Concerns over the weakening global recovery for crude and fuels extended oil prices’ losses on Tuesday on data that showed a drop in China’s oil imports in May. Overnight, Brent crude was down 49 cents, or 0.7%, to $ 71.00 a barrel at 0643 GMT. U.S. Oil was down 44 cents, or 0.6%, at $…
The West Texas Intermediate gained another 1% on Wednesday, hovering above $ 68 a barrel after OPEC + doubled its decision to ease supply restrictions by July, on-demand. As WTI crude traded at its highest level since October 2018, energy stocks rallied with it. XLE Energy ETF added nearly 2%, pushing its two-day rally closer…
Oil prices rose for a third day on Thursday in anticipation of rising fuel demand by the end of this year, especially in the US and Europe, and China, while large manufacturers have been adhering to supply discipline. After reaching its highest level since September 2019, Brent crude futures rose 40 cents, or 0.6%, to…
Oil fell on Wednesday on concerns that the withdrawal of Iranian supplies would exceed expectations for improving U.S. fuel demand, which was strengthened by the fall in weekly inventory ratings. Brent crude oil futures for July were down 6 cents, or 0.1%, at $ 68.59 a barrel at 0434 GMT, while US dollars for July…
Oil rose in Asia on Monday morning, with U.S. Investors’ sentiment has been boosted by signs of an economic recovery and improved outlook for fuel demand following the COVID-19. Investors are also watching the progress of negotiations to renew the 2015 Iranian nuclear deal, which is likely to boost global crude supplies. Brent oil futures…
A major U.S. power outage occurred on Monday after the pipeline network was restored. Oil prices have risen sharply, however, new regulations in Asia have raised sentiment amid rising COVID-19 cases. Brent crude futures rose 3 paise to $ 68.74 a dollar in early trade at $ 68.74 a dollar, while West Texas Intermediate (WTI)…
