producers and as lockdowns eased, but sentiment remained precarious as coronavirus infections continued to accelerate. Hence, Brent crude for August delivery rose by 89 cents, or 2.11%, to settle at $43.08 per barrel. At the same time, U.S. WTI crude for July delivery, which expired at the end of the session, soared by 2.5%, to end at $40.73 a barrel, the highest level since March 6.
read more... 23/06/2020
Crude oil futures lost ground on Monday despite OPEC+ cuts as traders switched their focus on the announce that top producer Saudi Arabia and Gulf producers are not willing to extend cuts after June. Hence, Brent crude for August delivery fell by $1.50, or 3.6%, to settle at $40.80 a barrel. At the same time, U.S. WTI crude shed by $1.36, or 3.4%, to end at $38.19 a barrel.
read more... 09/06/2020