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Daily (29.12.2022): Crude oil prices ended lower on Wednesday amid a surge of COVID cases in China
Crude oil prices softened on Wednesday, with the benchmarks reversing from their highest settlements in nearly four weeks in the previous session as traders weighed concerns about an increase in COVID-19 cases in China against the possibility that easing pandemic restrictions in the country would boost fuel demand. Hence, Brent crude fell by $1.07, or 1.3%, to settle at $83.26 a barrel, while U.S. West Texas Intermediate crude settled at $78.96 per barrel, down 57 cents, or 0.7%.
read more... 29/12/2022
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Putin bans Russian oil exports to countries that implement price cap
President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.
read more... 28/12/2022
Daily (28.12.2022): European spot electricity prices fell sharply on Tuesday amid higher wind generation
Crude oil prices barely changed on Tuesday as restarts at some U.S. energy plants closed by winter storms offset gains from hopes of a demand recovery as China eases COVID-19 restrictions. Hence, Brent crude rose by 41 cents, or 0.5%, to settle at $84.33 a barrel, while U.S. West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel.
read more... 28/12/2022
Daily (26.12.2022): Oil prices rose on Friday amid concerns of decreasing Russian supply
Oil prices were bullish on Friday amid signals of decreasing Russian supply which outweighed concerns for rate hikes in the US and China’s Covid19 uncertainty. Consequently, Brent crude increased by 3.6% to $83.92 a barrel and WTI oil ended 2.6% higher at $79.56 a barrel.
read more... 26/12/2022
Daily (23.12.2022): Oil prices lost 1% on Thursday as concerns about rate hikes outweighed tighter US stockpiles
Crude oil prices dropped by about $1 per barrel in choppy trading on Thursday as concerns about the impact of Federal Reserve interest rate hikes and China's rising COVID-19 cases outweighed the impact of lower U.S. crude stocks as a result of a winter storm in the United States. Hence, Brent crude settled at $80.98 a barrel, decreasing by $1.22, or 1.5% day-on-day. U.S. WTI crude future settled at $77.49, losing 80 cents, or 1%.
read more... 23/12/2022