Reuters LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts,
Reuters LONDON – Oil prices were broadly stable on Thursday after dipping in and out of positive territory as bulls took their cue from shrinking U.S. oil product stocks and bears looked at rising crude stocks and new coronavirus cases. Brent crude LCOc1 futures were up 19 cents at $40.90 a barrel by 1350 GMT and U.S. West Texas Intermediate
CNBC The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming months. International benchmark Brent crude futures traded at $40.53 on Tuesday afternoon, more than 2% higher, while U.S. West Texas Intermediate futures stood at
Reuters LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped
CNBC Goldman Sachs sees a correction in oil prices on the horizon even amid a significant recovery in the last month and the recent decision by OPEC and its allies to extend historically large production cuts through July. “With oil now above $40/bbl, supplies will be incentivized to return, but we believe the risks to the downside have increased substantially
Reuters LONDON – Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. Brent crude was down 52 cents, or 1.3%, at $40.28 a barrel by 1340 GMT. West Texas Intermediate (WTI) crude fell 27 cents, or 0.7%, to $37.92. A
CNBC Brent crude needs to work through its oversupply issues before it can punch through its current price range of between $40 and $50 per barrel, according to Thom Payne, director at Westwood Global Energy Group. That’s despite the latest agreement by the Organization of the Petroleum Exporting Countries and its oil-producing allies to extend a historic oil production cut until the end of
CNBC Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. Source: CNBC Brent crude futures were up $2.12, or 5.2%, to trade at $41.“ per barrel, while West Texas Intermediate traded $1.74, or 4.65%, higher at $39.15
CNBC Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, had been expected to hold their next meeting on Thursday.
Reuters LONDON – Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place. Saudi Arabia and Russia have a deal to extend the cuts, but a meeting on Thursday rather than later in June
Reuters MOSCOW – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to
CNBC Oil jumped more than 5% on Friday, the last trading day of the month, capping off its best month in history as an uptick in demand as well as record supply cuts pushed prices higher. West Texas Intermediate, the U.S. oil benchmark, finished May with a gain of 88%. To put the number in context, WTI’s second best month on
